ACON Investments, a private equity firm based in the U.S. and Latin America, has sold one SAE Towers Holdings, a manufacturer of transmission lattice towers, to KEC International Limited, an India-based power transmission company. The deal cost approximately $95 million.
Harris Williams & Co. announces that SAE Towers Holdings, LLC (SAE Towers), a portfolio company of ACON Investments, LLC (ACON), has been acquired by India-based strategic buyer KEC International Limited (KEC) for approximately $95 million. The transaction closed on September 22, 2010. Harris Williams & Co. acted as the exclusive advisor to SAE Towers. The transaction was led by John Arendale, along with Tiff Armstrong, Brian Lucas and Luke Semple from the firm’s Energy & Power Group.
SAE Towers is a leading manufacturer of transmission lattice towers, steel poles and related hardware serving the U.S., Canada, Mexico and Latin America. The company’s combined annual production capacity is 100,000 metric tons separated at two locations – Mexico (35,000 metric tons) and Brazil (65,000 metric tons). SAE Towers owns a tower testing station in Brazil and has facilities for Engineering & Design in the U.S. and in Brazil.
Founded in 1996, ACON is a private equity investment firm focused on U.S. and Latin America with over $1.5 billion of capital under management. Headquartered in Washington, D.C., ACON has offices and investment professionals throughout the Americas including Mexico City and Sao Paulo.
KEC, a RPG Group company based in Mumbai, India, is one of the largest power transmission Engineering, Procurement and Construction (EPC) companies in the world. Apart from transmission, it has a significant presence in power distribution, cables, telecom and railway infrastructure. KEC is a listed company on major Indian stock exchanges and has annual turnover of approximately $850 million. KEC has completed transmission line projects in over 40 countries and has expertise in handling mega EPC projects across the globe in diverse terrain.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
The firm’s Energy & Power Group has experience across a broad range of sectors, including energy efficiency & cleantech, industrial & infrastructure services, oil & gas products and services, power equipment and services, engineering & construction, and environmental services. For more information, please contact Drew Spitzer or Tiff Armstrong at + 1 (804)-648-0072.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.
For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.