Allied Group acquires nuclear power giant Dominion Engineering
Allied Group Holdings, a leading full-service provider of power plant services, has announced its acquisition of Dominion Engineering Inc. (DEI), a frontrunner in field service equipment, technology, and specialized engineering services for the nuclear power industry. The financial terms of the transaction have not been disclosed. This acquisition significantly amplifies Allied Group’s existing offerings in the nuclear sector, particularly after their 2022 acquisition of Radiation Safety and Control Services (RSCS).
For over 40 years, Dominion Engineering has been a key player in the nuclear power industry, providing innovative technology and expert consulting services that enhance plant performance, efficiency, and safety. Their services are essential for activities like refueling outages, decommissioning, and waste management in nuclear utilities. Dominion Engineering’s long-standing reputation for technical excellence makes it a valuable addition to Allied Group’s already diverse service range, including routine maintenance, outage services, and capital construction for power plants across the U.S.
Dean Sack, Chief Executive Officer of Allied Power, stated, “We are delighted to welcome DEI and their entire team of nuclear professionals to the Allied family. DEI’s capabilities in nuclear reactor operation, maintenance, and waste management perfectly align with Allied’s existing footprint in the nuclear power industry.”
The acquisition is backed by Bernhard Capital Partners, a private equity firm focused on infrastructure and services, which had acquired Allied Group in November 2020. Mark Spender, a Partner of Bernhard Capital, added, “We are in the midst of a nuclear energy renaissance that demands specialized expertise. The combined strength of DEI, Allied, and RSCS will deliver safe, mission-critical, and cost-effective services to a growing customer base in the nuclear sector.”
Both Allied Group and Dominion Engineering were advised by top legal firms during the transaction, with Allied Group being advised by Kirkland & Ellis LLP, and Dominion Engineering by Baird and Greenberg Traurig, LLP. The acquisition not only enhances Allied Group’s service offerings but also opens up new avenues for growth, particularly in the face of increasing public investment in nuclear energy and more stringent decarbonization goals.