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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.
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."