Veritas Capital Fund Management has agreed to acquire Saber Power Services from Greenbelt Capital Management LP, adding another infrastructure-related business to the New York firm's portfolio.
Financial terms were not disclosed. Veritas said Saber Power’s management team will keep a significant minority stake, and President and CEO Brian Bratton and the current leadership team will remain in place. The deal is expected to close in the fourth quarter of 2026.
Saber Power, based in Rosharon, Texas, was founded in 2010 and provides electrical design, construction, testing, and maintenance services for substations and medium-to-high voltage infrastructure systems. The company serves customers in the industrials, technology, midstream, utility, and renewable sectors across Texas and the greater Southeast region.
The sale follows a process that The Deal reported in December, when it said Greenbelt had hired Harris Williams LLC to explore a transaction for Saber. At the time, The Deal reported that Saber generated about $150 million in EBITDA and could fetch a valuation of more than $2 Billion based on recent power infrastructure transactions.
Greenbelt’s ownership of Saber was relatively recent. An investor group led by Greenbelt bought the business from Oaktree Capital Management LP in November 2023 for $250 million to $499 million, according to data from SPS by With Intelligence.
Saber also refinanced its capital structure before the sale. Pitchbook Data Inc. reported in October that the company received $650 million in debt from Blackstone Credit & Insurance to refinance its capital structure, support an investor dividend, and provide Greenbelt with flexibility as it considered potential exits. In May 2025, Saber acquired electrical engineering and field services firm inoLECT LLC for an undisclosed amount.
So, here's the progression: Oaktree owned Saber. Then Greenbelt bought Saber. Then Saber acquired inoLECT. Now, Veritas is buying Saber (along with inoLECT underneath it).
For Greenbelt, the transaction comes after the Austin, Texas-based firm closed its inaugural fund, Greenbelt Capital Partners III LP, at its hard cap of $1Billion in June 2025. The firm focuses on control and significant minority investments spanning late-stage growth equity, private equity, and infrastructure development across the energy sector.
The acquisition also adds to a busy stretch for Veritas. In February, the firm closed its ninth flagship fund with $15.3Billion in commitments. Last Wednesday, the firm announced the acquisition of Trinity Consultants Inc. from Oak Hill Capital Partners. In July, Veritas also acquired BGIS Global Integrated Solutions Canada from CCMP Capital Advisors and Alberta Investment Management Corp. Veritas has completed more than 220 investments, according to its website.
On the advisory side, Veritas used Gibson, Dunn & Crutcher LLP, with John M. Pollack and Christopher R. Harding leading counsel. Veritas partner and co-head Daniel Sugar worked internally on the transaction. Pollack and Harding also advised on the Trinity acquisition.
Saber Power and Greenbelt were advised by Harris Williams on the financial side and by Kirkland on legal matters. Greenbelt partner Christopher Murphy worked on the sale in-house along with CEO, Brian Bratton. In 2023, Harris Williams and Kirkland also advised Saber on its sale to Greenbelt.
