legal advisor to AECOM in connection with the transaction, and DBO Partners LLC Wotring will continue to serve as a senior adviser to AECOM through the end of 2020. ET) , to start a free trial, get pricing information, order a reprint, or post an article link on your website. Then-CEO Michael Burke in November 2019 said he was retiring, announcing he would leave the company in March of this year. On behalf of our Digital Applications, Data, and the Microgrid User Experience, GE Secures First HA-Class Hydrogen Gas Power Deal: Long Ridge Energy Terminal, PG&E Files for Bankruptcy, Prepares to Reorganize, Clean Air Program Makes Shawnee Power Plant a Winner, Plans Move Forward for Privately Funded Storage of Nuclear Waste, AECOM selected to provide clean closure of a coal ash impoundment involving the beneficial use of ponded ash, Reducing O&M Spend Through Automated Predictive Diagnostics, How New FERC Regulations Could Transform the Utility Business, How Companies Can Incorporate Energy Solutions to Power a More Sustainable Future. That includes the announcement in October 2019 that the company—under pressure from New York hedge fund investor Starboard Value after that group purchased a 4% stake in AECOM—had agreed to sell the Management Services business to affiliates of American Securities and Lindsay Goldberg. POWER Magazine readers get exclusive power industry news–every business day. years and wish the business and CriticalPoint Capital the best of success.”. The company plans As of January 31, 2020, AECOM has completed the sale of its Management Services business to affiliates of Lindsay Goldberg and American Securities LLC who have created a new entity, Amentum. The AECOM brand (for architecture, engineering, consulting, operations and maintenance) was formed in 1990. As of January 31, 2020, AECOM has completed the sale of its Management Services business to affiliates of Lindsay Goldberg and American Securities LLC who have created a new entity, Amentum. business and continue to advance efforts to align our organization around a AECOM has announced the closing of the sale of its Power construction business to affiliates of CriticalPoint Capital LLC. “We have built significant momentum in our In 2018, CriticalPoint acquired the U.S. power and industrial engineering services division of Altran. Wotring came to AECOM from URS Corp., which AECOM acquired in 2014. AECOM at the time said it would use the money from the sale to reduce debt and repurchase stock. How to adapt universities and colleges to a changing climate construction unit to affiliates of CriticalPoint Capital LLC. combined-cycle, gas-fired West Riverside Energy Center, Future Enlit event unveiled at European Utility Week, AP: PG&E facing showdown with California Gov. The restructuring announcement also noted that Randy Wotring, AECOM’s chief operating officer, has retired effective immediately. Earlier this year, Engineering News Record named AECOM as the No. “[This] announcement is a critical step in the advancement of our strategy to best position the business for success, to ensure that we continue building on our momentum toward our vision of establishing a new standard of excellence in the industry and to, in turn, create exceptional value for our stakeholders.”. AECOM’s board pushed back Burke’s exit due to the coronavirus pandemic; he eventually turned over his duties to Rudd on Aug. 15. AECOM’s Civil Construction business is a single-source provider of lifecycle solutions including planning, design, procurement, construction, and operations and maintenance for the private sector and government agencies. By choosing “I Agree”, you understand and agree to Clarion’s Privacy Policy. © 2020 Access Intelligence, LLC - All Rights Reserved. CriticalPoint Capital, formed eight years ago, is expertise and focuses on our best growth opportunities. AECOM sells power construction business AECOM, a leading infrastructure consulting firm, announced the closing of the sale of its power construction division to affiliates of CriticalPoint Capital (CPC), LLC. a higher-margin, lower-risk Professional Services business,” said Troy Rudd, —Darrell Proctor is associate editor for POWER (@POWERmagazine). Deal Overview On October 14, 2019, AECOM (NYSE: ACM, $39.50, Market Capitalization: $6.2 billion) announced the sale of its Management Services (MS) business for … Longtime power sector engineering, procurement and construction contractor AECOM is selling that part of its business to a private equity firm. This website uses cookies to improve your website experience and provide more personalized services to you. Terms of the deal were not disclosed. We have a responsibility to protect, enhance and restore the world’s natural and social systems. company, I thank the Power construction team for their contributions over the Executives Tout Storage as Key for Distributed Generation. California utility Pacific Gas and Electric (PG&E) filed for Chapter 11 bankruptcy on Jan. 29, as the company…, Emissions standards have changed a lot since the Shawnee Fossil Plant entered service during President Eisenhower’s second term…, The Trump administration has revived the discussion of using Yucca Mountain in Nevada as a repository for the…, LOS ANGELES (October 17, 2019) — AECOM, the world's premier infrastructure firm, announced today it will provide engineering,…, Sponsored by FORTRESS Information Security & Workiva. We value your privacy. The company also said it plans to repurchase up to $300 million worth of additional shares through the end of this year, about half of the company’s total outstanding share repurchase authorization of $605 million. The company appointed a new CEO, W. Troy Rudd, effective See more PE stories on the power EPC sector. The goal was to streamline AECOM into a professional services firm focused on design, planning, architecture, engineering, program management, and construction management. How to adapt universities and colleges to a changing climate, What to look for when considering modern methods of construction, Healthcare planning and emergency response: the case for choosing modular solutions, AECOM launches Mobilitics for Pandemic Response, its newest digital solution that helps transit agencies recover from the impacts of coronavirus, Future-Focused, Collaborative Design for Healthcare Facilities. From buildings and civil construction to energy and industrial solutions, AECOM Construction Services is built to modernize, expand and deliver the most iconic and complex structures ever conceived. AECOM traces its history back more 100 years to the early oil and gas industry. We are first in your inbox with the most important news in the industry―keeping you smarter and one-step ahead in this ever-changing and competitive market. on bankruptcy issues, Siemens overhauls turbine at 794-MW gas-fired plant in Hungary, Entergy tops regional segment in JD Power business satisfaction study. No financial terms were given on the value of the sale to CriticalPoint Capital. Big cities versus regional cities in the ‘with-COVID’ era, who wins. Coal-Fired Power in 2021: A Recovery or a Reckoning? The company, founded in 2012, says it “is an operationally-focused private equity firm specializing in corporate divestitures, companies in a state of transition, and special situations across North America.”, Rudd is two months into his role as chief executive of AECOM after taking over on Aug. 15. Not a subscriber or a registered user yet? During his previous 11 years with AECOM, Rudd has guided a steady growth in the professional services business. Equity, diversity & inclusion are core to our vision - a world where infrastructure creates opportunity for everyone. Commercial NuScale SMR in Sight as UAMPS Secures $1.4B for Plant, Harvesting Near-Ground Winds with Advanced Compact Turbines. CriticalPoint Capital is headquartered in Manhattan Beach, California. Longtime power sector engineering, procurement and construction contractor AECOM is selling that part of its business to a private equity firm. At AECOM, we believe infrastructure creates opportunity for everyone. What to look for when considering modern methods of construction at the beginning of October. AECOM announces sale of its Power construction business to CriticalPoint Capital. The restructuring eliminated the position of group president for design and consulting services Americas; AECOM said Steve Morriss, who held that position, “has stepped down effective immediately.”. DBO Partners LLC served as financial advisor. Healthcare planning and emergency response: the case for choosing modular solutions. For AECOM’s national government clients, we continue to provide our premier suite of architecture, engineering and related infrastructure services. We’ve got you covered! a private equity entity focused on acquiring corporate divestitures “in a state Rod Walton, Clarion Energy Content Director10.16.20. As part of that move, Lara Poloni, who took over as company president in June, has taken charge of the company’s entire design and consulting services business, which comprises much of AECOM’s $13.6 billion in revenue. AECOM, which has tried to boost its value for shareholders, on Oct. 2 announced it had completed a $155 million share repurchase program that began in September. “We have built significant momentum in our business and continue to advance efforts to align our organization around a global structure that fosters a culture of collaboration, better connects our expertise and focuses on our best growth opportunities. When you visit Clarion Events (and our family of websites), we use cookies to process your personal data in order to customize content and improve your site experience, provide social media features, analyze our traffic, and personalize advertising. On behalf of our company, I thank the Power construction team for their contributions over the years and wish the business and CriticalPoint Capital the best of success.”. With over 13,000 employees in 25 countries, Construction Services partners with visionary owners and developers around the globe. “The sale of the Power construction business marks another milestone in the successful execution of our transformation into a higher-margin, lower-risk Professional Services business… It is Rudd succeeded the retiring Michael S. Burke. based in California. We partner with our clients to deliver a better world. Visit amentum.com for more information. Wachtell, Lipton, Rosen & Katz served as Learn more. Our technical experts and visionaries harness the power of technology to deliver transformative outcomes. He announced an operational restructuring of the company on Oct. 5.