MPE Partners and Precision Pipeline acquire SabCon Underground to expand utility services in Florida
In a significant expansion of their utility services, MPE Partners (“MPE” or “Morgenthaler Private Equity”) and its portfolio company Precision Pipeline (“Precision”) have acquired SabCon Underground, a prominent provider of essential repair and installation services for natural gas utilities across Florida. This acquisition, which includes SabCon’s comprehensive offerings such as horizontal directional drilling, open trench excavation, pipe fusion, hot taps, and other specialized services, aims to bolster the combined entity’s market presence and service capabilities in the region.
The transaction was partnered with Kellie Burns, the founder and president of SabCon, alongside her management team, indicating a strong commitment to continuity and growth under the new ownership. Mark Crowson, CEO of Precision, highlighted SabCon’s reputation for safety, reliability, and quality, noting that SabCon will be a significant addition to their operations. The integration of SabCon under the Precision umbrella is expected to drive further success and growth in the Florida market, enhancing service offerings and operational efficiency.
MPE Partners and Precision Pipeline acquire SabCon Underground to expand their utility services across Florida, enhancing natural gas infrastructure capabilities.
Kellie Burns expressed pride in her team’s achievements and enthusiasm for the next growth phase under Precision’s partnership. “This partnership will enhance SabCon’s ability to serve both our customers and employees,” Burns stated, affirming the positive outlook for the company’s future.
Constantine Elefter, a partner at MPE, commented on the strategic merger, emphasizing the creation of a larger organization poised to deliver exceptional services across a wider geographical area and customer base. “We are excited about this joining of talented operators and welcome Kellie and her team,” Elefter remarked, underscoring the strategic intent behind the acquisition.
The acquisition was financially supported by PGIM Private Capital, highlighting the robust backing for the transaction.
Legal advisement was provided by Jones Day, ensuring a smooth transition and solid foundation for future operations.
This acquisition represents a strategic move to consolidate and enhance service capabilities within the utility sector, particularly in the natural gas segment in Florida. By integrating SabCon’s specialized services and regional expertise, Precision is set to improve its competitive edge and operational efficiency, promising better service delivery and customer satisfaction in a critical infrastructure industry.