Utility Services Associates has been sold to First Reserve

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Utility Services Associates, Inc. (“USA”) has been sold to First Reserve. USA is an employee-owned business that consists of C.W. Wright Construction Company, Incorporated; Booth & Associates, Inc.; and Coastal Power & Electric, Inc. Financial terms of the transaction were not disclosed.

Founded in 1953 and headquartered in Chester, Virginia, USA is a leading turnkey provider of critical outsourced maintenance, repair, rebuild and new build services to electrical utilities for transmission, distribution and substation infrastructure. With 60 years of experience in the electrical utility services industry, USA has long-term relationships with the largest electrical utilities in the Mid-Atlantic and Eastern U.S. and provides a cradle-to-grave offering including field service, electrical grid design and engineering and emergency storm response. The Company’s reputation is synonymous with exceptional service, high productivity and a unique ability to execute customers’ most technically challenging and demanding work.

Lincoln International acted as the exclusive financial advisor to USA, working closely with the management team and ESOP trustee throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.

Jay Spruill, CEO of USA, commented, “Lincoln’s unique insights and deep understanding of our business, drawn from the firm’s extensive experience in the utility services market, allowed them to share our story and value proposition in a compelling manner. As a result of the firm’s execution expertise and collaborative approach to working with management, USA has secured a tremendous partner to help accelerate the Company’s strategic growth initiatives. This transaction was a fantastic outcome for the ESOP participants and we are excited to work alongside First Reserve over the coming years to become a national leader in utility industry solutions.”

Mike Walker, President of USA, added, “Lincoln did an outstanding job conveying how our unique business model, operating expertise and strategic vision will benefit from the positive, long-term macro trends in the electric transmission and distribution industry. Lincoln’s ability to emphasize these dynamics, which include an aging infrastructure and historical underinvestment, the demand for electricity outpacing grid expansion, regulatory initiatives and increased outsourcing of services, enabled our shareholders to achieve an attractive valuation.”

The sale of USA builds on Lincoln International’s strong experience and expertise in the energy, power and infrastructure services sector. The firm now has completed 10 transactions in the space since 2012.

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