CAMBRIDGE, ON, Oct. 13, 2026 /CNW/ -- Cormorant Utility Services ("Cormorant"), a Canadian power solutions company, today announced it has entered into an agreement to transition its ownership to New Tide Capital LP, a newly established company wholly owned by HPS Investment Partners ("HPS"), a part of BlackRock. In addition, Cormorant has closed a term debt refinancing and, agreed to a long-term banking partnership with Scotiabank.

Together, these developments will accelerate Cormorant's ability to execute on the significant growth opportunities before it, as they establish a strong financial foundation, enhanced bonding capacity, and clear strategic alignment.

"This is an important milestone for Cormorant as we continue building a stronger and more diversified power solutions company," said Richard Jackson, President & CEO of Cormorant. "We are on the precipice of our next phase of growth, which will be underpinned by continued focus on operational excellence, customer service and the execution of our Power 2030 strategic plan. We look forward to building on the progress we have made and continuing to invest in our people, capabilities and long-term customer and supplier relationships."

Cormorant's management team, led by Mr. Jackson, will partner with New Tide to execute on its Power 2030 strategic plan, which includes expanding its power solutions capabilities, strengthening its position in existing markets and pursuing growth opportunities across the utility, industrial and institutional sectors. The Company is well-positioned to expand its Power Construction, Power Services, Power Equipment and PowerTraxx businesses, enhancing how it serves customers across Canada.

About Cormorant Utility Services

Cormorant Utility Services is a Canadian power solutions company providing electrical construction, maintenance, technical services, power equipment and specialized electrical equipment solutions.

Through its operating divisions and PowerTraxx business, Cormorant serves customers across the utility, industrial and institutional markets, delivering integrated solutions that support the reliability, maintenance and expansion of critical electrical infrastructure. The company is headquartered in Cambridge, Ontario, Canada.

SOURCE Cormorant Utility Services Limited