Aecon Group Inc. has announced that Aecon Utilities Group Inc. has acquired a majority interest in an electrical distribution utility contractor based out of Port Huron, Michigan.

The base purchase price for Xtreme Powerline Construction is approximately US$73 million, with the potential for additional contingent proceeds. Aecon Utilities is financing the purchase through a revolving credit facility.

Under the terms of the deal, Xtreme management will retain a minority ownership in Xtreme as well as leadership responsibilities in the Xtreme business in partnership with Aecon Utilities’ management team.  

Founded in 2007, Xtreme is a full-service powerline constructor with approximately 300 employees. It specializes in overhead distribution line repair, maintenance and expansion services throughout the Eastern United States, and provides emergency restoration services for more than 20 utility clients across the U.S.

“By expanding our self-perform electrical distribution capabilities in the U.S., Aecon Utilities is enhancing its diverse service offering and key strategic initiative to strengthen relationships with U.S. utility clients in target markets and with significant requirements to repair, upgrade, and expand grid infrastructure,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Through Xtreme and its talented leadership team, we look forward to continuing to strengthen our partnership with DTE and other key clients while diversifying our portfolio of U.S. utility services."