BHI Energy Acquires Coastal Electrical Construction

August 11, 2020

FOR IMMEDIATE RELEASE

BHI Energy Acquires Coastal Electrical Construction

WEYMOUTH, MA – August 11, 2020 – BHI Energy (“BHI”) today announced that it has acquired Coastal Electrical Construction (“Coastal”), a leading provider of substation, transmission, and distribution construction and maintenance services to major utilities in the Southeastern United States. Terms of the transaction were not disclosed.

This marks the third add-on acquisition BHI has completed in the transmission and distribution (“T&D”) space under its ownership by AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets.

Headquartered in Flomaton, AL, Coastal is a utility construction and maintenance company that is capable of working in all facets of the utility industry, but specializes in electric substation construction and maintenance providing turn-key solutions for utility substation needs. Coastal offers services in T&D line construction and maintenance, storm restoration, pole line inspections, civil work, steel fabrication, welding and other plant maintenance mainly serving the Southeast utility market. Ken Jernigan, President of Coastal, will remain in his current position.

“Coastal has a strong presence in the important and growing Southeastern market, and we look forward to working with Ken and his team to continue to deliver superior customer service with an emphasis on safety,” says Bob Decensi, Chief Executive Officer of BHI. “With our third acquisition, we are excited to further grow BHI’s geographical footprint and continue to expand our one-stop-shop approach to our customers.”

“Becoming part of BHI’s global organization is a tremendous opportunity for our customers and employees,” said Mr. Jernigan. “BHI has a stellar reputation backed by a full-range of T&D services and over 40 years of utility services experience. The existing complementary services from BHI along with BHI’s relationships throughout our end markets creates a win-win outcome for Coastal and our blue-chip customer base.”

Akerman LLP served as legal advisor and Berkeley Research Group, LLC served as financial advisor to BHI. Beggs & Lane, RLLP was the legal advisor for Coastal.

About BHI
Serving the power industry for 40 years, BHI is a leading maintenance and specialty services provider, focused on integrated services from the point of generation through the entire electrical delivery system to the residential meter. BHI has a peak workforce of more than 8,500 employees globally. BHI’s comprehensive services include Transmission & Distribution Services, and Specialty Maintenance & Modification Services to the power generation industry.
www.bhienergy.com

About Coastal Electrical Construction
Headquartered in Flomaton, AL, Coastal Electrical Construction is a leading a provider of substation, transmission, and distribution construction and maintenance services to major utilities in the Southeastern United States. The Company offers transformer and substation installation and construction-related activities, as well as high-voltage transmission and maintenance services, electrical consulting and plant maintenance services. For more information please visit www.coastalelectricalconstruction.com.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. Learn more at www.aeroequity.com.

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CONTACT:
For BHI:
Varesha Mauney
(508) 591-1149
varesha.mauney@bhienergy.com

For AE Industrial:
Lambert & Co.
Jennifer Hurson
(845) 507-0571
jhurson@lambert.com

or

Caroline Luz
203-656-2829
cluz@lambert.com

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