New York, NY – March 13th, 2025 – Aleutian Capital Group (“Aleutian Capital”), a New York-based middle-market investment bank, is pleased to announce the successful acquisition of M&C Utilities, LLC (“M&C”) by Five Star Energy Services (“Five Star”), a portfolio company of Emerald Lake Capital Management L.P. (“Emerald Lake”) and Highview Capital, LLC. Aleutian Capital originated the opportunity. Terms of the transaction were not publicly disclosed.
M&C Utilities, LLC
Based in Buffalo, NY, M&C is a leading and trusted underground utility installation and maintenance contractor directly serving the primary providers within the natural gas and telecommunication industries. M&C offers a full range of services including, but not limited to, site surveys, trenching, cable laying, splicing, testing, and ongoing maintenance.
Five Star Energy Services
Five Star is a provider of underground utility services to the telecom, water, and gas end markets. The business was founded on safety, quality, and the ability to adapt to jobs of all sizes and scopes. Headquartered in Waukesha, WI, Five Star offers a full spectrum of services ranging from design and engineering to construction and maintenance to blue-chip customers in various end markets. For more information, visit www.fivestarenergyservices.com.
About Emerald Lake Capital Management, L.P.
Based in Santa Monica, California, Emerald Lake is a middle market private equity firm investing in capital-efficient businesses with sustainable competitive advantages and strong growth prospects in the industrials and services sectors. Emerald Lake seeks to accelerate company growth and unlock potential through supportive, trusting partnerships with management teams and a proven-value creation strategy. Founded in 2018, the firm manages approximately $1.4 billion of equity capital across its portfolio. For more information, visit www.elcm.com.
About Highview Capital, LLC
Highview Capital, LLC is a middle market private equity fund backed by a multi-billion dollar family office. The fund employs a flexible mandate and takes a long-term perspective on businesses at an inflection point. Since 2017, Highview has deployed equity capital across more than 40 acquisitions in industries such as business services, industrials, and distribution. Highview takes pride in our close partnerships with founders and management teams. For more information, visit www.highviewcapital.com.