CE Power, a portfolio company of Mason Wells since May 2015, has acquired Utilities Plus Energy Services, a provider of electrical power services.
Utilities Plus Energy Services (UPES) provides electrical testing, maintenance, engineering, and 24-hour emergency services to its customers in the Midwest, from Eastern Ohio to the Rocky Mountains and from the Canadian border to the Gulf of Mexico. The company specializes in electrical power engineering, acceptance testing (the installation and start-up of any new or refurbished electrical equipment), maintenance testing, substation construction, and circuit breaker and transformer repairs. UPES was founded in 2000 and is headquartered near Minneapolis in Elk River, MN (www.utilsplus.com).
CE Power provides electrical power engineering, testing, and maintenance services to utility power plants, alternative energy facilities, transmission & distribution substations, industrial facilities, and institutional facilities. The company’s core focus is on power systems operating in the 480 volt through 765 kilovolt range. CE Power is led by CEO Paul Cody and is headquartered in Cincinnati (www.cepower.net).
UPES will operate as a wholly-owned subsidiary of CE Power. The buy of UPES is the third add-on acquisition completed by CE Power under Mason Wells’ ownership. In June 2016, CE Power acquired Boston-based 3C Electrical Company, a provider of engineering, testing, and commissioning services for low, medium, and high voltage systems; and in October 2015 CE Power acquired Power & Generation Testing, a Nashville-based provider of electrical power testing, maintenance, and emergency response services for industrial and utility clients in Tennessee and surrounding areas.
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $30 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. In February 2016, Mason Wells held a final closing of Mason Wells Buyout Fund IV and its related Executive Buyout Fund IV with total commitments of $615 million. The firm was founded in 1982 and is based in Milwaukee (www.masonwells.com).
© 2017 Private Equity Professional | April 13, 2017