Gemspring Capital Partners with Key Line Construction and Palouse Power to Form Utility Infrastructure Services Platform
Gemspring Capital has partnered with Key Line Construction and Palouse Power to create a utility infrastructure services platform focused on the Pacific Northwest. The combined entity, which employs over 250 people, offers construction and maintenance across electric distribution, transmission, substation, and communications infrastructure. It is positioned to benefit from long-term investments in grid modernization driven by electrification and data center growth. Tank Parrish of Key Line and Jeff Zimmer of Palouse will lead the new company, emphasizing their ability to deliver services safely and at scale while maintaining a strong culture. Alex Shakibnia of Gemspring highlighted the market's potential for growth due to multi-decade secular tailwinds in utility infrastructure demand. Piper Sandler served as financial advisor, and McDermott Will & Schulte LLP provided legal counsel. The partnership aims to expand geographic reach and service offerings while leveraging existing momentum from both companies.
Topics: Construction Services Grid Modernization Infrastructure Utilities