Indianapolis-based United States Infrastructure Corp. says the sale of its majority interest to a Los Angeles firm has closed. OMERS Private Equity in Toronto announced an agreement last month to sell its stake to Leonard Green Partners LP.
July 16, 2013
Indianapolis, Ind. — United States Infrastructure Corporation (USIC or Company) announced today the sale of its majority interest by OMERS Private Equity (OPE) was completed on July 10 to Leonard Green Partners, L.P. (LGP), a private equity firm in Los Angeles, California. Management shareholders remain the same.
USIC is the leading North American provider of outsourced utility locating services with operations in 30 states and Canada. OPE, based in Toronto, Canada, acquired USIC in 2010, and supported its acquisition of Consolidated Utility Services in 2011, a significant transaction combining two best-in-class service providers and significantly expanding the Company’s geographic reach. USIC also strengthened its position within the North American locating industry completing two smaller tuck-under acquisitions during OPE’s ownership. Through these acquisitions and a recovery in construction activity in key US markets, USIC’s revenue has grown 65% since 2010.
Michael B. Stayton, USIC'S President & CEO, commented, “USIC is pleased and excited about the close of this transaction and looks forward to continued growth under Leonard Green. We have appreciated the outstanding support and growth experienced under OMERS Private Equity. Our Company is also excited about the growth and acquisition opportunities this will provide to develop jobs at our corporate offices in Indianapolis to enhance economic development in Central Indiana.”
Timothy J. Flynn, Partner at Leonard Green, said, “USIC is the leader in the utility locating industry with strong brand equity, a proven business model and significant opportunities for growth. We are pleased our transaction has been completed and are excited to partner with USIC’s talented management team, while looking forward to supporting the next phase of the Company’s growth.”
Harris Williams & Co. and Barclays served as financial advisor, and Weil Gotshal & Manges LLP and Faegre Baker Daniels LLP acted as legal counsel to USIC. Committed debt financing has been provided by Deutsche Bank Securities Inc., General Electric Capital Corporation, and RBC Capital Markets. KeyBank Indiana remains USIC’s corporate banking partner.
About Leonard Green Partners, L.P. – Leonard Green is one of the nation's preeminent private equity firms with over $15 billion of private equity capital raised since inception. Founded in 1989, LGP has invested in 67 companies with aggregate value of over $60 billion in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Based in Los Angeles, California, Leonard Green invests in established companies that are leaders in their markets.
Source: United States Infrastructure Corp.