Kohlberg & Company acquires utilities-focused EN Engineering
Private equity firm Kohlberg & Company has signed an agreement to acquire a majority stake of utilities-focused engineering consultancy EN Engineering from private equity firm General Atlantic.
Based in Warrenville, Illinois, EN Engineering delivers design, engineering, and consulting services to clients in gas and electric utilities and other energy markets. EN’s consulting offering covers the areas of gas distribution, electric power generation and distribution, gas and oil pipelines, automation systems, and refineries, among others.
Founded in 2002, the company has more than 1,500 professionals across 30 US offices. The company has estimated annual revenues of $82.5 million, according to Owler.com.
EN's current private equity owner, General Atlantic, will be selling off the utilities consultancy to Kohlberg & Company, a private equity firm based in Mount Kisco, New York. Kohlberg targets firms with an EBITDA of $25 million - $150 million in the industrial manufacturing, consumer products, and healthcare, financial, and business services sectors.
Since 1987, Kohlberg has raised over $7.5 billion in committed equity capital, and completed 70 platform investments and nearly 200 add-on acquisitions.
“We are delighted to partner with Steve and his team,” Benjamin Mao, a partner at Kohlberg, said. “EN Engineering has established itself as a premier utility services platform and, paired with Kohlberg’s infrastructure services background, we believe the Company is well-positioned to drive accelerated growth.”
Steve Knowles, CEO of EN Engineering, is keen on the change in ownership. “The EN Engineering team is highly enthusiastic to partner with Kohlberg for our next phase of growth. Kohlberg’s track record of success working with utility services companies will provide us with meaningful support as we look to expand our footprint and enhance our ability to meet customers’ needs.”
Kohlberg was advised on the transaction by Ropes & Gray, while EN was advised by investment bank Houlihan Lokey and law firm Paul, Weiss, Rifkind, Wharton & Garrison.
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