Sandbrook Capital is buying United Utility Services for $1B in hopes of cornering the market on the “grunt work” of the energy transition. (Bloomberg)
With utilities set to spend $1.1T on grid upgrades over the next five years, Sandbrook is banking on the simple fact that you can’t download a new transmission line—someone has to actually climb the poles and string the wires.
United was formed by stitching together five smaller regional firms, and its new private equity owners plan to aggressively buy up more local contractors to build a national giant in high-voltage manual labor.