Sterling Investment Partners Completes Continuation Vehicle Recapitalization of XKIG

GREENWICH, Conn., Oct. 28, 2025 /PRNewswire/ -- Sterling Investment Partners ("Sterling"), a leading middle market private equity firm focused on the Business Services and Distribution sectors, today announced the closing of a recapitalization of XKIG (or the "Company"). The recapitalization was completed through Sterling's first-ever single-asset continuation vehicle, which will support the Company's next phase of growth and value creation. The transaction was co-led by HarbourVest Partners, StepStone Group, and ICONIQ, with additional funding provided by Churchill Asset Management and other syndicate investors. Sterling principals, Sterling's latest buyout fund and the XKIG management team also made significant investments into the transaction. 

XKIG is a national leader providing critical, recurring, and non-discretionary infrastructure services to electric utility customers across the U.S. Since Sterling's initial investment in 2022, XKIG has achieved significant growth and has expanded from a regional provider of vegetation management services into a scaled and integrated platform leveraging robust technology, with multiple service capabilities nationwide. Today XKIG employs over 6,500 individuals operating in 39 states, utilizing more than 7,800 pieces of rolling assets, and services more than 85,000 miles of transmission and power lines. For over 50 years XKIG has leveraged its leading safety and service track record to reliably provide customers with execution certainty in meeting their goals of maximizing the uptime and performance of the electrical grid in the U.S.

Charles Santoro, Co-Founder and Managing Partner at Sterling, Joe Gault, Senior Partner at Sterling, and Dan Yu, Partner at Sterling, collectively stated "We are incredibly proud of the remarkable growth XKIG has achieved, and we are excited to continue supporting the Company in this next phase. We believe the additional capital provided through this transaction, with the support of our longstanding limited partner relationships, will help fund continued growth and investment at the Company. We are confident that XKIG will continue to achieve market and geographic expansion and capitalize on its leadership position in critical utility services nationally."

XKIG CEO Randolph Hoover and President Benjamin Hoover jointly stated "We are energized by XKIG's successes to date and excited by our future prospects. We have built a leading infrastructure services partner to utilities across America and we genuinely appreciate Sterling's collaboration and support. We very much look forward to continuing our successful partnership as XKIG expands its service capabilities and reach within the utilities sector."

Evercore served as lead financial advisor, and Piper Sandler and Eaton Partners served as co-advisors for the transaction. Kirkland & Ellis and Norton Rose Fulbright served as legal counsel to Sterling and XKIG. 

About Sterling Investment Partners

Sterling Investment Partners is a leading private equity firm that has been building leading middle-market companies for over 30 years with a highly experienced, cohesive team of senior investment professionals. Sterling focuses on control investments in value-added distribution and business services, acquiring businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Over its history, Sterling has completed over 270 transactions, representing over $33 billion in aggregate value, and was recently ranked a Top 10 performing middle market private equity firm globally by Dow Jones-HEC Paris. For more information, visit www.sterlinglp.com.

Sterling Media Contact:
Public Relations Team: pr@sterlinglp.com

About XKIG

XKIG is a national leader in critical infrastructure services for the power and gas utility sectors, specializing in the development and maintenance of rights-of-way; the construction, upgrade, and upkeep of transmission and distribution systems; vegetation management; and disaster restoration. Headquartered in Norfolk, Virginia, with a legacy spanning over 50 years, XKIG operates through its subsidiaries—Xylem Tree Experts, Kendall Vegetation Services, and River City Construction—to support the safe, reliable delivery of energy across the United States. When natural disasters strike, XKIG's rapid-response teams are among the first on the ground, restoring critical services and strengthening community resilience. For more information, visit https://xkig.com.

XKIG Media Contact: 
Tom Warburton
Vice-President of Marketing & Communications 
XKIG Marketing Shared Services: tom.warburton@xkig.com

SOURCE Sterling Investment Partners