LockeBridge, a Boston investment bank executing mid-market mergers & acquisitions announced the sale of UTEC Constructors Corporation to FR Utility Services.
Online PR News – 08-August-2014 – LockeBridge, a Boston based investment bank focused on mergers, acquisitions, valuations and capital raises, announced today that it has acted as the exclusive financial advisor to UTEC Constructors Corporation in its sale to FR Utility Services, LLC. UTEC specializes in the design, engineering and installation of high voltage underground electrical transmission systems. Its clients include major utility companies throughout the country. FR Utility Services, a growth platform for integrated energy transmission and distribution solutions and services, is owned by First Reserve Corporation, the largest global private equity firm exclusively focused on energy
According to Mr. Joe Gilmore, President and CEO of UTEC, “We have a very unique business which presented significant hurdles to the transaction. LockeBridge was able to quickly understand our core operations and present the Company to some of the worlds best strategic buyers, which resulted in multiple offers and preferred deal terms. LockeBridges guidance went well beyond the sale of our business, maximizing the wealth of the shareholders as opposed to focusing solely on the transaction. I was quite familiar with the M&A process, as UTEC was not my first sale. Quite frankly, based upon my prior transaction experience, I had believed that the level of advice provided to us by LockeBridge was only available at the major wire houses which have large deal teams managing transactions in the hundreds of millions or billions of dollars. LockeBridge proved this to be far from true.
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Mr. Scott Hansen, LockeBridge Managing Director, compliments Mr. Gilmores statement, As former Vice President at Lehman Brothers and CFO of a multi-billion dollar firm, I have participated in numerous large transactions. The UTEC transaction required resources on par with each of the larger transactions I have completed. I am thrilled that we were able to provide such resources, in conjunction with the fine work performed by some of the most well respected law firms including Simpson Thacher, Seyfarth Shaw and Perkins Coie. I am confident that together with First Reserve and FR Utility Services, UTEC will have the resources to expand upon their current position as a leading national player in the high voltage underground electrical transmission market.