Berkshire, Summit go nuclear

The two Boston private equity firms today announced an investment in Bartlett Nuclear, which provides radiological protection services to the US nuclear industry.

Berkshire Partners and Summit Partners, two private equity firms based in Boston, have invested in Bartlett Nuclear, a Plymouth, Massachusetts provider of radiological protection services to the US nuclear industry.

 

Terms of the deal were not disclosed. Merrill Lynch Capital and the Royal Bank of Scotland will provide new debt financing to the company, according to a press release.

 

Bruce Bartlett, the company’s founder, will retain an undisclosed, “significant” stake in Bartlett Nuclear.

 

The company’s customers include nuclear power plants, general contractors for the US Department of Energy, and universities.

 

In 2001, Berkshire Partners closed its sixth fund on a $1.7 billion (€1.34 billion) after a relatively short seven months. The fund had an original target of $1.25 billion, according to a press release.

 

Summit Partners, which closed its sixth fund on $2 billion in 2001, recently invested $90 million in online options brokerage optionsXpress.