BHI Energy (“BHI”) today announced that it has acquired Coastal Electrical Construction (“Coastal”), a leading provider of substation, transmission, and distribution construction and maintenance services to major utilities in the Southeastern United States. Terms of the transaction were not disclosed.
This marks the third add-on acquisition BHI has completed in the transmission and distribution (“T&D”) space under its ownership by AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets.
Headquartered in Flomaton, AL, Coastal is a utility construction and maintenance company that is capable of working in all facets of the utility industry, but specializes in electric substation construction and maintenance providing turn-key solutions for utility substation needs. Coastal offers services in T&D line construction and maintenance, storm restoration, pole line inspections, civil work, steel fabrication, welding and other plant maintenance mainly serving the Southeast utility market. Ken Jernigan, President of Coastal, will remain in his current position.
“Coastal has a strong presence in the important and growing Southeastern market, and we look forward to working with Ken and his team to continue to deliver superior customer service with an emphasis on safety,” says Bob Decensi, Chief Executive Officer of BHI. “With our third acquisition, we are excited to further grow BHI’s geographical footprint and continue to expand our one-stop-shop approach to our customers.”
“Becoming part of BHI’s global organization is a tremendous opportunity for our customers and employees,” said Mr. Jernigan. “BHI has a stellar reputation backed by a full-range of T&D services and over 40 years of utility services experience. The existing complementary services from BHI along with BHI’s relationships throughout our end markets creates a win-win outcome for Coastal and our blue-chip customer base.”
Akerman LLP served as legal advisor and Berkeley Research Group, LLC served as financial advisor to BHI. Beggs & Lane, RLLP was the legal advisor for Coastal.