About Breakwater North

Breakwater North is a private investment and advisory firm focused on unique acquisition and growth opportunities in the nuclear, critical infrastructure and clean energy sectors. Breakwater North partners with diverse sources of capital to maximize risk-adjusted returns for investors, creating value through innovation, grit and collaborative partnerships with our companies and their employees.

The Team

The Breakwater North team consists of experienced finance professionals and naval nuclear engineers with nearly $40 billion of transaction experience and more than two decades of active-duty military and nuclear power operational experience. Breakwater North is uniquely positioned to access and capitalize on exclusive, targeted opportunities leveraging a deep network of professionals across a wide range of industries.

Managing Partners

Prior to co-founding Breakwater North, Mr. Faherty most recently worked at Simmons Energy as a Vice President in the investment banking division. Throughout his five years at Simmons, Mr. Faherty focused on energy services M&A and capital markets advisory with ~$4 billion of transaction experience. Previously, Mr. Faherty served as a nuclear submarine officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Faherty earned an M.B.A. from the Cornell Johnson Graduate School of Management, an M.S. from Naval Post Graduate School and a B.S. from the United States Naval Academy.

Prior to co-founding Breakwater North, Mr. Mills most recently worked at Goldman Sachs as a Vice President in the investment banking division. Throughout his five years at Goldman, Mr. Mills focused on energy M&A and capital markets advisory with ~$28 billion of M&A transaction experience. Previously, Mr. Mills served as a nuclear surface warfare officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Mills earned an M.B.A. in Finance and Accounting from the Wharton School of the University of Pennsylvania and a B.S. in Mechanical Engineering from the United States Naval Academy.

Prior to joining Breakwater North, Mr. Faherty most recently worked at Jefferies as a Vice President in the investment banking division. Prior to working at Jefferies, Mr. Faherty worked at Goldman Sachs in the investment banking division. Throughout his five years in investment banking, Mr. Faherty focused on energy and consumer and retail M&A and capital markets advisory with ~$6 billion of transaction experience. Previously, Mr. Faherty served as a nuclear submarine officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Faherty earned an M.B.A. in Finance and Accounting from the Wharton School of the University of Pennsylvania and a B.S. from the United States Naval Academy.

Managing Partners

Prior to co-founding Breakwater North, Mr. Faherty most recently worked at Simmons Energy as a Vice President in the investment banking division. Throughout his five years at Simmons, Mr. Faherty focused on energy services M&A and capital markets advisory with ~$4 billion of transaction experience. Previously, Mr. Faherty served as a nuclear submarine officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Faherty earned an M.B.A. from the Cornell Johnson Graduate School of Management, an M.S. from Naval Post Graduate School and a B.S. from the United States Naval Academy.

Prior to co-founding Breakwater North, Mr. Mills most recently worked at Goldman Sachs as a Vice President in the investment banking division. Throughout his five years at Goldman, Mr. Mills focused on energy M&A and capital markets advisory with ~$28 billion of M&A transaction experience. Previously, Mr. Mills served as a nuclear surface warfare officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Mills earned an M.B.A. in Finance and Accounting from the Wharton School of the University of Pennsylvania and a B.S. in Mechanical Engineering from the United States Naval Academy.

Prior to joining Breakwater North, Mr. Faherty most recently worked at Jefferies as a Vice President in the investment banking division. Prior to working at Jefferies, Mr. Faherty worked at Goldman Sachs in the investment banking division. Throughout his five years in investment banking, Mr. Faherty focused on energy and consumer and retail M&A and capital markets advisory with ~$6 billion of transaction experience. Previously, Mr. Faherty served as a nuclear submarine officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Faherty earned an M.B.A. in Finance and Accounting from the Wharton School of the University of Pennsylvania and a B.S. from the United States Naval Academy.

Recent News

Boyne Capital and Breakwater North Announce the Formation of Integral Energy Services (IES)

May 18, 2023
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MIAMI, May 18, 2023 /PRNewswire/ — Boyne Capital (“Boyne”) and Breakwater North are excited to announce the formation of Integral Energy Services (“IES”), creating one of the nation’s leading clean energy and critical infrastructure services businesses. IES is comprised of industry leaders Sonic SystemsInternational Wind, and Amperion, employing more than 1,000 highly trained technicians serving multiple clean energy verticals including nuclear, wind, solar and battery storage assets throughout the United States and internationally. IES’ highly mobile workforce is a trusted partner for leading industry OEMs, utilities, and asset owners, given its track record of reliability and commitment to safety and quality.

Boyne Managing Partner and CEO, Derek McDowell said: “We believe that IES is well-positioned to support the clean energy transition, serving a diverse set of assets across the nuclear, wind, battery storage and solar sectors. With up to $3 trillion of clean energy investment expected over the next decade driven by the Inflation Reduction Act, there is a clear need to bolster the current clean energy services supply chain to ensure that new and existing assets are properly constructed, maintained and optimized.”

Breakwater North’s Managing Partners, Ryan Mills and David Faherty added, “We are proud to announce the formation of Integral Energy Services and look forward to supporting the Company’s accelerating growth trajectory as the clean energy transition tailwinds continue to strengthen.”

About Integral Energy Services
Integral Energy Services is a pioneering group of companies focused on supporting the future of clean energy and critical infrastructure. With roots in the nuclear sector, we have expanded into wind and renewable construction, and are looking to further expand our suite of offerings. We are a trusted partner for leading industry OEMs, utilities, and asset owners across the country and across the world, never compromising on safety and quality. To learn more, visit integralenergyservices.com

About Sonic Systems
Since 1977, nuclear energy giants across the globe have relied on Sonic Systems to provide operation-critical talent and support. With more than 700 employees, we are a leading provider of nuclear support to major OEMs. Sonic System’s reputation has been forged by adhering to quality and safety standards, meeting tight deadlines, and always delivering responsive solutions. To learn more, visit sonicsystems.com

About International Wind
International Wind was started by blade pioneers and has grown into a complete repair, maintenance, and inspection services company for utility-scale wind turbine blades. Our certified technicians are committed to professionalism, safety, quality, and exceptional customer service, with a focus on minimizing downtime and maximizing the output of wind assets. To learn more, visit international-wind.com.

About Amperion
Amperion is an electrical services provider specializing in installation, testing, troubleshooting, and commissioning primarily in renewable construction. With expertise in grid-scale battery integration, we are serving a high-growth market focused on providing low-cost green energy across the globe.

About Boyne Capital Partners, LLC
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners’ and shareholders’ partial or full exit. For more information, please visit www.boynecapital.com

Contact Matthew Menker regarding new opportunities.

About Breakwater North LLC
Breakwater North is a private investment and advisory firm focused on unique acquisition and growth opportunities in the nuclear, critical infrastructure and clean energy sectors. The team consists of experienced finance professionals and naval nuclear engineers with greater than $30 billion of transaction experience and more than two decades of active-duty military and nuclear power operational experience. Breakwater North is uniquely positioned to access and capitalize on exclusive, targeted opportunities leveraging a deep network of professionals across a wide range of industries. For more information, please visit www.breakwaternorth.com

Contact Ryan Mills and David Faherty regarding new opportunities.

SOURCE Boyne Capital

Breakwater North Launches New Platform Elementl Power LLC

May 19, 2022
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Breakwater North Makes New Platform Investment in Sonic Systems International, LLC

September 20, 2021
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Breakwater North LLC (“Breakwater North”) is pleased to announce that one of its affiliates has acquired a stake in Sonic Systems International, LLC (“Sonic” or the “Company”), a leading provider of mission-critical support services to the commercial nuclear power industry.

Based in Wilmington, NC and Houston, TX, Sonic’s highly skilled workforce of nuclear-certified technicians provides a range of services including non-destructive evaluation, QA/QC, refueling/reactor maintenance, engineering and project management. The Company serves a majority of U.S. commercial nuclear reactors, the country’s most reliable and largest source of carbon-free electrical power. Since the Company’s founding in 1977, Sonic has developed a leading reputation for safety, professionalism and technical excellence, enabling it to become a long-term trusted supplier to leading nuclear OEMs and utilities. Sonic is led by CEO Bruce Schlueter who brings significant leadership experience in the non-destructive evaluation and industrial services industries.

Breakwater North LLC partnered on the transaction with Boyne Capital (“Boyne”), a Florida-based private equity firm focused on investments in lower middle market companies. Boyne provided the majority of equity capital for the transaction. Main Street Capital Corporation provided debt financing and an equity co-investment to support the transaction.

Breakwater North’s Managing Partners, David Faherty and Ryan Mills, said: “We look forward to working with Boyne and Company management to pursue several exciting strategic initiatives, as we seek to expand Sonic’s breadth of services and enhance the Company’s reputation as a vendor of choice to the nuclear industry and other highly specialized industries.”

Former Sonic President, Dale Holbrook, said: “I am tremendously proud of the growth of the Company over the last decade, and I believe the additional resources the new investors bring will enable the Company to become an even stronger industry supplier going forward. I look forward to remaining on the Board and supporting Bruce and the rest of the team on Sonic’s next phase of growth.”

Boyne Managing Partner and CEO, Derek McDowell, added: “The Boyne team is pleased to join forces with Sonic’s management team and Breakwater North. Sonic differentiates itself with deep, long-tenured customer relationships, built upon its consistent reliability and responsiveness as a partner. We are excited about Sonic’s position to capitalize on the revived growth of the nuclear power industry.”

Sonic represents Breakwater North’s first platform investment in the nuclear services space.

Active Investments

Based in Wilmington, NC, Integral Energy Services (“IES”), is one of the nation’s leading clean energy and critical infrastructure services businesses. IES is comprised of industry leaders Sonic Systems, International Wind and Amperion, employing more than 1,000 highly trained technicians serving multiple clean energy verticals including nuclear, wind, solar and battery storage assets throughout the United States and internationally. IES’ highly mobile workforce is a trusted partner for leading industry OEMs, utilities, and asset owners, given its track record of reliability and commitment to safety and quality.

Elementl Power LLC (“Elementl”) is an advanced nuclear development company that identifies, acquires, and prepares locations throughout the U.S. for the deployment of advanced nuclear technologies. The mission of Elementl is to reduce risk and drive efficiency in the earliest stages of the nuclear project development process, ultimately materially reducing the deployment timeline and cost of advanced nuclear technologies. More broadly, Elementl’s mission is to accelerate deployment of clean, baseload power, helping enhance energy security and achieve global decarbonization targets.

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