Congruex, a builder of nationwide broadband platforms, is partnering with Crestview Partners, a New York-based private equity firm with significant experience in the cable, telecommunications and business services industries, the company said.
Congruex and Crestview are partnering to consolidate the highly fragmented engineering and construction services industry via acquisitions and organic growth, as robust spending on communication networks and utility infrastructure is expected to continue for the foreseeable future.
Funds managed by Crestview and the Congruex leadership team are committing up to USD 200m of equity as part of what is expected to be a total investment of approximately USD 500m.
Industry executives Bill Beans and Kevin O´Hara will lead Congruex. Beans will serve as CEO and O´Hara will serve as Executive Chairman.
Congruex´s strategy is to acquire and partner with best-in-class, growing providers of design, engineering, construction and maintenance services to the broadband network and utility industries. Congruex plans to partner with the acquired companies´ existing management teams to drive growth as part of Congruex´s national platform.
Lazard Middle Markets served as the exclusive capital advisors to Congruex.
Congruex is comprised of seasoned industry executives bringing together engineering and construction companies across the US Congruex is building a company with unique capabilities ranging from network development, engineering, construction and operations.
Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over USD 7bn of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management.
Lazard´s middle market advisory business provides substantive financial and strategic advice on mergers and acquisitions, financing of debt and equity, and restructuring to mid-sized companies.