Bernhard Capital-Backed United Utility Services Completes Acquisition of BHI Power Delivery

News provided by

Bernhard Capital Partners Management, LP

Feb 13, 2023, 08:00 ET

BATON ROUGE, La. and CHARLOTTE, N.C., Feb. 13, 2023 /PRNewswire/ -- United Utility Services ("United Utility"), a specialty utility services company, today announced it has completed its acquisition of BHI Power Delivery (BHI), an industry-leading specialty utility transmission and distribution services provider, from Westinghouse Electric Company. Financial terms of the transaction were not disclosed.

BHI Power Delivery provides comprehensive and innovative offerings supporting power infrastructure investment across all transmission, substation, distribution, and grid hardening projects, from engineering and construction to maintenance, live-line work and storm response. The acquisition creates one of the largest independent, pure-play power transmission and distribution services providers in the U.S., while expanding United Utility's geographic footprint and strengthening its presence in key markets.

United Utility was formed in 2018 by Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, through the acquisition of W.A. Chester, a leading underground electric transmission and distribution services business. BHI represents United Utility's fifth strategic acquisition, all of which have been negotiated on a bi-lateral basis. This transaction further demonstrates the company's commitment to growing its breadth of services and capabilities in order to best serve its growing list of key electric utility customers.

"Our proprietary Blueprint investment approach enabled us to identify an essential need for investment in the specialty utility and transmission and distribution space. Since partnering with United Utility in 2018, we have executed on that thesis and a shared vision to build a best-in-class platform of providers with specialized, industry-leading expertise in the power transmission and distribution sectors," said Mark Spender, Partner at Bernhard Capital Partners. "We look forward to the team's continued success following the acquisition of BHI Power Delivery."

"We are pleased to have completed our acquisition of BHI Power Delivery and look forward to welcoming the talented and innovative BHI team to the United Utility family," said United Utility Services CEO Ali Azad. "We look forward to building on our leadership in key market segments and expanding our suite of services as we continue to be a leading power transmission and distribution services provider. We expect that this transaction will position United Utility as one of the top 10 specialty contracting firms serving the utility market based upon the latest ENR rankings."

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 $3.0 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.

About United Utility Services
United Utility, a Bernhard Capital Partners portfolio company, is a fully integrated utility services company focused on building a platform of providers with specialized, industry-leading expertise in overhead and underground power transmission and distribution, substation, relay system, fiber optics communication and storm recovery services. The company was established in 2018 through the acquisition of W.A. Chester and has grown to include additional brands and services. In December 2020, United Utility acquired B&B Electrical & Utility Contractors, a comprehensive electrical contractor serving the southeast U.S. United Utility also acquired a minority investment in E.P. Breaux Utility Services in February 2021. Located in Baton Rouge, LA, E.P. Breaux Utility Services specializes in EPC partnerships for substation construction projects. In August 2021, United Utility acquired Williams Electric Company, an overhead and underground power distribution contractor headquartered in Shelby, NC, serving customers in North and South Carolina. For more information, visit unitedutility.com.

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SOURCE Bernhard Capital Partners Management, LP