CARY — Cary-based PowerTeam Services announced on Monday the closing of its acquisition by Clayton, Dubilier & Rice and the naming of Brian Palmer as its chief executive officer.
Before joining PowerTeam, Palmer served at General Electric Co. for more than 30 years and spent 10 years as the president and CEO of the measurement & controls division of GE Oil & Gas.
Palmer succeeds Roxanne Bowman, who served as PowerTeam’s CEO since 2013.
PowerTeam Services
“Brian is well-equipped, strategically and operationally, to drive accelerated growth and geographic expansion in PowerTeam’s business,” said John Krenicki, chairman of PowerTeam and Clayton Dubilier operating partner, in a statement. “We also thank Roxanne for her leadership and hard work to position the company for its next phase of growth.”
PowerTeam Services provides electrical and utility services, and repairs, upgrades and installs natural gas and electric distribution transmission systems. The company has about 4,200 employees in 21 states.
Clayton Dubilier & Rice is a private investment firm and has managed the investment of more than $27 billion in 82 companies. The firm has offices in New York and London.
Financial terms of the deal were not disclosed.
“The growth opportunities in front of PowerTeam are very compelling,” Palmer said in the announcement. “I am excited to join the 4,200 PowerTeam associates who work tirelessly every day to safely deliver top-notch service to our customers.”
PowerTeam launched in 2012.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
