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AEI to exit BHI Energy

AE Industrial Partners has agreed to sell BHI Energy to Westinghouse Electric Company.

AE Industrial Partners has agreed to sell BHI Energy to Westinghouse Electric Company. No financial terms were disclosed. Baird served as lead financial advisor to AEI, with Harris Williams serving as an additional financial advisor. Based in Weymouth, Massachusetts, BHI is a provider of specialty services to the power generation and electricity transmission & distribution end markets. Westinghouse, a Pittsburgh-based supplier of nuclear power plant products and technologies, is owned by Brookfield Asset Management.

PRESS RELEASE

Boca Raton, FL – April 14, 2022 – AE Industrial Partners, LP (“AEI”), a U.S.-based private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets, announced today that it has signed a definitive agreement to sell its portfolio company BHI Energy (“BHI”) to Westinghouse Electric Company. Terms of the transaction were not disclosed.

For over 40 years, Weymouth, MA-based BHI has provided industry-leading specialty services to the power generation and electricity transmission & 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&D Power.

“We are grateful for the outstanding partnership we have enjoyed with AEI and its support in growing our service offerings and geographic footprint,” said Bob Decensi, CEO of BHI Energy. “We look forward to moving ahead with our new owners as we continue to address the evolving end-to-end needs of our customers.”

“AEI is proud to have worked with BHI as it completed five add-on acquisitions in the transmission & distribution and engineering spaces and continued to grow its market share in the nuclear and renewables markets,” said Michael Greene, Managing Partner of AEI. “BHI has cemented its reputation as a market-leading service provider in the utility sector focused on carbon-neutral technologies, and we know the company will continue to perform at the highest level going forward.”

Baird served as lead financial advisor to AEI, with Harris Williams serving as an additional financial advisor, and Kirkland & Ellis LLP served as legal advisor.

About BHI Energy
BHI Energy is an industry-leading provider of specialty services supporting the daily operations, routine maintenance and capital investment requirements for the power generation and electricity transmission & distribution end markets. BHI’s broad service offering enables it to be an embedded provider of choice to a diverse customer base comprised of blue-chip utility and energy companies. 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. For more information, please visit www.bhienergy.com.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at www.aeroequity.com.