Peak Rock Capital has agreed to sell Spatial Business Systems to Enverus, a portfolio company of Blackstone

Spatial Business Systems

Spatial Business Systems (SBS) is a leading intelligent design automation platform for utilities and other critical network infrastructure assets. SBS offers a comprehensive end-to-end suite of AI-driven software solutions across the engineering design life cycle tailored to the power and infrastructure sectors, with use cases spanning distribution, substation and protection & controls (P&C) applications. The company’s suite of vertical-focused software solutions automate and streamline engineering & design workflows, integrate spatial and design data and improve design effectiveness. SBS serves a global base of blue-chip customers including some of the world’s leading utilities and engineering firms. Founded in 2002, the company is headquartered in Denver, Colorado, with additional offices across the U.S. and an office in Melbourne, Australia. For more information on SBS, please visit www.spatialbiz.com.

The Deal

Since acquiring SBS in 2022 from its founders, Peak Rock accelerated the company’s growth trajectory, with annual recurring revenue (ARR) from software increasing by more than four times and headcount more than doubling. This growth was enabled by investments in sales and marketing, geographic and end market expansion and acquisitions. The company also invested heavily in new product development, including creating AI-powered design and reporting tools that streamline utility engineering workflows. As a leading energy data analytics platform, Enverus has expanded its power and energy transition solutions through rapid organic innovation and strategic acquisitions. The addition of SBS deepens Enverus’ role in utility capital programs and expands its ability to connect planning, design, market intelligence and asset optimization across the power ecosystem.

Lincoln International was engaged by SBS and Peak Rock to serve as financial advisor on the transaction due to its deep expertise and buyer relationships in the energy, power & critical infrastructure software sector as well the design & engineering software space.

Our Perspective

Matt Kessler, Managing Director in Lincoln International’s Technology Group, commented, “It was an honor to partner with SBS and Peak Rock on this important transaction, which represents another step in the continued consolidation necessary to effectively design, build and operate a modern, distributed power grid. We look forward to supporting the company’s continued success as a leader in intelligent design software for critical infrastructure.”

Peak Rock Capital

Peak Rock Capital is a leading middle market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock’s equity investment platform focuses on opportunities where it can support senior management to drive rapid growth and performance improvement, with expertise in corporate carve-outs and partnering with families and founders seeking first-time institutional capital. Peak Rock’s credit platform invests across capital structures, with a broad mandate to provide flexible, tailored capital solutions to middle market and growth-oriented businesses. Peak Rock’s real estate platform makes equity and debt investments in small to mid-sized real estate assets in attractive, growing geographies. For further information about Peak Rock Capital, please visit www.peakrockcapital.com.

Enverus

Enverus is the energy industry’s most trusted source for decision intelligence and operational efficiencies. With petabytes of proprietary data, deep domain expertise and AI-native technology, Enverus empowers customers to invest smarter, operate more efficiently, and scale faster—across upstream, midstream, minerals, power and renewables—all while navigating the most complex energy market in history. Learn more at www.enverus.com.

Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com.

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