EnergySolutions announced on Thursday that current shareholder TriArtisan Capital Advisors LLC has signed an agreement to acquire the remaining ownership interest in EnergySolutions from its current majority owner, Energy Capital Partners, a New Jersey-based private equity firm.
Terms of the transaction were not disclosed.
“We are delighted that TriArtisan has made a substantial additional investment in the Company to become our majority owner, and we look forward to continuing our close partnership with them,” said EnergySolutions CEO Ken Robuck. “Our management team and I are excited to continue seamlessly executing on the current business plan.”
EnergySolutions is an international nuclear services company that provides integrated services and solutions to the nuclear industry, and owns state-of-the-art facilities to safely recycle, process and dispose of nuclear material. Headquartered in Salt Lake City, EnergySolutions operates a low-level radioactive waste permanent disposal facility in Tooele County at Clive.
ECP has been the majority owner of EnergySolutions since 2013. In 2018 ECP sold a substantial minority ownership interest to TriArtisan.
The TriArtisan acquisition of majority interest is subject to regulatory approval and other closing conditions.
EnergySolutions has 106 employees at their Clive facility, according to Mark Walker, EnergySolutions vice president of marketing and communications.
“There will be no changes in operations at Clive with this announcement,” Walker said.
EnergySolutions has continued to operate in Tooele County under different ownership and names since 1988 when Iranian immigrant Khosrow Semnani founded Envirocare of Utah, a low-level radioactive waste disposal site, built around a square mile of mill tailings left in Tooele’s west desert by a U.S. Department of Energy cleanup of the old Vitro mill in Salt Lake Valley.
In 2004, Steve Creamer arranged the purchase of Envirocare by a group of private equity firms for an undisclosed amount and Creamer became the new CEO. In 2006, he changed the name of the company to EnergySolutions and merged the company with several other nuclear management companies throughout the United States and Europe.
EnergySolutions went public on the New York Stock Exchange in 2007.
In February 2010, Creamer departed EnergySolutions.The board of directors named Val Christensen, who was the company president, as CEO.
In June 2012, the nuclear services company’s board of directors accepted the resignations of Christensen and William Benz, chief financial officer, 28 months after Christensen took over as CEO and announced the selection of David Lockwood as CEO. Lockwood was a partner in ValueAct Capital, an investment management firm and one of EnergySolutions’ largest institutional investors.
Ken Robuck was appointed president and CEO of EnergySolutions in July 2018.
EnergySolutions announced in January 2013 that it had entered into a purchase agreement with Energy Capital Partners, a New Jersey-based private equity firm.
TriArtisan Capital Advisors is a New York-based middle market private equity investing firm which invests in companies requiring a broad range of investment needs.
“We are very pleased to increase our investment in EnergySolutions in support of Ken and his management team,” said TriArtisan Co-Founding Partner, Gerald Cromack. “Our incremental investment is intended to provide the Company long term stability of ownership and reflects our belief that EnergySolutions is uniquely positioned to take advantage of the rapidly growing nuclear utility, commercial and government waste management and decommissioning markets.”