BOSTON, MA (December 1, 2006) --
On November 30, 2006, affiliates of ArcLight Capital Partners, LLC purchased the remaining 38 percent of the common stock of MYR Group, Inc. held by FirstEnergy Corp. Based in Rolling Meadows, Illinois, MYR is recognized as the premier provider of electric transmission and distribution, construction, and maintenance services as well as of commercial and industrial construction. MYR operates nationally through five principal subsidiaries, with its oldest unit in continuous operation since 1891. ArcLight Capital Partners is one of the world's leading energy investment firms, with more than $4.5 billion under management.
Daniel R. Revers, Managing Partner of ArcLight, commented, "MYR is positioned to capitalize on the increase in electric transmission and distribution spending required to rebuild our nation's electric grid as well as outsourcing trends within the utility industry. We are excited to be increasing our ownership position in this outstanding business."
"The management team of MYR is delighted ArcLight has consummated the purchase of the remaining stock of the company," said Bill Koertner, President and Chief Executive Officer of MYR. "Both MYR and ArcLight have already realized some of the synergies from the new ownership, and we believe those will only grow as utilities increase their investment in T & D infrastructure."
ArcLight's investment team has extensive energy investing experience, industry relationships, and asset level knowledge. Founded in 2001, ArcLight has its headquarters in Boston, Massachusetts and an office in New York City. ArcLight has over 25 investment professionals and is led by its founders Daniel R. Revers and Robb E. Turner. More information about ArcLight can be found at http://www.arclightcapital.com.
MYR provides electric transmission and distribution, construction, and maintenance services as well as commercial and industrial construction. MYR operates through five principal subsidiaries including The L.E. Meyers Co., Hawkeye Construction, Inc., Sturgeon Electric Company, Harlan Electric Company, and Great Southwestern Construction. More information about MYR can be found at http://www.myrgroup.com.