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January 08, 2013

Energy Capital Partners to Take over EnergySolutions



EnergySolutions, Inc. has recently shown its approval to be taken over by a private investment firm Energy Capital Partners, in a deal worth $1.1 billion.

EnergySolutions is an international nuclear services company headquartered in Salt Lake City, with operations across the United States, Canada, the United Kingdom and other countries around the world.

The firm has been offering a full range of services for the decommissioning and remediation of nuclear sites and facilities, management of spent nuclear fuel, the transportation of nuclear material and the environmental cleanup of nuclear legacy sites.

Company officials said this new transaction will enable the company to continue its strategic plan, by providing the investment capital to expand and grow the business.

Tyler Reeder, a partner at ECP, said, "The company employs an exceptionally talented workforce experienced in providing critical services to commercial customers and governmental agencies with a strong track record of environmental stewardship."

In addition, the new acquisition has given rise to environmental protection concerns among Tooele County residents, as the major radioactive waste disposal facility of EnergySolutions is headquartered in Salt Lake City, within Tooele County.

Speaking on this note, Matt Pacenza, policy director for the environmental group HEAL Utah, said, "There is a couple of words in their very first press release which indicate that they think there is tremendous potential for growing the nuclear waste business, and that means tremendous potential for a lot more nuclear waste in Utah."

Pacenza fears the new owner will focus on cutting costs to pump up the value of the company, and then sell it. "We have a lot of material you are not supposed to bring to Utah; and when a company jumps in and buys it and talks about tremendous growth, then we probably all should be concerned," he said.

According to the sources, the deal still requires regulatory approvals and the approval of EnergySolutions' stockholders. Barring any objections, the deal becomes final in 30 days.

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Edited by Braden Becker

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