Infrastructure Acquisitions in Illinois

Hastings Equity Partners’ Fund IV portfolio company, High Star Traffic, has acquired Superior Road Striping, a Chicagoland provider of permanent pavement marking and reflective marker services. The add-on expands High Star’s permanent pavement marking capabilities and scale across Illinois, Wisconsin and Indiana as the platform’s first bolt-on since its formation in July 2022.

New Mountain Capital has acquired Qualus Power Services, a provider of engineering and specialized technical field services to utility and private power grid infrastructure, from Mason Wells. Qualus operates from more than 20 field and engineering locations and employs over 600 technical staff; Harris Williams advised Mason Wells on the sale.

MasTec, Inc. has acquired INTREN, LLC from One Equity Partners for $420 million, including a contingent earnout through year-end 2021. Headquartered in Union, Illinois, INTREN operates as a specialty utilities contractor with approximately 2,000 employees across 14 states and trailing twelve months revenue of about $550 million; MasTec will retain INTREN's brand and integrate its utility distribution capabilities into its infrastructure services.

Kohlberg & Company has signed a definitive agreement to acquire a majority stake in EN Engineering from growth equity firm General Atlantic. EN Engineering, headquartered in Warrenville, Illinois, is a utility services and engineering firm with over 1,500 professionals serving gas, electric, pipeline and industrial customers; Kohlberg cited its infrastructure services experience to support the company's next phase of growth and geographic expansion.

Behrman Capital, a private equity firm, has acquired Waterline Renewal Technologies, a provider of engineered trenchless rehabilitation products and technologies for wastewater infrastructure. Waterline — previously a division of Triwater Holdings — will be led by its existing management team and will partner with Behrman to pursue growth initiatives, including technology expansion and selective add-on acquisitions.