Infrastructure and Energy Alternatives agrees to acquire Saiia and ACC Companies.

Infrastructure and Energy Alternatives (IEA) has announced an agreement to acquire Saiia and the ACC Companies in an all-cash transaction for US$145 million (subject to customary adjustments).

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.

The transaction is expected to close at the end of the third quarter of 2018, subject to customary closing conditions. IEA intends to fund the transaction and repay its existing credit facility with borrowings under a new credit facility, for which it has obtained a debt commitment letter (which is subject to customary terms and conditions). The new credit facility includes a US$200 million term loan available to finance the transaction and a US$50 million asset based revolving credit facility. This new credit facility will refinance and replace the company’s existing facility.

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.