CLEVELAND and BOSTON, April 18,
2024 /PRNewswire/ -- MPE Partners ("MPE" or
"Morgenthaler Private Equity"), along with its portfolio company
Precision Pipeline ("Precision"), announced today the acquisition
of SabCon Underground ("SabCon"). SabCon is a leading provider of
critical repair, new installation, replacement, and maintenance
services for natural gas utility customers throughout Florida. SabCon offers a comprehensive breadth
of services, including horizontal directional drilling, open trench
excavation, pipe fusion, hot taps, and other specialty
offerings.
MPE and Precision partnered in the transaction with SabCon's
Founder and President, Kellie Burns,
as well as its management team. Mark
Crowson, Chief Executive Officer of Precision, said,
"Through a relentless focus on safety, reliability, and quality,
SabCon has established itself as one of the premier natural gas
utility services providers in Florida. SabCon is a welcome addition, and we
look forward to working alongside Kellie and the broader team to
support SabCon's continued success and growth in the Florida market."
Kellie Burns, Founder and
President of SabCon, stated, "I am exceptionally proud of what the
entire SabCon team has accomplished and look forward to partnering
with Precision to support SabCon through its next phase of growth.
I am confident that this partnership will enhance SabCon's ability
to serve both our customers and employees."
Constantine Elefter, Partner at
MPE, added, "With the combination of Precision and SabCon, we are
building a larger organization that is well equipped to deliver
exceptional services to the utility industry across a broader
geographic footprint and customer base. Our commitment is to
continue to invest behind these businesses and teams. We are
excited about this joining of talented operators and welcome Kellie
and her team."
PGIM Private Capital provided financing to support the
transaction. Jones Day served as
legal advisor to MPE.
About SabCon Underground
Headquartered in Winter Haven, FL, SabCon Underground is a
leading provider of underground natural gas utility services,
serving blue-chip utility and municipal customers throughout
Florida. SabCon offers a
comprehensive breadth of services, including horizontal directional
drilling, open trench excavation, pipe fusion, hot taps, and other
specialty offerings. For more information, please visit
www.sabconunderground.com.
About Precision Pipeline
Headquartered in Lancaster, OH, with field offices in
Columbus and Xenia, OH, Precision provides repair,
replacement, and maintenance services for utility customers across
the gas, electrical, telecommunications, and water end markets.
Precision offers horizontal directional drilling, excavation,
hydrovac operations, utility locating and verification, video
camera line inspection, GPS mapping, and other underground
solutions. The company has a core focus on the (i) replacement of
leak prone natural gas distribution pipelines and (ii) installation
of telecommunications infrastructure to protect and secure the
electrical grid. For more information, please visit
www.precisionpipelineco.com.
About MPE Partners
MPE Partners ("MPE" or
"Morgenthaler Private Equity") seeks to be the preferred partner
for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower
middle market companies with EBITDA between $8 million and $40
million. MPE has two primary target investment areas:
high-value manufacturing and commercial & industrial services.
For more information, please visit www.mpepartners.com.
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SOURCE MPE Partners