Aecon Electrifies U.S. Growth with $60M Utility Acquisition

TORONTO, ON – March 09, 2026 – Aecon Group Inc. has significantly deepened its presence in the United States utility market, announcing today that its subsidiary, Aecon Utilities, has acquired Indiana-based Duna Services, LLC and a 49% interest in Michigan's KNX Utility Services, LLC. The deal, valued at a base price of US$60 million, marks a strategic and aggressive move to capture a larger share of the burgeoning U.S. electrical infrastructure and maintenance sector.

The transaction, financed through Aecon Utilities’ dedicated revolving credit facility, brings approximately 350 skilled employees from Duna Services into the Aecon fold. This acquisition is not a standalone maneuver but the latest in a calculated series of investments aimed at building a robust North American utility services platform, following the 2024 majority acquisition of Michigan-based Xtreme Powerline Construction.

“This acquisition provides additional U.S. platforms to accelerate growth in the electrical distribution and transmission market, augments our self-perform offering with cross-selling opportunities, increases recurring revenue, and enhances our ability to expand into growing regions with attractive project pipelines,” said Jean-Louis Servranckx, President and Chief Executive Officer of Aecon Group Inc., in a statement.

Tapping a Market Charged for Growth

Aecon’s investment comes at a critical juncture for the U.S. energy grid. A substantial portion of the nation's electrical infrastructure is aging, with many transmission and distribution lines exceeding their intended operational lifespan of 50 years. This reality, coupled with a surge in electricity demand driven by the proliferation of AI data centers, the adoption of electric vehicles, and broad electrification initiatives, has created an urgent and sustained need for upgrades, maintenance, and modernization.

Market analysis indicates that this demand is not temporary. The transition toward renewable energy sources like wind and solar further complicates grid management, requiring a more flexible and intelligent network capable of handling variable and distributed power generation. Aecon's acquisition of Duna and KNX positions the company directly in the path of this massive, long-term capital investment cycle. By acquiring established regional players, Aecon gains immediate operational capacity and a seasoned workforce to compete for these critical infrastructure projects.

Bolstering Resilience and Specialized Capabilities

The strategic value of the acquisition lies in the specific expertise of the acquired companies. Duna Services, with 14 years of experience, is a key provider of underground and overhead electrical distribution, transmission, and substation maintenance. Crucially, the majority of its work is performed under master service agreements with utility and government clients. This business model provides a stable, recurring revenue stream—a highly attractive feature that aligns with Aecon's goal of building a more predictable and resilient business portfolio.

Furthermore, the 49% stake in KNX Utility Services adds a vital and increasingly sought-after specialization: emergency restoration and storm response. As extreme weather events become more frequent and intense, the ability to rapidly deploy skilled crews to restore power is a critical service for utilities and communities. KNX brings over a decade of experience in this high-stakes environment. The investment also provides a strategic advantage, as KNX is a certified women and minority-owned business enterprise (WMBE), a status that can provide preferential access to certain government and corporate contracts focused on supplier diversity.

“We are pleased to strengthen our U.S. utility infrastructure expertise and extend a warm welcome to our new leadership groups and team members joining the Aecon Utilities group of companies,” said Eric MacDonald, Executive Vice President of Aecon Utilities.

Integrating People, Power, and Potential

Beyond the financial and strategic calculus, the success of the acquisition will hinge on the effective integration of people and cultures. The addition of Duna’s 350 employees represents a significant influx of regional expertise and established client relationships in the Midwest and Eastern U.S. Retaining this skilled labor force is paramount in an industry facing a shortage of qualified technicians and lineworkers.

The move also creates clear synergistic opportunities. Scott Sheldon, President of Aecon's Xtreme Powerline, noted the potential for collaboration, stating, “We look forward to harnessing opportunities for collaboration with our complementary Xtreme Powerline team, while leveraging our collective capabilities to drive continued growth in priority markets across North America.”

This integration aims to create a more comprehensive service offering, allowing the combined entity to bid on a wider range of projects and provide end-to-end solutions for clients. The geographic proximity of Duna's operations to Aecon's existing and recently acquired U.S. assets is expected to facilitate operational efficiencies and smoother resource deployment. As Aecon continues to execute its North American expansion strategy, this latest deal solidifies its commitment to becoming a dominant force in the essential, non-discretionary work of keeping the power on across the continent.