FMI Capital Advisors represented New England Utility Constructors Inc. (Neuco) on their sale to Centuri Construction Group, Inc. (Centuri).
Neuco specializes in providing construction services to gas and electric distribution utilities, municipal utilities, and master meter operators throughout New England. Since its establishment in 1972, Neuco has grown to include several locations in the Northeast serving customers throughout New England.
“The acquisition of Neuco is an exciting part of Centuri’s overall growth strategy. Neuco’s industry reputation and well-established customer relationships give Centuri a strong, scalable footprint in the Northeast, where there is significant growth opportunity for many years to come,” Centuri President and CEO Paul M. Daily said. “This is yet another step we are taking to broaden Centuri’s geographic reach in our core services by adding an organization with an outstanding safety record, strong management team, and commitment to its customers and employees.”
David Newsham, President of Neuco, commented, “Our commitment to safety and quality, along with a focus on proactive solutions to support our customers, is in alignment with Centuri’s culture, philosophy, and strategy. Joining the Centuri family of companies significantly enhances our ability to continue to serve our customers, grow the business, and do so for the long term.”
According to Rock McHenry, President of Meritus, Centuri’s group of open shop companies, Neuco’s culture, commitment to its customers and employees, and its strong management team were “key factors” in becoming a part of Centuri’s organization. “The management team and workforce will remain in place to continue to serve the same customers. We welcome all of Neuco’s employees to the Centuri family.”
Centuri Construction Group, Inc. is a comprehensive construction services enterprise dedicated to meeting the growing demands of North American utility, energy, and industrial markets. Through sound investment and critical resources, Centuri supports the performance of its operating companies throughout the U.S. and Canada.
FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm exclusively serving engineering and construction, infrastructure and the built environment. With over 600 completed transactions, our unique industry focus enables us to provide our clients with valuable insight and advice. Clients gain access to our unparalleled network of industry contacts and relationships, deep market knowledge and technical expertise, based on decades of experience.
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