Firefly Capital acquires Gravity, betting on rising demand for onsite power

What's the deal? Firefly Capital Management and its affiliates have acquired GravityDealroom has a profile for this one. Try Dealroom → Power & Rental, a Houston-based provider of mobile power generation and equipment rental infrastructure. Terms were not disclosed. Gravity will keep its name and brand, led by chief executive officer Rob RiceDealroom has a profile for this one. Try Dealroom → and the current management team.

What does Gravity do? The company runs a fleet of more than 2,000 natural gas and diesel power generation units, plus rental equipment including fluid management, light towers, pumps, and heaters. Its 275-plus employees serve thousands of sites across 13 states, delivering power as a service for microgrids and onsite operations.

Why now? Rice said Gravity spent "the last several months looking for the right owner to continue the momentum in our mobile power and rental business." Firefly, which focuses on energy and critical infrastructure, positioned itself as a long-term owner.

What's the endgame? Firefly plans to invest in Gravity's workforce and scale the business. "Demand for reliable onsite power is expanding rapidly, and Gravity has the fleet, the people and the customer track record to continue to be a market leader," said partner Jon DoochinDealroom has a profile for this one. Try Dealroom →.

Davis Graham & Stubbs LLPDealroom has a profile for this one. Try Dealroom → advised Firefly. Piper Sandler & Co.Dealroom has a profile for this one. Try Dealroom → served as financial advisor to the sellers, with Vinson & Elkins LLPDealroom has a profile for this one. Try Dealroom → as legal counsel.

The signal: The deal reflects investor appetite for the infrastructure behind rising electricity demand, particularly across energy, industrial, and digital markets. As onsite power and microgrids gain ground, private capital is moving to back the fleets and teams that keep sites running.

Read more: PR Newswire

Image credit: Gravity Oilfield Services