Greenbelt Bets Big on Grid Modernization with Peak Utility Acquisition

AUSTIN, Texas and NEW YORK – March 11, 2026 – In a significant move underscoring the growing private equity interest in America's energy backbone, Greenbelt Capital Partners has agreed to acquire Peak Utility Services Group from ORIX Capital Partners. The deal, announced today, positions a key player in utility infrastructure maintenance under the stewardship of an investment firm focused squarely on the new energy economy.

While financial terms of the transaction were not disclosed, the acquisition signals a major bet on the urgent and multi-trillion-dollar effort to modernize the nation's aging and strained power grid. Peak, a provider of essential maintenance, repair, and upgrade services for electric, gas, and telecommunications networks, is at the forefront of this monumental task.

A Strategic Partnership for Growth

The acquisition is being framed by both companies as a catalyst for accelerated growth. Peak, with its approximately 2,800 employees across 15 states, serves as a critical partner for utility companies, ensuring the reliability and safety of their infrastructure.

"Partnering with Greenbelt marks a pivotal milestone for Peak as we enter our next phase of growth," said Michael Lennon, CEO of Peak. "Greenbelt's deep expertise in the energy and infrastructure sectors perfectly complements our mission to provide safe, reliable, and innovative solutions to our utility partners. With their support, we are well-positioned to accelerate our expansion and continue our track record of being the preferred partner for utility customers across the U.S."

For Greenbelt, the deal represents a cornerstone investment in a market driven by undeniable long-term trends. The firm sees Peak as an ideal platform to capitalize on the national push for a more resilient and sustainable energy system.

"We believe Peak is a premier platform led by a veteran management team that has consistently demonstrated the ability to scale through both operational excellence and strategic M&A," said Chris Murphy, a Partner at Greenbelt. "As the U.S. continues to prioritize grid resiliency, system hardening, and decarbonization, Peak's services are more critical than ever."

ORIX Capital Partners, which acquired Peak in 2018, exits after a period of significant expansion for the utility services provider, which included strategic add-on acquisitions and operational enhancements. "We are proud to have partnered with Michael and the entire Peak team during a period of strong growth and operational progress for the company," noted Matt Scullion, Managing Director at ORIX USA.

Surging Demand on an Aging Grid

The transaction is taking place against a backdrop of unprecedented strain on and investment in U.S. utility infrastructure. After decades of relatively flat growth, electricity demand is surging, driven by a confluence of powerful forces. The proliferation of data centers to power artificial intelligence, the electrification of transportation and buildings, and a resurgence in domestic manufacturing are creating a power crunch that the current grid is ill-equipped to handle.

Industry reports project that U.S. electricity demand could see its strongest four-year growth period since 2000. Some estimates suggest data centers alone could quintuple their electricity consumption by 2035. This new demand is running up against an infrastructure where a significant percentage of transmission and distribution assets are already near or past their intended service life.

In response, utilities are unleashing record levels of capital. U.S. investor-owned utilities are planning to invest over $1 trillion in new infrastructure between 2025 and 2029, with annual capital expenditures projected to exceed $200 billion through 2028. This firehose of capital is directed at everything from replacing old wires and poles to deploying smart grid technologies and integrating renewable energy sources. This is the market where Peak Utility Services operates, providing the skilled labor and technical expertise required to execute these massive, multi-year modernization programs.

Greenbelt's Energy Transition Playbook

The acquisition of Peak fits seamlessly into Greenbelt Capital Partners' specialized investment thesis. The firm, which has over $3 billion in assets under management, focuses on companies enabling the transition to what it calls a more "resilient and electrified energy future." Its portfolio includes investments in residential solar, utility-scale renewable projects, and power equipment manufacturing, making the addition of a grid services company a logical and synergistic move.

By acquiring Peak, Greenbelt gains a significant foothold in the "grid enablement" sector—the critical picks and shovels needed to build the 21st-century energy system. Peak's work in enhancing gas pipeline integrity, modernizing electric distribution, and deploying communications infrastructure directly supports the themes of grid resiliency and decarbonization that are central to Greenbelt's strategy.

"We look forward to supporting Michael and the management team as they take advantage of this growing demand and continue their work modernizing the nation's electricity and gas networks," Murphy added, highlighting the hands-on, partnership-driven approach Greenbelt intends to take.

The transaction is being financed with debt arranged by Sound Point Capital Management, with a host of advisory firms including Kirkland & Ellis, Harris Williams, Reed Smith, and Stifel facilitating the deal. The deal's closure is now contingent on clearing customary regulatory hurdles, including potential reviews under the Hart-Scott-Rodino Act and by federal and state bodies that oversee the energy sector. Given the critical nature of the services provided, the review process will likely examine the acquisition's impact on competition and the public interest before the final approvals are granted.