Aug 15, 2023

Capstone Partners Advised Bird Electric on its Sale to the Black & Veatch Corporation

Capstone Partners advised Bird Electric—a multi-regional electrical infrastructure services provider—on its acquisition by Black & Veatch Corporation, one of the largest private EPC (Engineering, Procurement, and Construction Services) firms in North America.

Bird Electric is a multi-regional provider of electrical utility services across the full spectrum of electrical utility infrastructure, including overhead and underground distribution, transmission, substation, and renewable energy assets. The company operates through over 100 Master Service Agreements across more than 20 states for a wide range of blue-chip utility, electrical co-op, municipal, oil & gas, and industrial customers and supplements its core MSA work by leveraging its extensive customer base and geographical reach to provide comprehensive storm restoration services across the U.S. and Caribbean—acting as the “first call” emergency service provider for many of its utility customers. For more information click here.

Bird Electric will operate as a Black & Veatch Company with enhanced capabilities and reach in the growing Grid Solutions market—both new transmission and distribution infrastructure and restoration—and will also operate in adjacent linear and distributed infrastructure markets and solutions such as EV charging, renewables, and connectivity.

Capstone was a great partner for us from start to finish. They understood our goals, understood the market, and delivered a great outcome for management and the shareholders. We look forward to a great future with Black & Veatch.

Brian BirdFounder and President, Bird Electric

Brian Bird continued with “Our companies existing strong relationships, having worked together in a collaborative manner with services provided for several utility clients, creates great opportunities to expand the reach and apply the knowledge we have gained working together to meet clients’ growing demands in new markets.”

Ted Kinsman, Managing Director and Head of Capstone’s Energy and Power Investment Banking team, commented, “It was a privilege to work with the Bird team and to achieve a great result all around. The U.S. electrical grid is in the midst of a massive and long-term upgrade and expansion cycle. Industry leading utility services providers like Bird are critical to this effort and will continue to be highly sought after for their skilled craft labor and service capabilities.”

“The addition of Bird Electric and their operations is a historic event that builds upon Black & Veatch’s world-class capabilities and integrated solutions offerings,” said Mario Azar, Black & Veatch chairman and CEO. “It also aligns to both companies’ vision to expand our solutions in the markets we serve, bring construction capabilities to a wider client base and provide broader career and personal growth opportunities to our professionals — all opening the door to an exciting future.”

Black & Veatch is an employee-owned engineering, procurement, consulting, and construction company with a 100-year legacy of innovations in sustainable infrastructure. It is among the largest private energy-focused EPC firms in North America, with annual revenue of roughly $6 billion. For more information click here.

The expert investment banking professionals on Capstone Partners’ Energy, Power & Infrastructure Team work with leading middle market companies operating in the Energy market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Energy & Power Investment Banking Team, contact us here.