Centuri to Acquire Linetec Services
Posted on November 26, 2018 in Press Releases
November 26, 2018 – Centuri today announced it has entered a definitive agreement to acquire Linetec Services, LLC (Linetec). Linetec, based in Alexandria, Louisiana is a premier provider of recurring maintenance, refurbishment, upgrade, and installation services for electrical transmission and distribution infrastructure throughout the Gulf Coast and Mid-Atlantic regions.
Paul M. Daily, President and Chief Executive Officer of Centuri explained how this acquisition aligns with Centuri’s overall strategy. “This transaction supports our 2020 strategic vision, which is focused on growth, profitability, and diversification of services and customers, both organically and through acquisitions. Linetec has a solid track record of success in electric transmission and distribution services, a growing position in the Gulf Coast and Mid-Atlantic regions, an outstanding team of employees, and strong utility customer relationships. Under the company’s leadership, Linetec has a history of delivering outstanding revenue and earnings growth, and we believe it will be an even stronger company as part of Centuri. We are confident this transaction will strengthen our platform and create greater opportunities to meet customers’ expanding needs, particularly as utility companies encounter more frequent extreme weather events and the need to upgrade aging infrastructure.”
Mick Dubea, President and Chief Executive Officer of Linetec, is excited to become part of the Centuri team. “We are thrilled to become part of Centuri, a larger, more diversified business that has a similar company culture and shares our commitment to safety, quality, operational excellence, and customer satisfaction. By joining forces with Centuri, we will have greater resources and be able to offer more diverse services as we work to become an even stronger partner to our customers. I am fully committed to a successful integration with Centuri, executing our robust pipeline of opportunities and creating value for [Centuri’s parent company – Southwest Gas Holdings’] shareholders.”
The transaction is expected to close by the end of calendar 2018. Following the close, Linetec will maintain its current headquarters in Alexandria, Louisiana and offices in Corpus Christi, Texas and Russellville, Arkansas. It will continue to be led by Mr. Dubea and its current senior leadership team.
See the press release for more details.