A syndicate of investors led by private equity firm Bernhard Capital Partners Management LP on Feb. 28 announced that it closed the acquisition of the electrical contractor W.A. Chester from Exelon Corp.
The financial terms of the deal were not disclosed. The Lanham, Md.-headquartered W.A. Chester became a subsidiary of Exelon after Pepco Holdings LLC merged in March 2016. W.A. Chester has field offices in Washington, D.C., and Charles Town, W.Va., from which it executes nationwide operations including installing, maintaining and repairing underground high-voltage cable transmission and distribution systems.
Bernhard Capital Partners plans to make additional investments in W.A. Chester to enhance its transmission and distribution services, and the business will continue to operate from its current headquarters, according to a March 1 news release.
"This transaction allows W.A. Chester to continue its focus on its core market of installation and maintenance of underground high-voltage transmission cable and underground distribution infrastructure for electric utilities," Exelon Power President Ron DeGregorio said.
W.A. Chester Senior Vice President and COO Frank Musick will lead the company's management, while its current president and CEO, Robert Thompson, will take up a role on the company's advisory board after his retirement March 31.
