Centuri Acquires Connect Atlantic Utility Services (CAUS), Atlantic Canada's Leading Electric Utility Services Provider
Acquisition Establishes Canadian Electric Infrastructure Capabilities, Expands Geographic Reach
Centuri Holdings, Inc. (NYSE:CTRI) ("Centuri" or the "Company") today announced that it has completed the acquisition of Connect Atlantic Utility Services Corporation (CAUS), Atlantic Canada's leading electric utility services provider. The acquisition establishes Centuri as a dual electric and gas services provider in Canada, complementing the gas distribution services provided through its current Canadian subsidiary, while simultaneously expanding its geographic footprint.
Through a largely union workforce, CAUS provides maintenance, construction, and storm services to electric utility and developer customers in the Canadian Atlantic provinces. The company operates primarily in Nova Scotia, New Brunswick, and Newfoundland and Labrador.
"The Canadian power market is experiencing significant growth driven by investment in electric grid modernization, system resiliency, and clean energy integration," said Centuri President and CEO Christian Brown. "This acquisition directly supports our disciplined growth strategy by expanding our Canadian presence and market offerings, enabling us to serve customers in new geographies and positioning Centuri as a key partner in supporting Canada's evolving energy landscape. We are excited to welcome the talented CAUS team to Centuri and look forward to making an immediate impact in delivering expanded service offerings while building lasting partnerships with our customers."
Neil Waugh, President of Centuri's Canadian business segment further stated, "CAUS is a great complement to our existing natural gas distribution service offerings, bringing a highly capable, committed team. Together we can expand what we offer our customers while accelerating Centuri's strategy. This acquisition allows us to unlock opportunities neither organization could achieve alone."
"We are excited to be joining Centuri, a leader in utility infrastructure services that shares our commitment to safety, operational, and customer excellence," said CAUS President John MacKinnon. "Canada is expected to invest nearly $2 trillion by 2050 to support the country's electricity-grid modernization and clean energy goals. Combining the resources, processes, and expertise of Centuri and CAUS positions us well to expand our offerings and reach and deliver even greater value for customers, employees, and all the stakeholders we serve."
Seale & Associates acted as exclusive financial advisor to Centuri on the acquisition transaction, and Bennett Jones LLP provided outside legal counsel.
About Centuri
Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. Learn more at https://centuri.com.
About CAUS
Headquartered in Nova Scotia and founded in 2001, CAUS has a 75-year operating legacy and more than 150 employees. CAUS specializes in energized transmission, distribution maintenance, storm restoration, inspection and advisory services. Learn more at https://www.causltd.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as "will," "predict," "continue," "forecast," "expect," "believe," "anticipate," "outlook," "could," "target," "project," "intend," "plan," "seek," "estimate," "should," "may" and "assume," as well as variations of such words and similar expressions referring to the future. The specific forward-looking statements made herein include (without limitation) statements regarding our confidence in our prospects to deliver value for our stockholders as an independent standalone company and our expectation to continue to build on our track record of delivering consistent growth by serving our customers across the utility value chain. A number of important risks, uncertainties and other factors affecting the business and financial results of Centuri could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions and those detailed from time to time in Centuri's reports filed with the SEC, including Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. Factors that could cause actual results to differ also include (without limitation) those discussed in Centuri's filings filed from time to time with the Securities and Exchange Commission. The statements in this press release are (i) made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise, and (ii) based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Except to the extent required by applicable law, Centuri does not assume any obligation to update or revise the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. You are cautioned not to place undue reliance on these forward-looking statements.
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For Centuri shareholders, contact:
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