EL
SEGUNDO, Calif., Jan. 6, 2025
/PRNewswire/ -- Affiliates of CriticalPoint Capital, LLC
("CriticalPoint") are pleased to announce the closing of the sale
of United Engineers & Constructors ("United" or the "Company")
to Aecon Group Inc. (TSX: ARE) ("Aecon"). With nearly 120 years of
power industry experience, United and its legacy companies have
earned a reputation for delivering engineering and construction
excellence to the nuclear and conventional power industries.
Affiliates of CriticalPoint are pleased to
announce the closing of the sale of United E&C to Aecon Group
Inc.
Under CriticalPoint's ownership and guidance, the management
team executed a complex carve-out from its former public owner in
2020, stood up the Company as an independent business, and executed
numerous zero carbon and electrical grid resiliency projects across
the U.S. and internationally, all leading to significant revenue
and earnings growth. As part of those efforts, CriticalPoint also
merged another portfolio company, Imperia Engineering Partners,
which provides nuclear engineering consulting services and was
previously acquired in a carveout transaction, into United's
operations. To better align with the markets served, United
ultimately reorganized the business into two business units – the
Power Delivery Group and the Power Generation Group. The Power
Delivery Group was previously acquired by United Grid Solutions,
LLC, a subsidiary of Pike Corporation, in a separate transaction in
May 2024.
"After four years under CriticalPoint's stewardship, United's
legacy will continue on as part of the Aecon team," said
Art Lembo, President & CEO of
United. "United has cultivated its distinct capabilities
and processes over several decades and our team is proud
to continue delivering engineering and consulting services and
large-scale integrated engineering, procurement and construction
projects to our clients in the power industry."
"United, with its century-long history, has continually adapted
to the ever-evolving energy marketplace and skillfully met the
demands of its exceptional clients," said Brad Holtmeier, Partner at CriticalPoint. "By
focusing on its core capabilities and know-how in the nuclear
sector, the team has left its fingerprints on North America's energy infrastructure and is
well positioned to continue in its role supporting the
modernization of power generation facilities. We appreciate the
partnership with United's management team over the previous four
years and their leadership in a dynamic industry."
Sheppard, Mullin, Richter & Hampton (Zac Turke and Edward
Xia) served as legal counsel. Cypress, LLP
(Brent Bradley) also served as
special advisor / counsel.
About CriticalPoint
Founded in 2012 and based in
El Segundo, CA, CriticalPoint
Capital is the private capital division of the broader
CriticalPoint platform. The division is focused on acquiring
companies with long-term value creation opportunities and
partnering with management teams that can benefit from patient
capital and a thoughtful approach to growth. CriticalPoint's
portfolio is comprised of investments across a wide variety of
industries and the firm looks to grow through additional platform
and add-on
acquisitions. https://criticalpoint.com/services/invest/
About United Engineers & Constructors
United Engineers & Constructors is an industry leading
infrastructure engineering, procurement, construction, and
consulting company dedicated to improving lives by delivering the
most impactful solutions. Since 1905, United has served the power
industry by providing comprehensive lifecycle services for the
nuclear, conventional generation, renewable, and distributed energy
markets. Together with its clients and partners, United delivers
innovative and transformative infrastructure that is designed and
built to meet the demands of today and the future. www.ueci.com
About Aecon
Aecon Group Inc. is a North American
construction and infrastructure development company with global
experience. Aecon delivers integrated solutions to private and
public-sector clients through its Construction segment in the
Civil, Urban Transportation, Nuclear, Utility, and Industrial
sectors, and provides project development, financing, investment,
management, and operations and maintenance services through its
Concessions segment.
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SOURCE CriticalPoint
