AE Industrial Partners sells BHI Energy to Westinghouse

AE Industrial Partners, a US-based private equity firm specializing in aerospace, defense and government services, space, power and utility services, and specialty industrial markets, has signed a definitive agreement to sell its portfolio company BHI Energy to Westinghouse Electric Company.

Terms of the transaction were not disclosed.

For over 40 years, Weymouth, MA-based BHI has provided industry-leading specialty services to the power generation and electricity transmission and distribution end markets.

Under AEI’s ownership, BHI grew organically and through the successful acquisitions of DBE Utility Services, Coastal Electrical Construction, TechCom International, Plaska Transmission Line Construction and D&D Power.

Bob Decensi, CEO of BHI Energy, says: “We are grateful for the outstanding partnership we have enjoyed with AEI and its support in growing our service offerings and geographic footprint.

“We look forward to moving ahead with our new owners as we continue to address the evolving end-to-end needs of our customers.”

Michael Greene, managing partner of AEI, says: “AEI is proud to have worked with BHI as it completed five add-on acquisitions in the transmission and distribution and engineering spaces and continued to grow its market share in the nuclear and renewables markets.

“BHI has cemented its reputation as a market-leading service provider in the utility sector focused on carbon-neutral technologies, and we know the company will continue to perform at the highest level going forward.”

Baird served as lead financial advisor to AEI, with Harris Williams serving as an additional financial advisor, and Kirkland & Ellis served as legal advisor.