Aecon Utilities, backed by Oaktree Capital Management, has acquired Duna Services and its subsidiaries Arc American and CA Advanced, along with a 49 percent stake in KNX Utility Services, for $60 million.

Based in Wakarusa, Indiana, Duna Services provides underground and overhead electrical distribution and transmission services. KNX Utility Services, a women and minority-owned business headquartered in Rodney, Michigan, specializes in emergency restoration and storm response for electrical infrastructure. This move significantly broadens Aecon's self-perform capabilities in the US electrical distribution and transmission markets.

Aecon Group, Aecon Utilities' parent company, is a Toronto-based infrastructure developer. Oaktree's $150 million convertible preferred equity investment in Aecon Utilities in 2023 already gave them a 27.5 percent stake. The latest acquisition, reported by PE Hub, strengthens Aecon's position in a sector facing increasing demand for resilient grid solutions and storm response services.

The $60 million deal, potentially with additional contingent proceeds, positions Aecon to leverage cross-selling opportunities between its existing US platforms and the newly acquired businesses, enhancing recurring revenue streams and expanding into attractive regional project pipelines.