After leaving his position as chief financial officer of Citigroup, Gary Crittenden joined HGGC, LLC, a prominent private equity firm in 2009. Late last year, Gary Crittenden’s firm sold controlling stake in Power Holdings to Kelso & Company for $380 million.
Power Holdings has two subsidiaries based in Alabama and Louisiana through which it provides construction and maintenance services for electric utilities. In addition to these subsidiaries, the company acquired four more businesses in between 2011 and 2013 to expand its reach throughout the Southeast. Power Holdings achieved quick success as utility companies began outsourcing work that they previously would have completed themselves.
Prior to the sale of Power Holdings, Gary Crittenden’s firm sold another holding, Sunquest Information Systems, to Roper Industries, Inc., for $1.4 billion. In 2011, HGGC sold Grand Isle Shipyard, Inc., an oilfield services company, to NANA Development Corporation. All of these sales came from investments made out of HGGC’s 2009 fund of $1.1 billion. As of the time of sale of Power Holdings, the firm had invested 80 percent of the its first fund.