ConnexiCore Is Supporting Construction Project Safety by Utilizing Drones for Social Distancing

ConnexiCore | April 07, 2020

While the coronavirus pandemic has completely halted progress for many industries, ConnexiCore is helping construction companies find ways to leverage drone technology while protecting the safety of their teams. Various stakeholders typically visit job sites on a regular basis to conduct inspections and evaluations. Though travel restrictions and social distancing are currently preventing in-person visits, drones are providing high-resolution images and 4K video of job sites, all while maintaining safe human distances. Drones are also providing actionable data, such as 3D point cloud models, plant health, and asset inventory tracking. To minimize risk, drones are delivering all this content and data safely via SaaS-based platforms, such as ConnexiCore Cloud, that allow teams working remotely to collaborate across thousands of assets. For situations that require it, drones are also facilitating real-time monitoring via streaming video so stakeholders can direct the drone pilot during the flight mission.

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CONSTRUCTION

The JF Petroleum Group Acquires Dykstra Construction, A Premier Florida General Contracting Firm

Dykstra Construction | February 08, 2022

The JF Petroleum Group, a MidOcean Partners portfolio company and the premier provider of fueling system solutions in North America, announced that it has acquired Dykstra Construction. Headquartered in Plant City, Florida, Dykstra Construction is a commercially certified, multi-industry contractor specializing in commercial and convenience store construction and petroleum equipment installation and repair. The acquisition of Dykstra Construction will strengthen The JF Petroleum Group’s Southeast Region’s market leadership position in the petroleum equipment industry and enhance its ability to serve customers by adding additional turnkey services to its retail and commercial construction offerings. Keith Shadrick, CEO of The JF Petroleum Group, stated, “Given the growing demand for construction services throughout our Southeast and Gulf Coast Regions, this acquisition will significantly enhance our ability to provide best in class turnkey construction solutions to our customers. We will also enhance the offerings and capabilities that Dykstra Construction has today through organic growth and additional bolt-on acquisitions, delivering a greater value proposition to their existing client base. Dykstra Construction is widely recognized in the state of Florida for its exceptional quality, expertise in fuel system design and installation, general contracting and their additional wide range of service offerings that are in high demand. We are proud to welcome Darry Dykstra and the employees of Dykstra Construction to The JF Petroleum Group family!” I look forward to continued growth in our industry, as well as the opportunity to work with The JF Petroleum Group to branch out into new sectors offering clients a truly turnkey experience. This is a great environment for employees of Dykstra Construction to thrive.The JF Petroleum Group is a great fit for us moving forward given our trusting relationship and shared values. Barrett Gilmer, Managing Director at MidOcean Partners, stated, “The acquisition of Dykstra Construction is yet another demonstration of our commitment to building the North American petroleum equipment industry’s leading solution provider in The JF Petroleum Group. Additionally, this acquisition expands the robust service offering we offer today in one of the nation’s leading high growth market areas.” -Darry Dykstra, founder of Dykstra Construction. About JF Petroleum Group The JF Petroleum Group (formerly Jones & Frank) is a leading provider of turn-key distribution, construction and service solutions to the North American fueling infrastructure industry. The company serves retail fueling stations, commercial and government fleets, and emergency power customers through its network of 40 branch offices, 4 distribution centers and over 1,200 employees located across the United States. The JF Petroleum Group represents the premier products in the fueling infrastructure marketplace, including Gilbarco Veeder-Root, VeriFone, OPW, Franklin Fueling and Containment Solutions. To learn more, visit www.jfpetrogroup.com. About MidOcean Partners MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.

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Applied Technology Associates to Join the Formation of BlueHalo in Combination with AEgis Technologies and Brilligent Solutions

BlueHalo | November 02, 2020

Applied Technology Associates ("ATA") today announced it's joining the formation of BlueHalo (the "Company"), a leading provider of advanced engineering solutions and technology to the national security community. BlueHalo was formed through the combination of AEgis Technologies, including its previously integrated acquisitions Excivity and EMRC Heli ("AEgis"), an Arlington Capital Partners portfolio company, and its recently announced acquisition of Brilligent Solutions ("Brilligent"). BlueHalo is purpose-built to provide industry leading capabilities in the domains of Space Superiority and Directed Energy, Missile Defense and C4ISR, and Cyber and Intelligence. The Company is an end-to-end lifecycle partner delivering technical expertise from R&D through deployment. BlueHalo seeks to deliver advanced engineering to address the most complex challenges facing the national security community.v

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CONSTRUCTION

Sterling Acquires Petillo, an Industry Leading Specialty Site Development Company

Sterling | January 06, 2022

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) entered into a Stock Purchase Agreement and closed on the acquisition of Petillo Incorporated and its related operating entities (collectively “Petillo”), on December 30, 2021. Petillo is a leading specialty site development solution provider in the Northeast and Mid-Atlantic. Founded in 1994 by owner and CEO Michael Petillo, Petillo has seen compound revenue growth from 2017 to 2021 of 29% through continued expansion of its geographic footprint “We are excited to welcome the Petillo team, its culture and capabilities into our E-infrastructure solutions sector,Their entrepreneurial spirit focused on delivering customer-centric solutions coupled with their geographic footprint will enable us to service our key blue-chip e-commerce customers up and down the entire East Coast with even more offerings than we had before. Petillo’s capabilities along with our current Plateau capabilities will not only create one of the largest specialty site development companies in the U.S. but will also add broader capabilities and service offerings to both end markets.” -Joe Cutillo, Sterling’s Chief Executive Officer The aggregate consideration of $195 million paid on the Closing Date (the “Base Purchase Price”) consisted of $175 million of cash and 759,447 shares of Sterling common shares valued at $20 million. Additionally, under the purchase agreement, upon the satisfaction of achieving the specified annual operating income growth thresholds, and certain other conditions, the sellers are entitled to earn-out payments not to exceed $20 million over the next five years. The Company also entered into a five-year employment agreement with Michael Petillo, which provides for five equal annual retention payments totaling $15 million. Effective December 29, 2021, Sterling entered into a Third Amendment to it’s Credit Agreement (the “Amendment”) which, among other provisions, increased the Company’s Existing Term Loans through a new incremental $140 million term loan with the same maturity as the Existing Term Loans to fund a portion of the Petillo acquisition. The Amendment was led by BMO Capital Markets Corp, as Joint Lead Arranger and Joint Book Runner, and BMO Harris Bank N.A., as Administrative Agent. The balance of the Base Purchase Price, together with acquisition related costs, was funded from Sterling’s cash balance. Stifel served as exclusive financial advisor and Jones Walker LLP served as legal advisor to Sterling on this transaction. About Sterling Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services and Residential projects in the United States (the “U.S.”), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include site development activities, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and communities, our customers and our investors – that is The Sterling Way., customer base and service offerings. Petillo’s 2021 revenues and income from operations are expected to be approximately $212 million and $29 million, respectively.

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