#United States #El Segundo #CriticalPoint #United Engineers #Aecon Group

CriticalPoint Capital Completes Sale of United Engineers & Constructors

In a significant development within the infrastructure and power industry, affiliates of CriticalPoint Capital, LLC have successfully completed the sale of United Engineers & Constructors (United) to Aecon Group Inc. This milestone was celebrated on January 6, 2025, as both companies look to leverage their strengths in the ever-evolving energy landscape.

A Rich Legacy

Founded nearly 120 years ago, United has built a reputation for excellence in engineering and construction services within the nuclear and conventional power sectors. Its legacy is a testament to the company's ability to adapt and innovate in response to market demands over time. Under the stewardship of CriticalPoint, United underwent a remarkable transformation, evolving from its previous public ownership into a robust independent entity. This strategic pivot allowed for numerous zero carbon and electrical grid resiliency initiatives across the United States and beyond, resulting in significant revenue and earnings growth for the company.

Strategic Developments under CriticalPoint's Ownership

CriticalPoint's management undertook a meticulous carve-out process in 2020, creating a more agile and focused organization. The consolidation also saw the integration of Imperia Engineering Partners, a prior acquisition specializing in nuclear engineering consulting, into United’s operations. This merger not only expanded United's capabilities but also enhanced its service offerings in line with contemporary industry requirements.

To streamline operations, United restructured into two distinct business units: the Power Delivery Group and the Power Generation Group. The Power Delivery Group, which was divested to United Grid Solutions, LLC—a subsidiary of Pike Corporation, in May 2024—further emphasized United’s commitment to focusing on its core competencies while enabling it to respond swiftly to client needs.

Future Outlook with Aecon Group

Art Lembo, CEO of United, expressed optimism regarding the future of the company as it transitions under the Aecon umbrella. He noted, “After four years under CriticalPoint's stewardship, United's legacy will continue on as part of the Aecon team.” Lembo highlighted the company’s extensive capabilities and deep-rooted processes, reinforcing its pledge to deliver exceptional engineering and consulting services targeted at large-scale integrated projects in the power sector.

Brad Holtmeier, a Partner at CriticalPoint, praised the strategic direction that United has taken under their management. He remarked, “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.” This alignment positions United strongly in supporting the ongoing modernization of power generation facilities.

About CriticalPoint Capital

Established in 2012 and headquartered in El Segundo, California, CriticalPoint Capital is dedicated to investing in companies that promise long-term value creation. Its approach aims to partner with management teams, empowering them with patient capital to navigate the complexities of growth. CriticalPoint's diverse portfolio spans multiple industries, and the firm continuously seeks opportunities for both platform and add-on acquisitions.

About United Engineers & Constructors

United Engineers & Constructors is a leader in infrastructure engineering, procurement, construction, and consulting services. Since its inception in 1905, it has dedicated itself to enhancing lives through impactful solutions tailored for the nuclear, conventional, and renewable energy markets.

Conclusion

As Aecon Group moves forward with this acquisition, it will continue to build upon the solid foundation laid by United Engineers, ensuring the delivery of innovative infrastructure solutions that are both socially and environmentally responsible. The synergy between these two companies promises a progressive future as they meet the demands of the energy industries in North America and beyond.

Prior to the sale, Sheppard, Mullin, Richter & Hampton served as legal counsel for CriticalPoint, while Cypress, LLP acted as special advisor, positioning the transition for an effective outcome.