US-based private equity firm AE Industrial Partners, LP has closed the sale of its portfolio company, utility industry services provider BHI Energy, to US-based nuclear power company Westinghouse Electric Company, the company said.
Terms of the transaction were not disclosed.
For over 40 years, Weymouth, Massachusetts-based BHI has provided specialty services to the power generation and electricity transmission and distribution end markets.
Under AEI's ownership, BHI grew organically and through the successful acquisitions of DBE Utility Services, Coastal Electrical Construction, TechCom International, Plaska Transmission Line Construction and D and D Power.
Baird served as lead financial advisor to AEI, with Harris Williams serving as an additional financial advisor, and Kirkland and Ellis LLP served as legal advisor.
BHI Energy is an industry-provider of specialty services supporting the daily operations, routine maintenance and capital investment requirements for the power generation and electricity transmission and distribution end markets.
BHI has a workforce of over 8,500 experienced project management and technical, professional and craft employees operating at more than 150 project locations globally.
AE Industrial Partners is a private equity firm specializing in aerospace, defense and government services, space, power and utility services, and specialty industrial markets.
Westinghouse Electric said the deal brings together two energy companies to create the nuclear industry's first fully integrated outage, maintenance and modification services business.