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Novinium Acquires UtilX
Combining complementary firms sets stage for greater capital efficiencies, improved reliability and patented safety measures, benefiting utility customers worldwide



April 14, 2015

Novinium, owner of patented processes for rejuvenating aged underground power cables, announced Novinium's acquisition of UtilX from Willbros Group, Inc. (NYSE: WG) As a result of this acquisition, Novinium now has over 100 customers and over 300 employees across all 50 states, Canada, and Europe. Together, Novinium and UtilX now provide about 30% of the North American cable rehabilitation, and 10% globally.

"This acquisition will improve industry competition by providing a strong alternative to the capital intensive process of replacing underground utility power cables in order to maintain the world's aging electrical distribution infrastructure," said the CEO of Novinium, Glen Bertini. "Failing cable is a top contributor to both rising utility costs and customer power outages, and together UtilX and Novinium can offer the safest, most cost effective solutions for cable rehabilitation, extending the effective cable lifespan by as much as 40 years."

The combining of Novinium and UtilX provides the utility industry with:

  • Better operating efficiency including universal best practices and improved safety
  • New economies of scale for purchasing and manufacturing
  • Stronger, focused research and development for more rapid advancement
  • Broader adoption of the latest, most cost-effective rejuvenation technology
  • Deeper, more valuable add-on products for increased reliability and longevity 
  • Capital efficiency and more consistent power delivery, enhancing service to electrical consumers at the lowest overall cost

D.A. Davidson & Co., acted as exclusive financial advisor to Novinium in the transaction.

For more information:

Organization:
Novinium

Address:
1221 29th St. NW, Ste. D
Auburn, Washington
United States, 98001-2431
www.novinium.com

Contact:
Media inquiries: Reid Wegley
Voxus PR
Tel: (253) 444-5652
E-mail: rwegley@voxuspr.com


Link http://www.electricenergyonline.com/detail_news.php?ID=525753
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