Congruex acquires SEU, expands broadband construction ops in U.S. southeast

July 10, 2020
SEU is the 7th strategic acquisition that Congruex has completed since establishing a partnership with Crestview Partners, a NY-based private equity firm with expertise in the cable, telecom and business services industries.

Congruex, a national end-to-end provider of design, engineering, construction, construction management and maintenance services to broadband service providers, on July 1 announced the acquisition of Southeast Utilities of Georgia (SEU).

Founded in 1970, SEU is a provider of self-perform construction services to the telecommunications industry, including several of the most notable companies in the nation. The company's key offerings include aerial and underground fiber construction, as well as maintenance and storm recovery services. SEU is headquartered in Augusta, Georgia and operates field offices across Alabama, Florida, Georgia, South Carolina, and Tennessee.

SEU is the seventh strategic acquisition that Congruex has completed since establishing a partnership with Crestview Partners, a New York-based private equity firm with significant expertise in the cable, telecommunications and business services industries. Financial terms of the transaction were not disclosed.

Bill Beans, Congruex's CEO, commented, "We are pleased to welcome SEU and its employees to the Congruex platform. Over 50 years of operation, SEU has built a tremendous reputation for exceptional work across its core markets. The acquisition of SEU immediately strengthens Congruex's ability to further support critical infrastructure needs in the southeastern United States, during these unprecedented times and beyond. Moreover, SEU completes thousands of business as usual projects each year, providing an exceptional foundation for expansion into special project work as the demand for fiber and broadband has never been greater. I am proud that SEU's founder, Chris Walker, will stay on to lead SEU. Keeping founders on post-acquisition is critical to our strategy and long-term success."

The acquisition of SEU follows the prior Congruex acquisitions of CCLD Technologies and CHC Consulting in late 2017, White Construction in 2018, and Veterans Underground, Terra Technologies, and HHS Construction in 2019. Collectively, these transactions have positioned Congruex as one of the largest telecom engineering and construction firms in the United States, the firm notes. Congruex provides turnkey services to broadband operators, and with this latest acquisition further expands its scale and resources to serve its growing customer base.

Christopher Walker, Sr., owner and founder of SEU added, "We are excited to partner with Congruex's differentiated platform and to capitalize on the truly unique opportunities that SEU has in front of it. Congruex's shared vision, operational expertise and capital resources are a perfect match for SEU. We look forward to collectively expanding our best-in-class offerings across a rapidly accelerating southeastern market."

In the transaction, Congruex was advised by Berg Hill Greenleaf Ruscitti LLP. KeyBanc Capital Markets Inc. led Congruex's debt financing for the transaction, which also included incremental capacity for future acquisition activity. Advisors to the sellers were Macfarlane Ferguson & McMullen and Emerald Capital Advisors.

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