Kirkland and Ellis LLP acted as legal counsel to IEA. Jefferies Finance LLC is providing financing for the transaction on behalf of IEA. Cowen and Company, LLC acted as the financial advisor to ACC on the transaction. Hunton Andrews Kurth LLP acted as legal counsel to ACC.
IEA signed an agreement to acquire Saiia and the ACC Companies (together “ACC”) in an all-cash transaction for $145 million (subject to customary adjustments), which equates to a 4.3x multiple of projected Adjusted EBITDA of $34 million for 2018 (based upon the midpoint of the range of $32 million to $36 million and before giving effect to any synergy-related cost savings that may be realized following its acquisition by IEA).
Saiia is a provider of environmental and industrial site services in the Southeastern U.S.
The ACC Companies are providers of heavy and light civil infrastructure services in the Mountain West, Southwest and West Coast regions of the U.S. This acquisition provides the Company with a strong and established presence in the industrial and environmental engineering markets, enhanced civil construction capabilities and an expanded domestic footprint.
The Kirkland team was led by corporate partners Tana Ryan (Picture) and Bryan Ikegami and associates Jean Lee and Sanjana Rishi; capital markets partner Carol Anne Huff and associate Alexander Schwartz; and debt finance partners Brian Ford and Jane Wu.
Involved fees earner: Tana Ryan – Kirkland & Ellis; Bryan Ikegami – Kirkland & Ellis; Jean Lee – Kirkland & Ellis; Carol Anne Huff – Kirkland & Ellis; Alexander Schwartz – Kirkland & Ellis; Brian Ford – Kirkland & Ellis; Jane Wu – Kirkland & Ellis;
Law Firms: Kirkland & Ellis;