Private equity firm PMC Capital Partners has acquired Houston-based UniversalPegasus International, an engineering design and project management services provider to the energy sector, from Huntington Ingalls Industries (NYSE: HII) for an undisclosed sum.
"We are pleased to have reached this agreement," Andy Green, president of HII's technical solutions division and an inductee into Executive Mosaic's Wash100 for 2021, said in a statement released Wednesday.
"It will enable UPI to continue to flourish, ensuring the business remains at the forefront of innovation and customer service in the future."
Ernst & Young Capital Advisors acted as the exclusive financial adviser to HII in the sale process. UniversalPegasus became part of HII in June 2014.
UniversalPegasus, which CEO Tom Davison has led since 2016, landed the 59th spot in Engineering News-Record magazine's Top 500 design firms list, PMC Capital said.