Company to Grow into New Geographies and New Service Linesto Build a National Player
One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has completed a minority investment in INTREN, LLC (or “the Company”), a leading provider of specialty contracting services to major utilities. Terms of the private transaction were not disclosed.
Headquartered in Union, Ill., INTREN’s workforce of 1,300 employees provides mission-critical construction, design and maintenance services across 19 states. INTREN manages more than 300 field crews that service the power distribution infrastructure needs of a premier roster of the nation’s leading utilities providers, including Ameren, ComEd, Duke Energy, and PG&E.
“INTREN is an innovative utility solutions provider catering to a sophisticated, blue-chip customer base across multiple geographies and service lines,” said JB Cherry, Senior Managing Director of One Equity Partners. “We see a compelling opportunity to expand INTREN’s services and expand into new geographies through strategic acquisitions we have already identified. This effort will enable the Company to quickly and profitably respond to customer demands across the country.”
The domestic infrastructure market for utility contractors is poised for growth — reaching $53 billion in FY2017.
“Existing infrastructure in the U.S. is inadequate and aging, requiring substantial catch-up spend for modernization and maintenance,” said Andrew Oliver, Managing Director of One Equity Partners. “Increasing demand for natural gas and electric power continues to drive investment in new transmission and distribution infrastructure, and INTREN is well positioned to help utilities meet these needs.”
“We are thrilled to partner with OEP and accelerate our growth to meet the strong demand from emerging and existing clients for our world-class services,” said Kelly Tomblin, CEO of INTREN. “This investment is an important step forward that will ensure INTREN keeps pace with demand and serves an ever-growing range of customers.”
Loretta Rosenmayer, founder and majority owner of INTREN, will continue as Chairwoman of the Board.
About One Equity Partners
One Equity Partners is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. One Equity is a trusted partner with a differentiated investment process, a broad and senior team, and an extensive track record generating long-term value for its partners. Since 2001, the firm has invested in more than 140 transactions worldwide. One Equity, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York and Chicago, and an advisory office in Frankfurt. For more information, please visit www.oneequity.com.
For more than 25 years, INTREN has been an innovative solution partner, dedicated to building and maintaining the infrastructure of the energy industry. The company's culture of stewardship guides INTREN to care for others' priorities as if they were their own. Through an unwavering commitment to safety, integrity, customer focus and employee empowerment, the company has succeeded in offering turnkey services to a long list of satisfied clients. As an industry leader, INTREN is proud to serve many of the country's foremost utility companies, private contractors and developers, municipalities and cooperatives. For more about INTREN, visit INTREN.com.