Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, has closed on the sale of United Utility Services to Sandbrook Capital, in partnership with funds managed by Blackstone Credit & Insurance.
The transaction marks the realization of BCP’s investment in United Utility, a platform built to meet the growing needs of electric utilities across the U.S. The company provides engineering, design, maintenance and construction services supporting transmission, distribution and substation infrastructure. The companies announced the sale in December.
BCP formed United Utility in 2018 and expanded the business through organic growth and strategic acquisitions, adding service capabilities aimed at helping utility partners improve the reliability and resiliency of critical infrastructure. The company is now considered one of the industry’s leading service providers.
“This closing reflects the strength of our investment approach, the depth of our market insight, and the power of disciplined execution,” said Mark Spender, partner and chief investment officer at BCP, in a statement. “We identified early the need for a scaled, high-quality grid services platform and worked alongside management to build a market leader positioned to capitalize on and support the significant new capital investment being made to strengthen, expand and improve resiliency of the U.S. power grid.”
The deal represents BCP’s third closed exit in recent months. Earlier this year, BCP closed on the roughly $300 million sale of The Gray Casualty & Surety Company to California insurance holding company Palomar Holdings Inc.
Established in 2013, BCP has deployed capital in five funds across several strategies and has $6 billion in assets under management.
Sandbrook Capital is a private investment firm headquartered in New York.
