Aecon Group announced that it has agreed to acquire United Engineers & Constructors Inc. (UECI), a nuclear and conventional power contractor headquartered in Mount Laurel, New Jersey, from affiliates of CriticalPoint Capital, LLC for a purchase price of $33 million, payable in cash at closing.
UECI’s management and operational teams will join Aecon upon closing of the transaction, which is subject to customary adjustments and closing conditions, including obtaining all necessary regulatory approvals.
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. UECI maintains a strategic focus on nuclear plant life extensions and developing small modular reactor (SMR) and power generation projects. The majority of UECI’s revenues are conducted under master service agreements and are recurring in nature.
Aecon and United are already 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 Chief Executive Officer, Aecon Group Inc. “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.”
In January 2023 GE Hitachi (GEH), Ontario Power Generation (OPG), SNC-Lavalin and Aecon inked a commercial contract for a 300 MW SMR at OPG’s Darlington new nuclear site. The reactor would be Canada’s first SMR. The project is expected to come online by the end of the decade, partners have said.
