Aecon Utilities Group Valuation, Funding & Investors

Aecon Utilities Group is valued at $750M as of October 2023.

Last Aecon Utilities Group valuation

$750M

Undisclosed stage · Oct 2023

Last Aecon Utilities Group funding round

$109M

Undisclosed stage · Oct 2023

Cumulative funding Aecon Utilities Group raised

$109M

across 1 funding round

Key investors in Aecon Utilities Group

  • Oaktree Capital Management

Aecon Utilities Group Overview

About Aecon Utilities Group

Aecon Utilities Group provides utility infrastructure solutions in Canada across electrical transmission and distribution, renewables and in-home services, telecommunications, and pipeline distribution.


Founded

1957

HQ

CanadaToronto

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$750M (Oct 2023)

Aecon Utilities Group Valuation

Aecon Utilities Group is currently valued at $750M, based on its undisclosed-stage round in October 2023.

The $109M round was led by Oaktree Capital Management.

Aecon Utilities Group valuation by funding round

Aecon Utilities Group valuation by funding round
DateStageValuation
Oct 2023Undisclosed stage$750M

Aecon Utilities Group Funding History

Aecon Utilities Group has raised a total of $109M across 1 funding round.

Aecon Utilities Group funding rounds

Aecon Utilities Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2023Undisclosed stageOaktree Capital Management (lead)$109M$750MAecon Utilities Group, a subsidiary of Aecon Group Inc., provides utility infrastructure services across North America, including electrical transmission and distribution, renewables, in-home services, telecommunications, and pipeline distribution. On October 23, 2023, Oaktree Capital Management announced a net $150 million convertible preferred equity investment in Aecon Utilities, acquiring a 27.5% ownership interest upon conversion. The gross subscription was $154.6 million, netting $150 million after fees, with the investment convertible at Oaktree's option into 27.5% of common equity. The conversion value implies a $750 million enterprise value for Aecon Utilities, calculated as a 9.3x multiple of its trailing twelve months (TTM) Adjusted EBITDA as of June 30, 2023. Aecon Utilities reported TTM revenue of $931 million and TTM Adjusted EBITDA of $80 million for the period ended Q2 2023. Post-investment, Aecon retains 72.5% ownership, gaining financial flexibility for growth, including a new $400 million revolving credit facility for Aecon Utilities and a $450 million facility for Aecon. The transaction strengthens Aecon's balance sheet with $150 million in proceeds, supports acceleration of Aecon Utilities' acquisition strategy, and targets expansion in U.S. utility markets. It highlights the business's growth, with a compound annual growth rate from 2019 to 2022, and positions it against peers like MYR, Emcor, MasTec, and Quanta trading at low to high teens EBITDA multiples. The deal closed on October 24, 2023, providing immediate benefits and a value-added partner in Oaktree, known for utilities infrastructure investing.

Who has invested in Aecon Utilities Group?

1 investor has backed Aecon Utilities Group across its funding rounds, including Oaktree Capital Management.

Lead investors include Oaktree Capital Management.


Aecon Utilities Group Investors

Investors in Aecon Utilities Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Aecon Utilities Group

Aecon Utilities Group has acquired 6 companies to date.

Last acquisition by Aecon Utilities Group was on March 8th 2026. Aecon Utilities Group acquired Duna Services for $60M.


Latest Acquisitions by Aecon Utilities Group

Duna Services
KPC Power
K.P.C. Energy Metering Solutions
Bodell Construction
Description
Duna Services, LLC is an electrical utility contractor that builds underground and overhead electrical distribution and transmission lines, maintains substations, and performs emergency restoration.
KPC Power is a Denver-based contractor specializing in high-voltage substation construction, retrofits, and metering installations for utilities in the western US. Projects include 138 kV switchgear upgrades, SCADA integration, and underground cabling for Xcel Energy and Black Hills substations in Colorado and Wyoming. Services extend to civil excavation, grounding grids, and breaker testing compliant with NERC standards. KPC Power maintains crews certified for live-line work and arc-flash mitigation.
K.P.C. Energy Metering Solutions is a provider of high-voltage testing, commissioning, and substation services including emergency response, project management, and preventative maintenance. Headquartered in Australia, it supports utility and industrial clients with material procurement and quality assurance for power infrastructure projects nationwide.
Bodell Construction is a Salt Lake City-based general contractor focusing on commercial, industrial, and institutional projects across Utah. The firm builds retail centers, warehouses, office buildings, and manufacturing facilities using design-build and construction management delivery methods. Notable projects include expansions for Intermountain Healthcare and industrial parks in the Salt Lake Valley, with capabilities in concrete, steel erection, and tenant improvements.
HQ CountryUnited StatesCanadaCanadaUnited States
HQ City
Wakarusa, IN
Toronto
Toronto
Salt Lake City, UT
Deal Date8 Mar 20263 Nov 20253 Nov 20257 Aug 2025
Valuation$60M$73Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Aecon Utilities Group

Aecon Utilities Group has invested in 1 company to date.

Latest investment by Aecon Utilities Group was on March 8th 2026. Aecon Utilities Group invested in KNX Utility Services in their Secondary round.


Latest Investments by Aecon Utilities Group

KNX Utility Services
Description
KNX Utility Services is a women- and minority-owned firm offering emergency restoration and storm response for electrical distribution and transmission.
HQ CountryUnited States
HQ City
Rodney, MI
Deal Date8 Mar 2026
RoundSecondary
Raisedundisclosed
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Aecon Utilities Group Competitors

Aecon Utilities Group competitors include listed companies like Dalekovod and Channel Infrastructure NZ, and private ones like FirstEnergy Transmission, INOX Renewable Solutions, Aerospace Yuxing and Órigo Energia.

Public and private companies comparable to Aecon Utilities Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DalekovodCroatiaCroatiaPublicly listed$320M$20M$698M-
FirstEnergy TransmissionUnited StatesAkron, OHPrivate$1.9B-$12B6.3x
INOX Renewable SolutionsIndiaVadodaraPrivate$23M-$792M34.4x
Aerospace YuxingChinaBeijingPrivate--$707M-
Órigo EnergiaBrazilSão PauloPrivate--$816M-
Channel Infrastructure NZNew ZealandNew ZealandPublicly listed$78M$54M$821M11.7x

Aecon Utilities Group Public Comps

Aecon Utilities Group is still privately-owned, but its public comps include Dalekovod, Channel Infrastructure NZ, EuroTeleSites, Hexatronic Group, Inti Bangun Sejahtera, Shentel, RailTel Corporation, General Fusion, ARKO Petroleum and ITG.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Dalekovod$320M$20M2.0x-32.3x-
Channel Infrastructure NZ$78M$54M13.0x11.7x19.1x17.1x
EuroTeleSites$318M$272M6.9x6.6x8.1x7.8x
Hexatronic Group$767M$84M1.4x1.2x12.6x10.0x
Inti Bangun Sejahtera$49M$46M13.6x-14.4x-
Shentel$358M$115M4.0x3.9x12.4x11.0x
RailTel Corporation$445M$66M1.8x1.6x12.1x11.2x
General Fusion-($25M)--(28.3x)-

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Common questions about Aecon Utilities Group

When was Aecon Utilities Group founded?Aecon Utilities Group was founded in 1957.
Where is Aecon Utilities Group headquartered?Aecon Utilities Group is headquartered in Toronto, Canada.
Is Aecon Utilities Group publicly listed?No, Aecon Utilities Group is a private, VC-backed company.
What is Aecon Utilities Group's valuation?Aecon Utilities Group was last valued at $750M in its undisclosed-stage round in October 2023.
How much funding has Aecon Utilities Group raised?Aecon Utilities Group has raised $109M across 1 funding round.
What was Aecon Utilities Group's last funding round?Aecon Utilities Group's last funding round was a $109M undisclosed-stage round in October 2023, led by Oaktree Capital Management.
Who are Aecon Utilities Group's investors?Aecon Utilities Group's investors include Oaktree Capital Management.
Which companies are comparable to Aecon Utilities Group?Companies comparable to Aecon Utilities Group include Dalekovod, FirstEnergy Transmission, INOX Renewable Solutions, Aerospace Yuxing, Órigo Energia and Channel Infrastructure NZ.
How many companies has Aecon Utilities Group acquired?Aecon Utilities Group has acquired 6 companies, including Duna Services, KPC Power, K.P.C. Energy Metering Solutions, Bodell Construction and Ainsworth (power construction unit).
What was the largest acquisition by Aecon Utilities Group?The $73M acquisition of KPC Power in November 2025 is the largest acquisition Aecon Utilities Group has made to date.
How many companies has Aecon Utilities Group invested in?Aecon Utilities Group has invested in 1 company, including KNX Utility Services.
What was Aecon Utilities Group's last investment?In March 2026, Aecon Utilities Group invested in KNX Utility Services' secondary sale.

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