July 26, 2012
Today, Private Equity at Work released a new video showcasing the rapid growth and continued success of International Transmission Company (ITC), now the largest independently owned and operated electricity transmission company in the U.S. ITC is just one of many examples of the norm for private equity investments: growing companies that are successful long after private equity firm’s investment has run its course.
In 2002, Kohlberg Kravis Roberts & Co. acquired ITC from DTE Energy and worked with regulators to establish the company as an independent owner and operator of the transmission grid in Southeast Michigan. During their ownership, KKR injected more than $400 million of growth capital allowing ITC to rebuild and upgrade the transmission grid in southeast Michigan.
Ten years after KKR’s investment, ITC has now grown its workforce from 38 to more than 450 employees and nearly 1,000 skilled labor contractors.
See the full video here.
- During KKR’s ownership, the Company invested over $400 million to rebuild and upgrade the transmission grid in southeast Michigan.
- KKR exited this investment in 2007. Today, ITC is the largest independently owned and operated electricity transmission company in the U.S. and is the ninth largest electric transmission-owning company in the country based on total retail megawatt hours sales.
- ITC’s and its operating subsidiaries now have more than 400 employees and nearly 1,000 skilled labor contractors.
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