TORONTO — Aecon Group Inc.’s subsidiary Aecon Utilities Group Inc. has acquired Duna Services, LLC and its subsidiaries Arc American, LLC and C.A. Advanced, LLC, along with a 49 per cent interest in KNX Utility Services, LLC from Ryker Holdings Inc. for a base purchase price of US$60 million.
According to a release, the transaction is being financed through Aecon Utilities’ standalone committed revolving credit facility.
Headquartered in Wakarusa, Indiana, Duna Services and its subsidiaries have approximately 350 employees and bring 14 years of experience providing underground and overhead electrical distribution, transmission, substation maintenance and emergency restoration construction services.
The majority of the work is conducted under master service agreements with utility and government clients.
KNX is a certified women and minority-owned business enterprise headquartered in Rodney, Mich., with over a decade of experience providing emergency restoration and storm response services for electrical distribution and transmission construction work, the release notes.
“This acquisition provides additional U.S. platforms to accelerate growth in the electrical distribution and transmission market, augments our self-perform offering with cross-selling opportunities, increases recurring revenue, and enhances our ability to expand into growing regions with attractive project pipelines,” said Jean-Louis Servranckx, president and Chief Executive Officer of Aecon Group Inc., in a statement.
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