Successful Partnership Transforms Company from Regional Business Into Nationwide Energy Distribution Contractor Serving Blue-Chip Utilities

NEW YORK, May 6, 2021 /PRNewswire/ -- One Equity Partners ("OEP"), a middle market private equity firm, today announced the sale of INTREN, LLC ("INTREN" or "the Company"), a nationwide specialty utilities contractor primarily providing distribution network services for electrical and gas infrastructure, to MasTec, Inc. (NYSE: MTZ), an infrastructure construction company for $420 million, including a contingent earnout through year end 2021. 

Headquartered in Union, Ill., and founded in 1988, INTREN's approximately 2,000 skilled professionals in 14 states across the U.S. provide turnkey contracting services to the nation's largest electrical and gas utilities, private contractors, municipalities, commercial businesses and cooperatives.

"OEP identified both the utility services industry as an attractive growth market and INTREN as a leading specialty contracting services firm with a proven track record of safe and quality workmanship in the Midwest and a strong growth trajectory ahead of it prior to investing in the Company," said J.B. Cherry, Senior Managing Director, OEP. "We saw an opportunity to support INTREN founder Loretta Rosenmayer and her management team through a flexible ownership investment. Together, we pursued a strategic growth plan that transformed INTREN into a nationwide company serving many of the country's largest blue-chip utilities," added Matt Hughes, Managing Director, OEP.

OEP invested in INTREN in July 2017 in partnership with Rosenmayer to support the Company's organic growth and identify strategic acquisitions that would diversify revenues, reduce customer concentration and expand its geographic footprint. During OEP's investment period, the Company grew significantly with trailing twelve months revenue of approximately $550 million as of March 2021 and a double-digit EBITDA margin.   

"OEP has been an outstanding partner for INTREN and launched numerous successful initiatives over the past four years that have allowed us to take this exciting next step," said Rosenmayer.  "We look forward to the growth opportunities for our professionals under the ownership of MasTec, which shares our culture of quality, safety, innovation and inclusion," said Sherina Maye Edwards, President and CEO of INTREN.

In June 2018, INTREN acquired Miller Construction Company, Inc., an Indianapolis-based full-service electrical contracting company and Women Business Enterprise (WBE), that added additional service lines to INTREN's existing underground and overhead electric installations, repair, maintenance, design, storm-related and upgrade-focused services.

INTREN will continue to retain its existing brand name under MasTec's ownership.

About One Equity Partners:One Equity Partners ("OEP") is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

About INTRENFor more than 25 years, INTREN has been an innovative solution partner, dedicated to building and maintaining the infrastructure of the energy industry. The company's culture of stewardship guides INTREN to care for others' priorities as if they were their own. Through an unwavering commitment to safety, integrity, customer focus and employee empowerment, the company has succeeded in offering turnkey services to a long list of satisfied clients. As an industry leader, INTREN is proud to serve many of the country's foremost utility companies, private contractors and developers, municipalities and cooperatives. For more about INTREN, visit INTREN.com.

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SOURCE One Equity Partners