Orbital Energy Group, Inc. (NASDAQ: OEG) has acquired Front Line Power Construction LLC, a full-service electrical infrastructure service company. The firm provides construction, maintenance and emergency response services to customers since 2010.
Front Line Power specializes in installing and maintaining electrical distribution systems and substations infrastructure throughout Texas. The firm serves investor owned utilities, telecommunications and industry customers.
Going forward, Front Line will become a wholly-owned subsidiary of OEG with its senior management remaining with the company. The purchase agreement calls for a gross purchase price of $218.4 million.
“Front Line Power is the ideal acquisition to serve as our electric power infrastructure platform and to profitably build revenues both organically and through synergistic acquisitions going forward,” stated Jim O’Neil, OEG’s CEO. “FLP’s remarkable growth is a testament to its ability to proactively provide customers with a comprehensive range of solutions in a market that has significant momentum driven by aging infrastructure, a transition to renewable generation, and in a state, Texas, that has experienced significant population growth.”
The term loan is being provided by a consortium of Irradiant Partners, Angelo Gordon, and Barings. Orbital Energy Group was advised by Piper Sandler & Co. FLP was advised and represented in this transaction by Romanchuk & Co.