Brown Brothers Harriman has sold Utility Pipeline to iCON Infrastructure
Utility Pipeline Ltd.
Headquartered in Canton, Ohio, Utility Pipeline Ltd. (UPL) is a provider of natural gas distribution and related services. The company services residential, commercial, industrial and government customers across rural and suburban areas of Ohio, Pennsylvania, Indiana, Virginia and West Virginia.
The Deal
Brown Brothers Harriman Capital Partners’ (BBHCP) initial investment in UPL occurred in 2017 through a sell-side process led by Lincoln International. During the partnership, UPL completed three add-on acquisitions and executed an impressive organic growth strategy. Andy Duckworth, UPL’s President, commented, “We are excited to attract the interest of iCON Infrastructure, a well-respected infrastructure investment firm, in support of our continued mission providing natural gas services to underserved communities throughout our five-state service territory. iCON is a partner that will help us improve and expand our network and relationships as we continue to provide safe, reliable natural gas service to our customers.”
Our Perspective
Saurin Mehta, Lincoln International Managing Director who led the transaction, commented, “The energy future of the U.S. will depend on a balanced mix of power sources. As the cleanest and most cost-effective conventional fuel, natural gas will remain a cornerstone and a complement to renewables, helping to meet the nation’s growing energy needs. UPL stands as a unique platform and with iCON’s extensive expertise in supporting core infrastructure assets, they are an ideal partner to guide the company into its next phase of growth.”
Brown Brothers Harriman
BBHCP, a private equity strategy of Brown Brothers Harriman and Company (BBH), provides friendly capital solutions to growth-oriented middle-market companies. BBHCP targets platform investments between $40 million and $150 million. Its capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations, buy-and-build strategies and acquisitions.
iCON Infrastructure
iCON is the exclusive investment advisor to infrastructure funds with cumulative commitments of more than $8 billion. iCON VI, iCON’s latest flagship fund, closed fundraising in June 2022 with $3.6 billion of capital committed from more than 50 investors. iCON advised funds invested across a range of infrastructure sectors including energy generation, distribution, storage, healthcare, transport, telecommunications and water.
Meet our Senior Team
As a trusted advisor, my role is to listen, create options and pursue the path that best achieves a client’s total objectives.
Saurin Mehta
Managing Director & Co-head of Business Services
Chicago
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