Aecon Group Inc.(“Aecon” or the “Company”) announced that its subsidiary, Aecon Utilities Group Inc. (“Aecon Utilities”), has acquired Ainsworth Power Construction (“APC”), an electrical services and power systems business unit of Ainsworth, headquartered in Toronto, Ontario, from GDI Integrated Facility Services (the “Transaction”). APC’s management and operational teams are joining Aecon Utilities through the transaction, which is being financed through Aecon Utilities’ standalone committed revolving credit facility.
APC has over 80 employees and 80 years of experience as a comprehensive technical services contractor for electrical utility clients, primarily in Ontario. The majority of APC’s revenues are recurring in nature and are conducted under long-term Master Service Agreements. Aecon Utilities and APC are collaboratively engaged as joint venture partners delivering programs to utility and private sector clients to expand electricity distribution infrastructure across Ontario.
“The acquisition of APC builds on our strong collaborative partnership, strengthens relationships with key clients, and further diversifies our comprehensive self-perform utility infrastructure expertise,” said Jean-Louis Servranckx, President & Chief Executive Officer, Aecon Group Inc.
“Along with our strategic partner Oaktree, we are pleased to welcome the experienced APC team to Aecon Utilities as we continue to advance our growth and evolve our business to harness the significant opportunities linked to the energy transition,” said Eric MacDonald, Executive Vice President, Aecon Utilities.
“Building on over a decade-long relationship, the acquisition of APC is the next natural step to expand our market share and capacity, and allows us to offer a scalable, purpose-built, turnkey solution for our valued utility customers,” said Chris Manielly, Vice President, Electrical, Aecon Utilities.
