BOSTON, March 20 -On March 10, 2006, affiliates of ArcLight Capital Partners, LLC purchased 60 percent of the common stock of MYR Group, Inc. from 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 $2.5 billion under management.
Daniel R. Revers, Managing Partner of ArcLight, commented, "MYR is an outstanding, well-run company positioned to capitalize on the upsurge in electric transmission and distribution spending required to rebuild our nation's electric grid. We are excited to partner with FirstEnergy and share our unique perspectives on the industry."
"With ArcLight and FirstEnergy as owners, MYR has the best of both worlds," said Bill Koertner, President and Chief Executive Officer of MYR. "We look forward to expanding our commitment to our customers and employee safety."
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 21 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.
