Pacolet Milliken

What Pacolet Milliken does

Pacolet Milliken is a privately held, family-owned investment company headquartered in Greenville, South Carolina, that was spun off from Milliken & Company in December 2007 with sixth-generation Milliken family stewardship. The firm operates two uncorrelated divisions—Power & Infrastructure and Real Estate—that together represent more than $1.5 billion of equity invested across over 100 transactions spanning 18 states plus the District of Columbia.

The Power & Infrastructure division owns and operates a diversified portfolio of sustainable infrastructure assets, anchored by Lockhart Power, a regulated electric utility under SC Public Service Commission and FERC jurisdiction that delivers electricity to residential, commercial, industrial, and wholesale customers in five South Carolina counties using hydroelectric, landfill gas, and solar generation. Bushy Park, a 1,530-acre industrial park in Berkeley County, SC, provides a centralized utility platform delivering more than 35 services—including steam, nitrogen, compressed air, process water, electricity, natural gas, and emergency response—to 10 large manufacturing tenants, with deep-water barge dock and rail access. The portfolio further includes the 55 MW Piedmont Green Power biomass plant in Georgia (acquired 2024), the 14.95 MW Anderson Wind Farm in New Mexico (acquired December 2024, marking wind entry), approximately 44 MW of hydroelectric capacity, a ~30-project commercial solar portfolio held through Syncarpha Capital (in which Pacolet is the largest shareholder), and a growing renewable natural gas platform spanning landfill-gas-to-RNG joint ventures in North Carolina, Kentucky, and New York. HYDERA, a wholly-owned ISO container depot at Bushy Park, services the bulk liquids transportation industry. The Real Estate division invests in multifamily housing (5,000+ units since 2013), industrial warehouse, self-storage (via Pacolet Ranch Water Partners), office, retail, and land holdings, with concentration in the Southeast, Southwest, and Southern California.

Pacolet generates revenue through regulated utility rates, long-term power purchase agreements with counterparties including Georgia Power, Western Farmers Electric Cooperative, and Duke Energy, renewable energy credit and RIN sales, industrial park leases and utility service contracts at Bushy Park, container depot service fees at HYDERA, and rental income and capital appreciation across the real estate portfolio. With 101–250 employees and a permanent family balance sheet, the firm sources investments predominantly off-market and operates with a multi-generational investment horizon that allows longer hold periods than typical IRR-driven fund vehicles.

Name

Pacolet Milliken

Legal name

Pacolet Milliken, LLC

Website

https://pacoletmilliken.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Pacolet Milliken is a privately held, family-owned investment company that owns and operates diversified sustainable infrastructure assets—including regulated utilities, renewables, and industrial parks—alongside a national real estate portfolio spanning multifamily, industrial, self-storage, and land holdings across 18+ U.S. states.

Ownership category

akta.pro rank

Product category

Infrastructure Investment and Real Estate Asset Management

NAICS

Management of Companies and Enterprises (55111)

SIC

Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Capital Planning, Portfolio & Lifecycle Asset Management (EAM/CMMS) (EUAEAMAL), Self-Storage Property Management (BPAJAGAM)

Keywords

• Sustainable infrastructure investment
• Renewable energy assets
• Regulated electric utility
• Industrial utility services
• Commercial real estate investment

Headquarters

HQ city

Greenville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Power & Infrastructure Asset Operation: Pacolet owns and operates a diversified set of sustainable infrastructure assets including regulated electric utilities (Lockhart Power), industrial utilities (Bushy Park), renewable energy projects (solar, wind, hydro, biomass, landfill gas, RNG), and container depot services (HYDERA). Revenue is generated through long-term power purchase agreements, regulated utility returns, and service contracts with industrial tenants.
2. Real Estate Investment and Development: Pacolet Real Estate owns and manages a diversified portfolio including multifamily housing, industrial warehouses, self-storage facilities, office, retail, and land holdings. Revenue is generated through rental income, property appreciation, and capital gains from property sales.
3. Renewable Energy Credits: Renewable energy assets qualify for renewable energy credits (RECs) and renewable identification numbers (RINs) under federal and state standards, which are sold on open markets.
4. Container Depot Services: HYDERA provides tank cleaning, heating, repair, maintenance, storage, and transportation services for ISO containers in the bulk liquids transportation industry.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Pacolet Milliken is a family-owned investment company that owns and operates a diversified portfolio of sustainable infrastructure assets (regulated electric utility, industrial utilities, biomass, solar, wind, hydroelectric, landfill-gas-to-RNG) and a national real estate portfolio (multifamily, industrial warehouse, self-storage, land, office and retail). It invests directly on a permanent-capital basis, typically on an off-market basis, and manages all assets in-house through operating subsidiaries and joint ventures.

Product overview

Pacolet Milliken is a family-owned investment company with two uncorrelated divisions: Power & Infrastructure and Real Estate. The Power & Infrastructure division operates a diverse set of sustainable infrastructure assets including Lockhart Power (regulated electric utility), Bushy Park (industrial utilities/park), HYDERA (ISO container depot), Piedmont Green Power (biomass plant), solar projects, wind farms (Anderson Wind), renewable natural gas projects, hydroelectric facilities, and landfill gas-to-electricity operations. The Real Estate division manages a national portfolio including multifamily housing, industrial warehouses, self-storage facilities, land holdings, and office/retail properties. The company operates as direct investors owning both operating companies and project investments.

Differentiator

Problem solved

Functional benefit

Brands

• Lockhart Power: Regulated electric utility providing power generation, transmission, distribution, and lighting services in South Carolina
• Bushy Park
• HYDERA
• Piedmont Green Power (PGP)
• Pacolet Industrial
• Pacolet Ranch Water Partners

Products and services

• Lockhart Power Company Regulated electric utility providing power generation, transmission, distribution, and lighting services to residential, commercial, industrial and wholesale customers in five South Carolina counties. Self-generated electricity comes entirely from renewable resources including 5 hydroelectric plants, 2 landfill gas facilities, and 1 solar installation.
• Bushy Park Industrial Park 1,530-acre industrial park and utilities services company providing steam, nitrogen, compressed air, process water, electricity, natural gas, and emergency response services to large chemical and manufacturing tenants in Berkeley County, SC; features deep-water barge dock and rail access.
• HYDERA ISO Container Depot Full-service ISO container depot at Bushy Park in Goose Creek, SC, specializing in cleaning, storage, heating, repair, testing and maintenance of ISO containers for the bulk liquids transportation industry.
• Piedmont Green Power (PGP) Biomass Plant 55 MW biomass-fired power plant in Barnesville, GA, utilizing approximately 600,000 tons of wood waste feedstock annually; generates baseload renewable power sold to Georgia Power under a long-term power purchase agreement.
• Solar Portfolio (via Syncarpha Capital) Commercial-scale photovoltaic solar energy systems developed through partnership with Syncarpha Capital; portfolio includes approximately 30 projects across multiple states ranging from 3 MW to 20 MW, plus community solar and battery storage.
• Anderson Wind Farm 14.95 MW onshore wind farm with 8 turbines in Chaves County, New Mexico; generates electricity for approximately 5,000 homes under a long-term power purchase agreement with Western Farmers Electric Cooperative.
• Renewable Natural Gas (RNG) Portfolio Landfill gas-to-RNG projects including Upper Piedmont Renewables and Foothills Renewables in North Carolina, Owensboro in Kentucky and Oneida-Herkimer in New York; converts landfill methane into pipeline-injectable renewable natural gas.
• Hydroelectric Portfolio Six hydroelectric power facilities totaling approximately 44 MWac of operating capacity; five facilities owned by Lockhart Power and one operated under lease.
• Landfill Gas to Electricity Projects Three landfill-gas-to-energy projects including two facilities owned by Lockhart Power (in its rate base) and the Potrero Hills project developed in partnership with DTE Energy north of San Francisco, California.
• Pacolet Real Estate Division Diversified national real estate investment platform managing multifamily housing, industrial warehouses, self-storage facilities, land, office and retail properties across the United States, focused on Southeast, Southwest and Southern California markets; addresses dual mandates of capital appreciation and operating cash flow growth.

Quantifiable outcome

• Over $1.5 billion in equity invested over the last 10 years
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Redtail RenewablescoreStrategic or Co-development Partner · 4 September 2025Redtail Renewables is an Indianapolis-based RNG developer. They formed RPM Holdings joint venture with Pacolet to acquire and operate RNG projects, starting with Owensboro, Kentucky landfill project expected to generate 500,000 MMBtu annually.
• Evensol LLCcoreStrategic or Co-development Partner · 18 January 2023Evensol is an Oregon-based RNG developer founded in 2013. Pacolet and Evensol formed a joint venture to own and operate RNG projects at North Carolina landfills (Upper Piedmont Renewables and Foothills Renewables), processing landfill gas into renewable natural gas.
• Duke EnergycoreStrategic or Co-development Partner · 18 January 2023Duke Energy is a partner in the RNG joint venture with Pacolet and Evensol for the Upper Piedmont and Foothills projects in North Carolina.
• Ranch Water CapitalcoreStrategic or Co-development Partner · 12 May 2022Ranch Water Capital is a Dallas-based self-storage investment platform founded in 2021. Together they formed Pacolet Ranch Water Partners, LLC with capacity to close on $200 million of new storage projects in 3 years, targeting top 50 U.S. markets.
• Syncarpha CapitalcoreStrategic or Co-development Partner · 28 February 2022Syncarpha is a New York-based renewable energy company developing, owning and operating solar and storage projects. Pacolet made a capital investment becoming the largest shareholder. They have partnered on substantially all Syncarpha opportunities and collaborate on community solar projects including 74 MW portfolio in Maine.
• OURAYcoreStrategic or Co-development Partner · 21 September 2021OURAY was the original joint venture partner with Pacolet in forming HYDERA, an ISO container depot at Bushy Park. Pacolet later acquired OURAY's interest in 2023, making HYDERA a wholly-owned subsidiary.
• HillwoodcoreStrategic or Co-development Partner · 1 January 2021Hillwood is a major industrial developer. Together they built industrial buildings within Tyger River Industrial Park - North, with first 2 buildings delivered including a 457,000 sq ft cross dock facility.
• Appian Investments (NAI Earle Furman)minorStrategic or Co-development Partner · 1 January 2021Created partnership to build Shamrock Commerce Park in Orangeburg, SC, including the 534,702 sq ft industrial facility which is now completed and occupied.
• Oakmont Industrial GroupcoreStrategic or Co-development Partner · 1 January 2017Oakmont is an Atlanta-based industrial real estate company with 25-year track record. Together they created Oakmont Pacolet National Partners joint venture targeting Atlanta, Houston, Dallas, Charlotte and other high growth markets.
• DTE EnergyminorStrategic or Co-development Partner · 1 January 2016Partnership with DTE Energy for the Potrero Hills landfill-gas-to-energy project located north of San Francisco.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Brookfield Asset Management: Brookfield is one of the largest global alternative asset managers with extensive infrastructure and real estate platforms. It competes with Pacolet for middle-market infrastructure assets and operates renewable power and utility businesses at a much larger scale.
• Macquarie Asset Management: Macquarie Asset Management operates one of the world's largest infrastructure investment platforms with renewable energy and real estate exposure. It is a broad incumbent competing for the same off-market middle-market sustainable infrastructure deals Pacolet targets.
• KKR Infrastructure: KKR Global Infrastructure is a major infrastructure private equity platform investing across renewables, power, and digital infrastructure. While much larger than Pacolet, it competes for similar infrastructure assets and increasingly pursues permanent-capital structures.
• Blackstone Infrastructure Partners: Blackstone Infrastructure is one of the largest infrastructure platforms globally with significant renewable energy exposure. It competes with Pacolet for sustainable infrastructure opportunities and operates at materially larger scale.

Direct peers

• LS Power: LS Power is a privately-held power and energy infrastructure investor/owner-operator with a similar profile to Pacolet's Power & Infrastructure division, including renewable generation, transmission, and industrial infrastructure assets across the U.S.
• ArcLight Capital Partners: ArcLight is a middle-market infrastructure-focused private equity firm investing across power generation, electric transmission, and midstream energy — directly comparable to Pacolet's middle-market infrastructure mandate with permanent-capital characteristics.
• Rosemawr Sustainable Infrastructure Management: Rosemawr is a sustainable infrastructure investment manager with ~$1.3B AUM that has partnered with Pacolet/Syncarpha on solar and storage deals. It is one of the closest-sized direct peers in sustainable infrastructure investing.
• Cubico Sustainable Investments: Cubico is a global renewable energy investor and operator (formerly Blackstone Renewable Power). It is a direct competitor in solar, wind, and battery storage investing, and notably the prior employer of Pacolet's Co-Head/CIO Lance Jordan.
• Crow Holdings: Crow Holdings is a Dallas-based privately-held real estate investment and development firm with industrial, multifamily, and self-storage exposure across the Sun Belt. Its industrial real estate focus directly mirrors Pacolet Real Estate's industrial and self-storage strategy in the Southeast/Southwest.
• Oakmont Industrial Group: Oakmont is an Atlanta-based industrial real estate firm and Pacolet's JV partner in Oakmont Pacolet National Partners. It is a direct comparable on industrial development in the Southeast (Atlanta, Charlotte) and competing Sun Belt markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pacolet-milliken

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pacolet Milliken