US private equity firm CAI Private Equity has partnered with company management to recapitalise Feeney Brothers Excavation, a provider of diversified infrastructure services to the gas, electric, water and telecommunications industries.
Brendan Feeney, president and founder of Feeney, said, “We are very excited to partner with CAI to grow our business…. We believe that partnering with a value-added capital provider will allow us to grow more aggressively and further expand our service offerings.”
Feeney, located in Dorchester, Massachusetts, provides innovative underground utility solutions to customers ranging from start-up businesses to large corporations like National Grid, NStar and Veolia. In addition, the company is commissioned to work for over 25 municipalities throughout Massachusetts.
“Feeney fits very well with CAI’s strategy of investing in the utility and infrastructure service industry. We are delighted to partner with Brendan and Greg Feeney, who have built an impressive entrepreneurial, high growth company with a focus on meeting their customers’ needs in a safe and profitable manner,” said Tracey McVicar, a managing partner at CAI. “The Company’s exclusive service contracts with key utilities create a stable base of revenue which we look forward to building upon during our investment period.”
CAI has $650m under management, and is currently investing out of fourth fund.
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