TORONTO — Aecon Group Inc. has entered into an agreement to acquire United Engineers & Constructors Inc., a nuclear and conventional power contractor headquartered in Mount Laurel, N.J., from affiliates of CriticalPoint Capital, LLC for $33 million.
United’s management and operational teams will join Aecon upon closing of the transaction.
Founded in 1905, United provides end-to-end engineering, planning and program and construction management services to nuclear and conventional power clients in the United States and Canada, maintaining a strategic focus on nuclear power plant life extensions and developing small modular reactor and power generation projects.
Aecon and United are collaboratively engaged as joint venture partners in executing steam generator replacement work and fuel channel and feeder replacements on six units at the Bruce Nuclear Generating Station in Ontario.
“United strengthens our relationships with existing clients, provides opportunities to develop new clients, adds engineering capability and capacity, and accelerates our ability to harness the robust nuclear opportunities across North America while driving continued growth in the U.S. and priority markets,” said Jean-Louis Servranckx, president and CEO of Aecon Group Inc., in a statement. “United’s strong technical expertise in digital instrumentation, control engineering and specialized construction will extend our self-perform offering and advance our continued diversification and growth with a strategic focus on the energy transition.”
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