MPE Partners and Precision Pipeline Services Announce the Acquisition of Allegheny Contracting
MPE Partners and Precision Pipeline Services Announce the Acquisition of Allegheny Contracting
PR Newswire
CLEVELAND and BOSTON, Aug. 22, 2024
CLEVELAND and BOSTON, Aug. 22, 2024 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity"), along with its portfolio company Precision Pipeline Services ("Precision"), announced today the acquisition of Allegheny Contracting ("Allegheny"). Allegheny is a provider of technical utility services for the natural gas end market in Pennsylvania and surrounding Mid-Atlantic and Midwest states. Allegheny offers gas transmission pipeline integrity services, which consist of the repair and maintenance work resulting from regulatory-mandated and recurring inspections of gas transmission pipeline infrastructure, as well as the repair and replacement of underground gas distribution pipelines.
MPE and Precision partnered in the transaction with Allegheny's Founder and CEO, Brent Buehler, as well as its management team. Mark Crowson, Chief Executive Officer of Precision, said, "Allegheny has established itself as one of the premier natural gas utility service providers in Pennsylvania and surrounding states. Its success is a testament to the culture of safety and quality that Brent has instilled throughout the organization, and we look forward to partnering with the Allegheny team to support its continued success."
Brent Buehler, Founder and CEO of Allegheny, stated, "I am exceptionally proud of what the entire Allegheny team has accomplished since the company's founding over 25 years ago. Precision's like-minded team, vision for growth, and track record in partnering with leading utility service providers will enable us to better serve customers as we embark on our next phase of growth."
Constantine Elefter, Partner at MPE, added, "The combination of Allegheny and Precision, along with the prior acquisition of SabCon Underground, reaffirms our commitment to creating a leading provider of critical underground services to a diverse utility customer base. We welcome Brent and the Allegheny team to the organization."
Churchill Asset Management and BMO Sponsor Finance provided financing to support the transaction. Jones Day served as legal advisor to MPE.
About Allegheny Contracting
Headquartered in Ridgway, PA, Allegheny Contracting provides gas transmission integrity repair and maintenance as well as gas distribution repair and replacement services for utilities throughout the Mid-Atlantic and Midwest. Allegheny offers a comprehensive suite of technical services, including hot tapping, stoppling, coating, welding, composite wrapping, and other specialized underground services. For more information, please visit https://alleghenycontracting.com/.
About Precision Pipeline Services
Headquartered in Lancaster, OH, with field offices in Columbus and Xenia, OH, Precision Pipeline Services provides repair, replacement, and maintenance services for utility customers across the gas, electrical, telecommunications, and water end markets. Precision offers horizontal directional drilling, excavation, hydrovac operations, utility locating and verification, video camera line inspection, GPS mapping, and other underground solutions. The company has a core focus on the (i) replacement of leak prone natural gas distribution pipelines and (ii) installation of telecommunications infrastructure to protect and secure the electrical grid. For more information, please visit www.precisionpipelineco.com.
About MPE Partners
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $8 million and $40 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.
SOURCE MPE Partners
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