AE Industrial Partners (AEI) has acquired BHI Energy, a provider of specialty services and staffing to the power generation, energy and government sectors, from Harvest Partners which acquired the company in November 2010 from Berkshire Partners and Summit Partners. The buy of BHI is the fifth platform investment for AE Industrial Partners Fund I.
BHI Energy is a specialty utility services company that provides onsite services to support the daily operations, routine maintenance and capital investment requirements of nuclear, fossil and renewable power facilities, as well as government decommissioning projects. The company’s staffing services include both professional & technical staffing and recruitment process outsourcing. BHI’s workforce includes more than 8,500 project management and technical, professional and craft employees operating at more than 130 global project locations. The company, led by CEO Bob Decensi, is headquartered south of Boston in Weymouth, MA (www.bhienergy.com).
“We are excited to work with the outstanding team at AEI, and benefit from their deep and unique experience partnering with specialty service providers in our end markets,” said Mr. Decensi. “BHI is well-known for its commitment to safety, quality, customers and employees. AEI brings additional expertise, relationships and financial resources necessary to continue to grow our suite of service offerings we can provide to our customer base.”
AEI invests in the aerospace, power generation and specialty industrial sectors with a specific focus on technical manufacturing, distribution and supply chain management, MRO (maintenance, repair and overhaul) and industrial service-based businesses. Typical company targets will have from $50 million to $500 million of revenue. The firm is headquartered in Boca Raton (www.aeroequity.com).
“With a long history in the nuclear power generation market, growing service offerings in the renewables, transmission and distribution, and oil & gas markets, and a sterling reputation for safety and quality, BHI is truly a premier service provider in the power generation sector,” said Michael Greene, Managing Partner of AEI. “AEI looks forward to partnering with BHI to accelerate its growth in the US power generation and broader infrastructure markets.”
Harvest Partners, the seller of BHI, invests in companies with $20 million to $100 million of EBITDA and total enterprise values of $100 million to $1 billion. The firm invests in four industry verticals: business services and consumer; healthcare services; industrial services; and manufacturing & distribution. Harvest was founded in 1981 and is based in New York (www.harvestpartners.com).
“We enjoyed working closely with Bob Decensi and the BHI Energy executive team to build a market leading provider of specialty services in the utility and energy sectors,” said Michael DeFlorio, Senior Managing Director of Harvest Partners. “We look forward to watching the company continue to flourish as it enters a new phase of development in partnership with AEI.”
“Harvest has been an exceptionally supportive partner, delivering valuable financial and operational guidance that leaves us well-positioned as we move into our next phase of growth,” said Mr. Decensi.
Robert W. Baird & Co. and Harris Williams & Co. were the financial advisors to BHI on this transaction.
© 2017 Private Equity Professional | August 29, 2017
