T&D company Osmose Utilities Services has promoted longtime veteran Ron Childress to replace Larry B. Larson as president and CEO.
The succession comes with Osmose’s announcement it was acquired by New York-based equity firm Kohlberg & Co. LLC in August. Larson retired after a 35-year career with the company.
Childress himself has put in 29 years with Osmose. He has worked as chief operating officer among other longtime duties.
The rest of Osmose’s executive team was expected to remain intact. Childress said that joining with Kohlberg will help in Osmose’s next phase of development and growth.
“The company has built strong brand recognition, an established reputation for innovative products and services, and best-in-class safety performance,” he said in a statement. “Through our new partnership with Kohlberg, Osmose is well-positioned to strategically grow our business to continue to meet the infrastructure maintenance needs of our customers nationwide.”
Harris Williams & Co. served as financial advisor, and Kirkland & Ellis LLP acted as legal counsel to Osmose. RBC Capital Markets acted as financial advisor, and Ropes & Gray LLP acted as legal counsel to Kohlberg in connection with the transaction. Committed debt financing has been provided by Goldman, Sachs & Co. and RBC Capital Markets. Latham & Watkins LLP acted as legal counsel to the arrangers.
Osmose was founded 81 years ago in Buffalo, New York. It provides inspection, maintenance and rehabilitation services to the utility infrastructure industry.