Houlihan Lokey Advises FNF Construction

Houlihan Lokey is pleased to announce that FNF Construction, Inc. (FNF), a portfolio company of J.H. Whitney & Company, has been acquired by MasTec, Inc. (NYSE:MTZ). The acquisition of FNF will be integrated into the infrastructure division of Wanzek Construction, Inc., a MasTec company. The transaction closed on February 5, 2021.

Founded in 1984 and headquartered in Tempe, Arizona, FNF is a leading vertically integrated provider of heavy civil construction services in the Southwestern region of the United States. FNF competes on both alternative project delivery methods and low-bid projects, many of which are complex projects requiring multiple operational capabilities. The company has the ability to conduct the bulk of project work in-house, including supplying aggregate, asphalt production, earthwork and grading, concrete and bridge structures, underground pipework, and concrete paving.

J.H. Whitney, established in 1946 by the industrialist and philanthropist John Hay “Jock” Whitney, was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry. Today, J.H. Whitney is a leader in the private equity industry, having invested in over 400 companies since formation and currently manages approximately $1.0 billion in private capital. J.H. Whitney remains privately owned by its investing professionals, and its main activity is to provide private equity capital to small and middle-market companies with strong growth prospects in a number of industries, including consumer, healthcare, specialty manufacturing, and business services.

Founded in 1929 and based in Coral Gables, Florida, MasTec has been involved in some of the largest and most complex infrastructure construction projects across the country. With offices across North America, a workforce of nearly 22,000 skilled professionals, and an extensive wholly owned fleet of specialized construction equipment, MasTec has the resources needed to handle even the most complicated jobs. The company’s geographic reach, scalability, and overall financial stability also enable it to meet customers' changing needs.

Houlihan Lokey served as the financial advisor to FNF.