Centuri Holdings appoints Jason Lentz as SVP of fleet and procurement

PHOENIX - Centuri Holdings, Inc. (NYSE:CTRI), a utility infrastructure services company with a market capitalization of $1.9 billion, announced Monday the appointment of Jason Lentz as Senior Vice President of Fleet and Procurement, effective August 11. According to InvestingPro data, the company is currently trading slightly above its Fair Value, with analysts maintaining a moderate buy consensus.

In this role, Lentz will lead Centuri’s enterprise-wide fleet and sourcing strategy, focusing on equipment utilization and capital efficiency. The company manages more than $1 billion in fleet assets across its operating companies, representing a significant portion of its operations, which generate annual revenues of $2.66 billion and EBITDA of $233 million.

Lentz brings nearly 30 years of experience in the energy and construction sectors. He most recently served as Vice President of Supply Chain at Michels Corporation, where he managed 17,000 fleet assets globally. His previous experience includes leadership positions at Quanta Services, InfraSource LLC, and ABBY Construction.

"Our fleet is one of our most critical business assets," said Centuri President and CEO Christian Brown in the press release. "Bringing in a senior leader of Jason’s caliber further enables us to strengthen our balance sheet through a disciplined capital allocation strategy that includes our fleet management program."

Centuri, a utility infrastructure services company, partners with regulated utilities across the United States and Canada to build and maintain energy networks.

The company stated it is advancing a capital allocation strategy that balances ownership and leasing to ensure flexibility, financial strength, and operational readiness for its customer base.

In other recent news, Centuri Holdings, Inc. has secured significant financial agreements and contracts. The company amended its credit agreement, obtaining an $800 million term loan with Wells Fargo Bank as the administrative agent. This development follows Centuri’s announcement of securing over $550 million in new infrastructure contracts, including a multi-year renewal with a major Midwest-based utility and a contract for a Renewable Natural Gas facility in the Northeast. Additionally, Centuri announced more than $575 million in customer awards for utility infrastructure services across North America, with a focus on gas distribution, transmission, and storage work.

In terms of credit ratings, S&P Global Ratings revised Centuri Holdings’ outlook to stable from developing and affirmed its ’B+’ issuer credit rating. The rating agency also assigned a ’B+’ issue-level rating and ’3’ recovery rating to Centuri’s proposed $770 million term loan. Meanwhile, Southwest Gas Holdings, Inc. plans to sell 9.5 million shares of Centuri Holdings in a secondary public offering, with an option for underwriters to purchase an additional 1.425 million shares. Notably, Centuri will not receive any proceeds from this offering, as it is not selling any shares itself.

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