Bernhard Capital-Backed Allied Power Acquires Dominion Engineering
Significantly Expands Technical Service and Engineering Offerings for Nuclear Power Customers
BATON ROUGE, La., Sept. 14, 2023 /PRNewswire/ -- Allied Group Holdings, LLC ("Allied" or the "Company"), a full-service provider of power plant services, today announced that it has acquired Dominion Engineering, Inc. ("DEI"), a leading provider of field service equipment, technology, and specialized engineering services to the nuclear power industry. Financial terms of the transaction were not disclosed.
Allied provides a diversified range of services – from routine maintenance to outage services and management, capital construction and specialized support – for power plants across the asset life cycle throughout the U.S. In November 2020, the Company was acquired by Bernhard Capital Partners, an infrastructure and services-focused private equity management firm.
For more than four decades, DEI has provided innovative field service equipment, technology, and expert consulting services that help nuclear utilities and operators improve plant performance and reliability, as well as increase the efficiency of refueling outages, decommissioning and waste management activities. DEI's products and services have been consistently recognized for exemplary technical contributions to engineering projects throughout the nuclear energy sector from new reactor projects to backend waste management.
The acquisition of DEI builds on Allied's expansion of its offerings, following the Company's acquisition of Radiation Safety and Control Services (RSCS), a provider of project management, technical, and laboratory services to the nuclear power industry, the Government, and other companies that use radioactive material, in 2022. DEI's services complement Allied's existing offerings while simultaneously unlocking new opportunities for the Company to capitalize on the growing market for nuclear energy, as decarbonization goals, public investment initiatives in nuclear energy, and aging nuclear infrastructure accelerate industry demand.
"We are delighted to welcome DEI and their entire team of nuclear professionals to the Allied family," said Dean Sack, Chief Executive Officer of Allied Power. "DEI's ability to make nuclear reactor operation, maintenance, and waste management safer and more cost-effective directly complements the Allied footprint of work in the nuclear power industry. We look forward to growing this footprint by utilizing the deep nuclear industry expertise of DEI."
"At DEI, we share the Allied team's commitment to servicing critically important nuclear industry infrastructure and supporting the deployment of new nuclear generation assets, including small modular reactors," said Mike Little, Chief Executive Officer of DEI. "Our diversified suite of power plant services uniquely complements Allied and RSCS's existing capabilities and creates an industry-leading group of companies providing safe and cost-effective services to the nuclear industry. The added scale and offerings will provide our employees and customers with significant long-term opportunities, and we are excited to partner with the Allied and Bernhard teams."
"We are in the middle of a nuclear energy renaissance that requires increasingly specialized expertise and innovative solutions to meet today's energy demands and support long-term national energy security and the energy transition," said Mark Spender, a Partner of Bernhard Capital. "The combination of DEI with Allied and RSCS creates a leading platform delivering safe, mission-critical and cost-effective services and technology for a diverse and growing base of operator and power generation clients."
Allied was advised by Kirkland & Ellis LLP on the transaction. DEI was advised by Baird and Greenberg Traurig, LLP.
About Allied Group Holdings
Allied Power is a diversified, full-service provider of power plant services spanning the entire asset life cycle. The Allied Power team and leadership has vast experience in the utility industry and expertise in power generation. Utilizing this expertise, Allied Power is able to provide customers with proven, practical, and innovative approaches that maximize the efficiency and cost effectiveness of utilities without sacrificing safety or quality. Allied Power provides a full range of professional, technical and craft services including routine maintenance, outage, and capital construction services. To learn more at Allied Power, visit https://www.alliedpwr.com.
About DEI
Founded in 1980, DEI began as an independent technical consulting firm to ensure safe, reliable and cost-effective design, operation and maintenance of nuclear reactors. Due in large part to innovative solutions developed from years of experience, DEI's business has expanded to include a strong portfolio of value-adding equipment and tooling products for nuclear reactor services. DEI holds over 80 granted patents for specialized equipment and processes for nuclear reactor services and nuclear waste management. A number of these products have challenged conventional approaches to nuclear reactor maintenance and waste management and have translated to substantial savings for nuclear utilities and operators. For more information about DEI please visit https://domeng.com.
About Bernhard Capital Partners
Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. Bernhard Capital Partners has deployed capital in four funds across several strategies, has approximately $3.4 billion of gross assets under management. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating and growing services and infrastructure businesses. For more information, visit www.BernhardCapital.com.
Contacts
Allied Power
Christy Fairchild
Vice President – Human Resources & Corporate Development
[email protected]
225-412-6435
Bernhard Capital Partners
Ed Trissel / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
SOURCE Allied Group Holdings
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