Lincoln International Advises USA on Sale to First Reserve
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Lincoln International Advises USA on Sale to First Reserve

lincoln nf2Lincoln International was the exclusive financial advisor to Utility Services Associates (USA) on its sale last month to private equity firm First Reserve. The sale of USA builds on Lincoln International’s experience and expertise in the energy, power and infrastructure services sector. The firm now has completed 10 transactions in the space since 2012.

Utility Services Associates consists of C.W. Wright Construction Company, Booth & Associates, and Coastal Power & Electric. USA has over 60 years of experience in the electrical utility services industry and provides a range of maintenance, repair, rebuild and construction services for power transmission and distribution infrastructure across the Mid-Atlantic and Eastern regions of the United States. USA also provides design, engineering and storm-related restoration services. The company was founded in 1953 and is based in Chester, VA (www.usaesop.com).

Lincoln International worked closely with the USA 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.

“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,” said Jay Spruill, CEO of USA. “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.”

Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. The firm also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. Lincoln International has 15 offices in the Americas, Asia and Europe and is headquartered in Chicago (www.lincolninternational.com).

“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,” said Mike Walker, President of USA. “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.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-31-13

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