Apollo to acquire a majority stake in PowerGrid Services from The Sterling Group.

Apollo, an asset management firm, agreed to acquire a majority stake in PowerGrid Services, a provider of maintenance and construction services to electric utilities, from The Sterling Group, a private equity investment firm. Financial terms were not disclosed. “We are proud to partner with Quentin, Beth and the entire PGS leadership team to support PGS’s growth as a trusted partner to electric utility customers across the US. Apollo is focused on meeting the capital needs of industries that are driving a Global Industrial Renaissance, and we believe PGS is well positioned to help meet the growing demand for power across the country through its contributions to grid stability and electric infrastructure. The investment by the Apollo Funds enables us to bring the considerable resources of the Apollo platform to bear to help accelerate PGS’s geographic expansion, both organically and through its targeted acquisition strategy,” Craig Horton, Apollo Partner.