Aecon Group announced that its subsidiary Aecon Utilities Group Inc. has acquired Duna Services and its subsidiaries Arc American, LLC and C.A. Advanced, LLC, along with a 49% interest in KNX Utility Services, LLC, from Ryker Holdings Inc. for a base purchase price of $60 million, with the potential for additional contingent proceeds.
The transaction is being financed through Aecon Utilities’ standalone committed revolving credit facility.
Duna Services, headquartered in Wakarusa, Indiana, employs approximately 350 people and has 14 years of experience providing underground and overhead electrical distribution, transmission, substation maintenance, and emergency restoration construction services. Much of the company’s work is carried out under master service agreements with utility and government clients across the Midwest and Eastern United States. The service area aligns geographically with Aecon Utilities’ existing operations in the region.
As part of the deal, Aecon Utilities also acquired a 49% interest in KNX Utility Services, a certified women and minority-owned business enterprise based in Rodney, Michigan. KNX has more than a decade of experience delivering emergency restoration and storm response services related to electrical distribution and transmission construction work.
Aecon said the acquisition is intended to strengthen its presence in the U.S. electrical infrastructure market while expanding its ability to deliver services across key growth regions.
Dechert LLP served as legal counsel to Aecon Utilities in connection with the transaction.
Aecon is a North American construction and infrastructure development company that delivers integrated solutions for public and private sector clients through its construction operations across civil, urban transportation, nuclear, utility, and industrial sectors, while also providing project development, financing, investment, management, and operations services through its concessions business.
KEY QUOTES:
“This acquisition provides additional U.S. platforms to accelerate growth in the electrical distribution and transmission market, augments our self-perform offering with cross-selling opportunities, increases recurring revenue, and enhances our ability to expand into growing regions with attractive project pipelines.”
Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group
“We are pleased to strengthen our U.S. utility infrastructure expertise and extend a warm welcome to our new leadership groups and team members joining the Aecon Utilities group of companies.”
Eric MacDonald, Executive Vice President, Aecon Utilities
“We look forward to harnessing opportunities for collaboration with our complementary Xtreme Powerline team, while leveraging our collective capabilities to drive continued growth in priority markets across North America.”
Scott Sheldon, President, Xtreme Powerline
