Vectren Corp. acquired Minnesota Limited, Inc., March 31, in a strategic move to grow its infrastructure services business segment, according to a press release. Minnesota Ltd. joins wholly-owned subsidiary Miller Pipeline based in Indianapolis, to make up Vectren’s infrastructure services group.
One of the Midwest’s largest contractors serving the natural gas and petroleum industry, Minnesota Ltd. has been in operation since 1966 as a specialty contractor focusing on: transmission pipeline construction and maintenance; pump station, compressor station, terminal and refinery construction; gas distribution; and hydrostatic testing. Headquartered in Big Lake, Minn., Minnesota Ltd. has 500 employees and is licensed to operate in roughly 40 U.S. states. The majority of Minnesota Limited’s customers have historically been
located in the northern Midwest region.
Miller Pipeline, headquartered in Indianapolis, has experienced a steadily expanding geographic footprint through organic growth and small regional acquisitions over the past five years. With 2010 revenues of $235 million, the company employs more than 1,700 construction professionals working throughout 24 facilities in the eastern half of the United States. As a combined entity, Miller Pipeline and Minnesota Ltd. will gain an expanded service territory with little customer or geographic overlap, resources to compete for larger projects, and a more diverse revenue stream within the construction markets served.
“We believe this acquisition will allow our companies to work together to harness synergies and explore additional opportunities to better serve current and future market segments with a more comprehensive portfolio of services,” said Miller Pipeline CEO Doug Banning, who also oversees Vectren’s infrastructure services division and will lead the integration charge over the next several months. “Minnesota Ltd. and Miller Pipeline share a common history beginning as family–owned and operated companies and have built our successes around a culture that values employees, safety, quality, integrity and superior customer satisfaction. Remaining committed to these values, we believe we can provide the most thoughtful and comprehensive solutions to address critical infrastructure needs.”
Following the acquisition, Minnesota Ltd.’s management team is expected to remain in place as will its headquarters location. “We will create separate business units segmented by market and at the same time focus on streamlining our combined resources and keeping brand equity in tact,” said Banning.
“We’re looking forward to joining the Vectren and Miller Pipeline teams and believe our companies will complement one another in providing customers with expanded expertise in underground construction,” said Minnesota Ltd. CEO Christopher Leines. “Furthermore, this partnership provides a platform for long-term success and growth for our companies and employees.”