Pilot Wave Holdings Management, LLC Announces Sale of Connect Atlantic Utility Services to Centuri Holdings, Inc.

Rhea-AI Summary

Pilot Wave Holdings Management announced the sale of its portfolio company Connect Atlantic Utility Services to Centuri Holdings (CTRI) on November 20, 2025. Pilot Wave said it acquired Connect Atlantic to strengthen operations and scale in electric transmission, distribution and storm-restoration across Atlantic Canada and into the U.S.

During ownership Pilot Wave and CAUS leadership achieved operational improvements, spun off Detect Technologies (an AI inspection startup), and positioned Connect Atlantic for integration into Centuri's Canadian operations to expand regional capability.

Positive

• Sale completed to Centuri on November 20, 2025
• Spin-off of Detect Technologies as an AI inspection company
• Connect Atlantic to be integrated into Centuri Canadian operations

Negative

• None.

News Market Reaction

-3.39%

1 alert

-3.39% News Effect

On the day this news was published, CTRI declined 3.39%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Nov. 20, 2025 /PRNewswire/ -- Pilot Wave Holdings Management, LLC ("Pilot Wave") today announced the sale of its portfolio company, Connect Atlantic Utility Services ("CAUS" or "Connect Atlantic"), to Centuri Holdings, Inc. ("Centuri"), a leading North American utility-infrastructure services provider.

Pilot Wave acquired Connect Atlantic with the goal of strengthening operations, accelerating growth, and positioning the business for long-term scale in electric transmission, distribution, and storm-restoration markets across Atlantic Canada and into the United States. Through hands-on collaboration with the CAUS leadership team, significant operational improvements and strategic expansion were achieved.

As part of this partnership, Pilot Wave identified an opportunity inside CAUS to build a next-generation utility-inspection platform, ultimately leading the spin-off of Detect Technologies from Connect Atlantic. Detect is an AI-powered safety and infrastructure-inspection startup that helps utilities identify equipment defects before major failures or accidents occur. Its proprietary technology enables faster response, reduced operational risk, lower maintenance costs, and improved protection for workers and communities.

This spin-off represents a first-of-its-kind outcome: the acquisition of a traditional services business that catalyzed the creation of a world-class, AI-driven technology company. It underscores Pilot Wave's commitment to pairing operational excellence with innovative, technology-enabled value creation.

"We're proud of the progress Connect Atlantic has made and grateful for our partnership with the management team," said Afsheen Afshar, Founder of Pilot Wave. "We strengthened operations, expanded capabilities, and built a platform that is now well-positioned for accelerated growth under Centuri. The creation of Detect Technologies is another example of how operational collaboration can spark meaningful innovation."

John MacKinnon, President of Connect Atlantic, added: "Working with Pilot Wave helped position CAUS for long-term success. Joining Centuri will give our team additional resources and opportunities to continue serving our utility partners at the highest level."

Centuri will integrate Connect Atlantic into its Canadian operations to further expand its capabilities and regional reach. This outcome is a strong validation of its investment model, which combines deep operational engagement with targeted technology innovation.

About Pilot Wave Holdings Management, LLC
Pilot Wave Holdings is the first acquisition firm dedicated to growing small businesses with bringing modern technology. Comprised of hybrid investment professionals, operators, and technologists, the team partners with exceptional management to grow businesses and help them continue to be competitive in the technological age. For further information, please contact: info@PilotWaveHoldings.com

About Connect Atlantic Utility Services
Connect Atlantic (CAUS) is a leading utility-services provider in Atlantic Canada, delivering transmission, distribution, maintenance, and storm-restoration services across Nova Scotia, New Brunswick, and Newfoundland & Labrador.

About Detect Technologies
Detect Technologies is a Miami-based AI inspection and risk-mitigation platform spun out of Connect Atlantic. Detect helps utilities identify potential equipment failures before they lead to costly outages or safety incidents, enabling faster response, reduced risk, and more efficient operations.

About Centuri Holdings, Inc.
Centuri (NYSE: CTRI) is a North American utility-infrastructure services company that builds, maintains, and modernizes energy networks across the U.S. and Canada.

Forward-Looking Statements
This release may contain forward-looking statements. Actual results may differ. Pilot Wave assumes no obligation to update such statements.

Media Contact: Lisa Belton, lisa.belton@pilotwaveholdings.com

View original content:https://www.prnewswire.com/news-releases/pilot-wave-holdings-management-llc-announces-sale-of-connect-atlantic-utility-services-to-centuri-holdings-inc-302622151.html

SOURCE Pilot Wave Holdings Management

FAQ

What did Pilot Wave announce about Connect Atlantic on November 20, 2025?

Pilot Wave announced the sale of Connect Atlantic to Centuri (CTRI) and noted operational improvements and a spin-off of Detect Technologies.

How will the Connect Atlantic sale affect Centuri (CTRI)?

Centuri will integrate Connect Atlantic into its Canadian operations to expand regional capabilities in transmission, distribution, and storm restoration.

What is Detect Technologies and how did it originate?

Detect Technologies is an AI-powered utility inspection spin-off created from Connect Atlantic to identify equipment defects and reduce operational risk.

When was the transaction between Pilot Wave and Centuri announced for CTRI investors?

The transaction was announced on November 20, 2025.

Will Centuri's acquisition of Connect Atlantic change service coverage?

Centuri plans to integrate Connect Atlantic to expand regional reach across Atlantic Canada and support continued service to utility partners.