Harris Williams Advises United States Infrastructure Corporation on its Sale of a 50% Stake to Kohlberg & Company

Rhea-AI Summary

Harris Williams, a global investment bank, advised United States Infrastructure Corporation (USIC) in its sale of a 50% stake to Kohlberg & Company. Partners Group retains a 50% co-lead interest. USIC, North America's largest utility damage prevention services provider, operates in 48 states and Canada, performing over 80 million locates annually for various utility sectors. The transaction highlights USIC's growth potential and resilience, attracting significant investor interest. Partners Group, managing $131 billion in assets, focuses on transformative investments.

Positive

• USIC's sale of a 50% stake reflects strong investor interest.
• The company's proven growth track record and resilience through market cycles position it favorably.
• Over 80 million locates performed annually, indicating robust operational capacity.
• Partners Group maintains a significant co-lead interest, supporting USIC's strategic direction.

Negative

• None.

RICHMOND, Va.--(BUSINESS WIRE)-- Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised United States Infrastructure Corporation (USIC), a portfolio company of Partners Group, acting on behalf of its clients, on its sale of a 50% stake to Kohlberg & Company (Kohlberg). Partners Group will retain a 50% co-lead interest. Kohlberg was joined in this investment by a group of new partners that includes funds managed by Neuberger Berman. USIC is a leading provider of outsourced "utility locate" services, which involve locating, identifying, and marking sub-surface utility infrastructure such as pipes, cables, and fiber. The transaction was led by the Harris Williams Energy, Power & Infrastructure (EPI) Group and Business Services Group, including Bob Baltimore, Drew Spitzer, Matt White, Taylor Morris, Bill Greven, Thomas Saunders, Phil Hart and John Holleman.

“USIC represents another marquee transaction for Harris Williams within the broader infrastructure services sector,” said Matt White, a managing director at Harris Williams. “The company’s proven track record of growth coupled with its resiliency through market cycles were key differentiators for investors seeking platforms of scale. These factors, along with management’s vision to create a tech-focused, employee-centric business model, led to tremendous excitement across the investment community.”

“It is a pleasure to have partnered again with USIC,” added Bob Baltimore, a managing director at Harris Williams. “The USIC relationship is longstanding, given we have represented the company multiple times, and underpins one of the hallmarks of Harris Williams - fostering lasting relationships with best-in-class providers and delivering successful outcomes multiple times over. We are excited to watch the next chapter unfold in their partnership with Partners Group and Kohlberg.”

USIC is North America’s largest provider of utility damage prevention services with operations in 48 states and Canada and corporate headquarters located in Indianapolis. The company, which currently serves over 1,300 customers across the cable, telecommunications, electric, gas, water, and sewer utility markets, performs over 80 million locates each year. Additionally, the company provides a range of advanced utility solutions and services offered by its affiliates, Blood Hound, LLC; Reconn Utility Services; and On Target Utility Services.

Partners Group is a leading global private markets firm. Since 1996, the firm has invested $185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With $131 billion in assets under management as of June 30, 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices, and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).

Kohlberg is a leading private equity firm based in Mount Kisco, New York. Since its inception in 1987, the company has organized nine private equity funds, through which it has raised $12 billion of committed equity capital. Over its 35-year history, Kohlberg has completed 91 platform investments and nearly 250 add-on acquisitions, with an aggregate transaction value of approximately $40 billion.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.

The Harris Williams Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. For more information on the firm’s Business Services Group and other recent transactions, visit the Business Services Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221111005395/en/

For media inquiries, please contact Julia Moore at media@harriswilliams.com.

Source: Harris Williams LLC

FAQ

What is the recent transaction involving PNC and USIC?

Harris Williams advised USIC on its sale of a 50% stake to Kohlberg & Company, with Partners Group retaining the other 50%.

How many states does USIC operate in?

USIC operates in 48 states across North America and Canada.

What services does USIC provide?

USIC specializes in utility damage prevention services, identifying and marking sub-surface utility infrastructure.

What is the significance of the Partners Group in the transaction?

Partners Group retains a 50% co-lead interest in USIC, signaling confidence in the company's growth and strategy.

How many locates does USIC perform annually?

USIC performs over 80 million locates each year across various utility markets.