Pilot Wave Holdings Management, LLC Announces Sale of Connect Atlantic Utility Services to Centuri Holdings, Inc.
Pilot Wave Holdings Management announced the sale of its portfolio company Connect Atlantic Utility Services to Centuri Holdings (CTRI) on November 20, 2025.
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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.
Details
News Market Reaction – CTRI
On Nov 20, the day this news came out, CTRI closed 3.39% below the previous close.
Data tracked by StockTitan Argus for the Nov 20 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
About Detect Technologies
Detect Technologies is a
About Centuri Holdings, Inc.
Centuri (NYSE: CTRI) is a North American utility-infrastructure services company that builds, maintains, and modernizes energy networks across the
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
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