One Equity Partners (OEP), a middle market private equity firm, has sold INTREN, a nationwide specialty utilities contractor primarily providing distribution network services for electrical and gas infrastructure, to MasTec Inc infrastructure construction company, for USD420 million, including a contingent earnout through year end 2021.
Headquartered in Union, Ilinois, and founded in 1988, INTREN’s approximately 2,000 skilled professionals in 14 states across the US provide turnkey contracting services to the nation’s largest electrical and gas utilities, private contractors, municipalities, commercial businesses and cooperatives.
“OEP identified both the utility services industry as an attractive growth market and INTREN as a leading specialty contracting services firm with a proven track record of safe and quality workmanship in the Midwest and a strong growth trajectory ahead of it prior to investing in the Company,” says JB Cherry, Senior Managing Director, OEP. “We saw an opportunity to support INTREN founder Loretta Rosenmayer and her management team through a flexible ownership investment. Together, we pursued a strategic growth plan that transformed INTREN into a nationwide company serving many of the country’s largest blue-chip utilities,” adds Matt Hughes, Managing Director, OEP.
OEP invested in INTREN in July 2017 in partnership with Rosenmayer to support the Company’s organic growth and identify strategic acquisitions that would diversify revenues, reduce customer concentration and expand its geographic footprint. During OEP’s investment period, the Company grew significantly with trailing twelve months revenue of approximately USD550 million as of March 2021 and a double-digit EBITDA margin.
“OEP has been an outstanding partner for INTREN and launched numerous successful initiatives over the past four years that have allowed us to take this exciting next step,” said Rosenmayer. “We look forward to the growth opportunities for our professionals under the ownership of MasTec, which shares our culture of quality, safety, innovation and inclusion,” says Sherina Maye Edwards, President and CEO of INTREN.
In June 2018, INTREN acquired Miller Construction Company, Inc, an Indianapolis-based full-service electrical contracting company and Women Business Enterprise (WBE), that added additional service lines to INTREN’s existing underground and overhead electric installations, repair, maintenance, design, storm-related and upgrade-focused services.
INTREN will continue to retain its existing brand name under MasTec’s ownership.
