Affiliates of CriticalPoint Complete Sale of United Engineers & Constructors

EL SEGUNDO, Calif., Jan. 6, 2025 /PRNewswire/ -- Affiliates of CriticalPoint Capital, LLC ("CriticalPoint") are pleased to announce the closing of the sale of United Engineers & Constructors ("United" or the "Company") to Aecon Group Inc. (TSX: ARE) ("Aecon"). With nearly 120 years of power industry experience, United and its legacy companies have earned a reputation for delivering engineering and construction excellence to the nuclear and conventional power industries.

Affiliates of CriticalPoint are pleased to announce the closing of the sale of United E&C to Aecon Group Inc.

Under CriticalPoint's ownership and guidance, the management team executed a complex carve-out from its former public owner in 2020, stood up the Company as an independent business, and executed numerous zero carbon and electrical grid resiliency projects across the U.S. and internationally, all leading to significant revenue and earnings growth. As part of those efforts, CriticalPoint also merged another portfolio company, Imperia Engineering Partners, which provides nuclear engineering consulting services and was previously acquired in a carveout transaction, into United's operations. To better align with the markets served, United ultimately reorganized the business into two business units – the Power Delivery Group and the Power Generation Group. The Power Delivery Group was previously acquired by United Grid Solutions, LLC, a subsidiary of Pike Corporation, in a separate transaction in May 2024. 

"After four years under CriticalPoint's stewardship, United's legacy will continue on as part of the Aecon team," said Art Lembo, President & CEO of United. "United has cultivated its distinct capabilities and processes over several decades and our team is proud to continue delivering engineering and consulting services and large-scale integrated engineering, procurement and construction projects to our clients in the power industry."

"United, with its century-long history, has continually adapted to the ever-evolving energy marketplace and skillfully met the demands of its exceptional clients," said Brad Holtmeier, Partner at CriticalPoint. "By focusing on its core capabilities and know-how in the nuclear sector, the team has left its fingerprints on North America's energy infrastructure and is well positioned to continue in its role supporting the modernization of power generation facilities. We appreciate the partnership with United's management team over the previous four years and their leadership in a dynamic industry."

Sheppard, Mullin, Richter & Hampton (Zac Turke and Edward Xia) served as legal counsel. Cypress, LLP (Brent Bradley) also served as special advisor / counsel. 

About CriticalPoint
Founded in 2012 and based in El Segundo, CA, CriticalPoint Capital is the private capital division of the broader CriticalPoint platform. The division is focused on acquiring companies with long-term value creation opportunities and partnering with management teams that can benefit from patient capital and a thoughtful approach to growth. CriticalPoint's portfolio is comprised of investments across a wide variety of industries and the firm looks to grow through additional platform and add-on acquisitions. https://criticalpoint.com/services/invest/ 

About United Engineers & Constructors
United Engineers & Constructors is an industry leading infrastructure engineering, procurement, construction, and consulting company dedicated to improving lives by delivering the most impactful solutions. Since 1905, United has served the power industry by providing comprehensive lifecycle services for the nuclear, conventional generation, renewable, and distributed energy markets. Together with its clients and partners, United delivers innovative and transformative infrastructure that is designed and built to meet the demands of today and the future. www.ueci.com

About Aecon
Aecon Group Inc. is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility, and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment.

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