MPE Partners ("MPE" or "Morgenthaler Private Equity") announced the recapitalization of Precision Pipeline, LLC ("Precision"), a leading provider of critical repair, replacement, and maintenance services for utility customers across the gas, electrical, telecommunications, and water end markets. The Company offers a comprehensive suite of solutions, including horizontal directional drilling, excavation, and other underground services that are commonly outsourced by utilities due to their technical nature.
MPE partnered in the transaction with Matt Upp, who founded Precision in 1997 and will remain in his current role as President. To support the business through its next phase of growth, MPE recruited industry veteran Mark Crowson to join the Company as Chief Executive Officer. Constantine Elefter, Partner at MPE, said, "We are thrilled to be investing in Precision. The foundation Matt has laid, centered on providing safe, reliable, and high-quality solutions in demanding applications, will serve us well in the future. The important addition of Mark to the team will enable the Company to pursue new growth avenues, including targeted M&A." Tom Wyza, Vice President at MPE, added, "We are looking forward to working alongside Matt, Mark, and the full Precision team to capitalize on favorable trends in the utility services industry."
Matt Upp noted, "MPE's shared values and vision, as well as its proven track record of providing strategic and operational support to help accelerate growth at entrepreneur-owned businesses, made them the right partner for the Company. I am also pleased to welcome Mark into the organization as we embark on Precision's next chapter." Mark Crowson commented, "Matt has built a premier business with a high performing team and superior reputation. I look forward to building on the strong culture created over the last two decades as we grow the organization."
PGIM Private Capital and Siguler Guff provided financing to support the transaction. Jones Day served as legal advisor to MPE. Lincoln International provided buyside advisory services to MPE. Terms of the transaction were not disclosed.
