Bernhard Capital-Backed United Utility Services To Acquire BHI Power Delivery

Creates Leading Pure-Play Power Transmission and Distribution Provider With Innovative, Diversified Service Offerings Company Continues to Execute on Long-Term, National Growth Objectives

Baton Rouge, LA and Charlotte, NC /PRNewswire/ - United Utility Services ("United Utility"), a specialty utility services company, today announced a transformational transaction, whereby it has entered into a definitive agreement to acquire BHI Power Delivery, a leading specialty utility transmission and distribution services provider, from Westinghouse Electric Company. Financial terms of the transaction were not disclosed.

BHI Power Delivery provides comprehensive and innovative offerings supporting power infrastructure investment across all transmission, substation, distribution and grid hardening projects, from engineering and construction to maintenance, live-line work and storm response. Similar to United Utility, BHI Power Delivery is one of the leading middle market specialty solutions providers in the regulated electric power sector. With primary locations in Florida, Texas, Alabama, New York and Oklahoma, BHI Power Delivery has more than 1,200 employees and over 170 crews strategically located throughout the U.S.

This acquisition will greatly expand United Utility's geographic footprint, strengthen its presence in key markets and create one of the largest independent, pure-play power transmission and distribution services providers in the U.S. United Utility was formed in 2018 by Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, through the acquisition of W.A. Chester, a leading underground electric transmission and distribution services business.

Since then, the company has completed a number of key transactions and has scaled rapidly as part of a long-term, national growth strategy and a vision to build a best-in-class platform of providers with specialized, industry-leading expertise in the power transmission and distribution sectors.

"We are excited to welcome the exceptional team of engineers, planners, project managers and dedicated field personnel at BHI Power Delivery as we continue to broaden our capabilities, strengthen our suite of services and expand our platform to better serve our growing base of blue-chip utility customers across the country," said United Utility Services CEO Ali Azad. "This transaction positions us for continued growth in key strategic markets, while solidifying United Utility as one of the leading power transmission and distribution services provider in the industry. We look forward to building on this momentum together and continuing to execute on our long-term growth strategy."

"As part of our initial blueprint five years ago, we set out to develop a leading platform that takes an integrated approach to servicing the electrical grid across the transmission and distribution landscape by offering a complete suite of T&D services to our utility customers – from front-end engineering to maintenance and contracting and storm response and recovery services," said Mark Spender, Partner at Bernhard Capital Partners. "The critical importance of reliability and resiliency in the electrical grid has become even more pronounced today, and we look forward to continuing to support the team's ongoing efforts to deliver exceptional services to an expanding customer base. We will continue to strive to position United Utility as the premier electrical utility service provider and believe the acquisition of BHI Power Delivery is another major milestone in achieving that goal."

"By partnering with the United Utility and Bernhard Capital teams, we have the opportunity to combine our diversified offerings to provide industry-leading services to a growing number of customers nationwide," said BHI Power Delivery CEO Bob Decensi. "The United Utility team very clearly shares our vision and commitment to innovation, continuous improvement and providing the highest quality, value-additive services for our customers, and we are excited about this next chapter for BHI's Power Delivery division as part of the United Utility platform."

About United Utility Services
United Utility, a Bernhard Capital Partners portfolio company, is a fully integrated utility services company focused on building a platform of providers with specialized, industry-leading expertise in overhead and underground power transmission and distribution, substation, relay system, fiber optics communication and storm recovery services. The company was established in 2018 through the acquisition of W.A. Chester and has grown to include additional brands and services. In December 2020, United Utility acquired B&B Electrical & Utility Contractors, a comprehensive electrical contractor serving the southeast U.S. United Utility also acquired a minority investment in E.P. Breaux Utility Services in February 2021. Located in Baton Rouge, LA, the company specializes in EPC partnerships for substation construction projects. In August 2021, United Utility acquired Williams Electric Company, an overhead and underground power distribution contractor headquartered in Shelby, NC, serving customers in North and South Carolina. For more information, visit unitedutility.com.

About Bernhard Capital Partners
Bernhard Capital Partners is an operationally focused private equity firm investing in middle-market businesses that provide essential services for critical infrastructure in North America. Bernhard Capital Partners was established in 2013 and has deployed capital across four funds representing approximately $2.9 billion of gross assets under management and is ranked as one of Private Equity International's 300 largest private equity firms worldwide. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating, and growing services and infrastructure businesses. For more information, visit bernhardcapital.com.

About BHI Power Delivery
Serving the power industry for 40 years, BHI Power Delivery is a leading specialty utility transmission and distribution services provider, focused on integrated services from engineering and construction to maintenance, live-line work and storm response. BHI Power Delivery has a workforce of more than 1,200 employees across the United States, with primary locations in Florida, Texas, Alabama, New York and Oklahoma. For more information, visit bhienergy.com/markets/transmission-and-distribution/