Bernhard Capital Partners, the Baton Rouge-based private equity firm with a growing portfolio of companies in the energy services field, has acquired the Maryland-based company W.A. Chester, which specializes in power transmission and distribution.
The deal, announced this morning for an undisclosed price, continues BCP’s aggressive growth and diversification strategy and marks the firm’s entry into the power transmission and distribution sector.
BCP acquired Chester, founded in Canada in the 1930s, from the publicly traded Exelon Corporation, which had acquired it in a deal two years ago.
Chester is one of just a handful of companies that specializes in the installation, maintenance and repair of underground, high voltage cable transmission and distribution systems. Its clients include major utility companies and independent power producers in the U.S. and Canada. Recently, Chester has also expanded its services to include maintenance, installation and repair of overhead electrical distribution cable systems.
BCP plans to use Chester as a platform to grow and expand its services in the electrical T&D sector.
“Bernhard Capital intends to deploy additional capital to add capabilities that will complement W.A. Chester’s leadership in underground transmission and distribution services,” the firm says in a statement.
BCP executives were not available for comment this morning, but BCP Operating Partner Ali Azad says in statement that “we look forward to working with W.A. Chester’s talented management team to drive their continued success as a premier transmission and distribution specialty contractor.”
W.A. Chester will continue to operate out of its Lanham, Maryland, headquarters, and Senior Vice President and Chief Operating Officer Frank Musick will lead its management team.
W.A. Chester becomes the seventh portfolio company owned in whole or in part by BCP, which was founded in 2013 by The Shaw Group founder and CEO Jim Bernhard, and Jeff Jenkins, after Shaw’s acquisition by CB&I.
Other BCP portfolio companies include: Bernhard Energy Solutions, which develops heating and cooling systems for large institutions; Brown and Root, an industrial contractor; Epic Piping, a pipe fabricator; ATC, an environmental consulting firm; Charah Solutions, which provides services to power companies; and Atlas Technical Consultants, a transportation infrastructure engineering firm.
