Citizens M&A Advisory served as the financial advisor to Ridgemont Equity Partners on its acquisition of Sparus Holdings (“Sparus”), a leading provider of critical outsourced field and professional services for utility and industrial customers. Citizens also served as Administrative Agent for the senior debt financing that supported the transaction, which closed in March 2021.

Headquartered in Charlotte, N.C., Ridgemont Equity Partners is a middle-market buyout and growth equity investor. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies.

Sparus and its subsidiaries, Southern Cross and The Spear Group, provide field and professional services to customers across utility, industrial and pharmaceutical end markets. Sparus’ technology-enabled service offering includes gas line inspection and leak detection, utility metering services, utility locate services, project management and delivery, owners’ representation and other related professional services.

“Citizens’ extensive knowledge of outsourced field and professional service business models as well as the utility end market provided our team with valuable insight into the compelling growth potential for the company,” said Ryan Jack, Principal at Ridgemont.

Ryan Sugrue, director at Citizens M&A Advisory, said: “We were thrilled to work with Ridgemont on this acquisition that further establishes their investment leadership in the Environmental, Power & Infrastructure services sector. We wish the team at Sparus and Ridgemont the best of luck in this new partnership.”