Cleveland, OH and Boston, MA – MPE Partners (“MPE” or “Morgenthaler Private Equity”), along with its portfolio company Precision Pipeline (“Precision”), announced today the acquisition of SabCon Underground (“SabCon”). SabCon is a leading provider of critical repair, new installation, replacement, and maintenance services for natural gas utility customers throughout Florida. SabCon offers a comprehensive breadth of services, including horizontal directional drilling, open trench excavation, pipe fusion, hot taps, and other specialty offerings.
MPE and Precision partnered in the transaction with SabCon’s Founder and President, Kellie Burns, as well as its management team. Mark Crowson, Chief Executive Officer of Precision, said, “Through a relentless focus on safety, reliability, and quality, SabCon has established itself as one of the premier natural gas utility services providers in Florida. SabCon is a welcome addition, and we look forward to working alongside Kellie and the broader team to support SabCon’s continued success and growth in the Florida market.”
Kellie Burns, Founder and President of SabCon, stated, “I am exceptionally proud of what the entire SabCon team has accomplished and look forward to partnering with Precision to support SabCon through its next phase of growth. I am confident that this partnership will enhance SabCon’s ability to serve both our customers and employees.”
Constantine Elefter, Partner at MPE, added, “With the combination of Precision and SabCon, we are building a larger organization that is well equipped to deliver exceptional services to the utility industry across a broader geographic footprint and customer base. Our commitment is to continue to invest behind these businesses and teams. We are excited about this joining of talented operators and welcome Kellie and her team.”
PGIM Private Capital provided financing to support the transaction. Jones Day served as legal advisor to MPE.
About SabCon Underground
Headquartered in Winter Haven, FL, SabCon Underground is a leading provider of underground natural gas utility services, serving blue-chip utility and municipal customers throughout Florida. SabCon offers a comprehensive breadth of services, including horizontal directional drilling, open trench excavation, pipe fusion, hot taps, and other specialty offerings. For more information, please visit www.sabconunderground.com.
About Precision Pipeline
Headquartered in Lancaster, OH, with field offices in Columbus and Xenia, OH, Precision provides repair, replacement, and maintenance services for utility customers across the gas, electrical, telecommunications, and water end markets. Precision offers horizontal directional drilling, excavation, hydrovac operations, utility locating and verification, video camera line inspection, GPS mapping, and other underground solutions. The company has a core focus on the (i) replacement of leak prone natural gas distribution pipelines and (ii) installation of telecommunications infrastructure to protect and secure the electrical grid. For more information, please visit www.precisionpipelineco.com.
About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $8 million and $40 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.