MasTec Inc., an infrastructure construction company has acquired Intren LLC, a nationwide specialty utilities contractor primarily providing distribution network services for electrical and gas infrastructure, from One Equity Partners, a middle market private equity firm, for $420 million, including a contingent earnout through year end 2021.
“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 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, that added additional service lines to Intren’s existing underground and overhead electric installations, repair, maintenance, design, storm-related and upgrade-focused services.