Pittsburgh PE firm 3 Rivers Capital has acquired Aptus Group USA, a founder-owned and operated infrastructure services provider. In partnership with 3RC, Aptus will expand its business beyond its current operating area east of the Mississippi River and position the company for continued strategic growth.
Headquartered in Charlotte, North Carolina, Aptus was founded in 2000. The company is the largest bridge utility contractor in the country and offers customized repair and maintenance solutions for bridge-attached utilities such as power lines, communication lines, drainage systems and natural gas pipelines. Aptus has 48 employees providing repair and maintenance services to over 3,100 bridges in 43 states.
Aptus’ founder Scott T. Dill will remain as the CEO.
“Pairing our team’s experience with 3RC’s expertise will propel Aptus to become a nationally-recognized leader in the infrastructure services space and enhance our services and industrial applications,” Dill said, in a statement.
3RC will leverage its proven track record of providing value through active ownership and supportive partnerships to help Aptus improve bridge-related infrastructure in the U.S.
“We believe that Aptus has the potential to expand its leadership position in bridge and utility services. The management team is very impressive, and we are committed to supporting their vision for growth,” 3RC partner and co-founder Dale Buckwalter stated. “We look forward to building a strong financial and operational partnership with the Aptus team.”
Brian Jasperse, former president and CEO of 3RC portfolio company Geo-Con will join as an operating partner on the 3RC/Aptus team. Jasperse has experience with growth and operational improvement in the construction space.
Metz Lewis Brodman Must O’Keefe LLC served as legal counsel to 3RC, which was founded in 2005. The lower middle market PE firm focuses on controlled buyouts and recapitalizations of small private companies. 3RC’s primarily acquires family-owned companies or corporate orphans and backed by experienced management teams, where 3RC can rapidly create value by removing barriers to growth.