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BaseRock Partners Names Luke Smith Managing Director

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BaseRock Partners (“BaseRock”), a leading investment bank serving the engineering and construction industry, is pleased to announce the promotion of Luke Smith to Managing Director.

Smith brings more than a decade of corporate finance and M&A advisory experience to his new role. Since joining BaseRock, he has led several high-profile transactions within the engineering and construction sector, with a particular focus on specialty contractors. His recent work advising Professional Electrical Contractors of Connecticut is one of several notable engagements that underscore his impact at the firm.

“Luke has been instrumental in strengthening BaseRock’s position as a leading advisor in the specialty contracting and infrastructure sectors,” said Dustin Bass, Co-Founder of BaseRock Partners.

“His market insights, transaction expertise, and commitment to client success are core to our firm’s values, and we’re thrilled to recognize his contributions through this well-earned promotion.”

“This is an exciting time in the construction and infrastructure markets, with significant opportunity for growth and consolidation,” Smith said. “I’m proud to be part of a team that brings industry focus, strategic perspective, and a hands-on approach to every engagement.”

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BaseRock Partners Expands Engineering and Construction Advisory Practice with Addition of Managing Director Jim Owen

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BaseRock Partners is pleased to announce the hiring of Jim Owen as Managing Director. Based in Chicago, Owen brings more than 30 years of investment banking and capital markets experience to BaseRock, with deep expertise advising companies on mergers and acquisitions, capital raising, and ownership transitions.

Mr. Owen will expand BaseRock’s advisory capabilities across the architecture, engineering, and industrial services markets. His appointment supports the firm’s continued growth in advising businesses across North America navigating complex transaction environments.

 “Jim’s experience and client-first focus make him a natural fit for BaseRock,” said Dustin Bass, Co-Founder of BaseRock Partners.

“He has long been a trusted advisor to engineering and construction leaders, and his experience strengthens our ability to deliver exceptional outcomes for our clients.”

Owen began his career at Harris Bank/BMO Capital Markets, where he spent 16 years advising middle-market and large corporate clients. He later served as Managing Director at Houlihan Lokey, where he led M&A and capital raise transactions for engineering, construction, and industrial services firms in the U.S. and abroad. In 2017, he founded Alpine Lake Capital Partners, which focused on investments in utility and infrastructure-related businesses. Most recently, he led the Infrastructure & Industrial Services group at Stout Capital, completing numerous sell-side, buy-side, and capital raise transactions.

 “There’s never been a more important time to provide specialized advice to infrastructure-focused companies,” Owen said. “I’m excited to join a team that is singularly focused on the engineering and construction space and committed to helping owners and leadership teams achieve their strategic goals.”

 

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Key Trends in Power, Water, and Communications Infrastructure

Key Trends in Power, Water, and Communications Infrastructure: Utility Services Market 2025

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The utility services sector is at an inflection point, driven by surging energy demand, deteriorating infrastructure, and continued fiber deployment. According to BaseRock Partners Utility Services Market Report 2025, major outlays are expected across transmission and distribution networks, water systems, and broadband infrastructure. With a median 17% increase in CapEx among utilities and a growing backlog of infrastructure projects, industry players must stay informed to seize opportunities in the evolving landscape.

Surging Energy Demand and Grid Modernization

Following decades of flat growth, U.S. power demand is set to rise sharply, propelled by energy-intensive industries such as data centers. By 2030, data centers are projected to consume 12% of total U.S. electricity, significantly impacting grid infrastructure (BaseRock Partners Utility Services Market Report 2025).

In response, utilities are ramping up investments to modernize transmission and distribution networks, ensuring grid reliability amid rising demand. The report notes that

“major utilities are expected to increase capital expenditures by a median of 17% in the coming years.”

This capital allocation will prioritize system resilience, capacity expansion, and the integration of renewable energy sources.

Addressing America’s Aging Water Infrastructure

With more than 40% of U.S. drinking water infrastructure surpassing the 50-year mark, the need for investment is urgent. Outdated wastewater and stormwater systems are under increased pressure from more frequent and severe storms. “Frequent and intense storm events are straining outdated wastewater and stormwater systems, highlighting the need for resilience,” the report states.

Compounding these challenges is a workforce shortage in the water utility sector. “33% of utility operators can retire in 10 years, with only 10% under the age of 24,” creating a significant knowledge gap and potential delays in necessary infrastructure upgrades. Investments in workforce development, technology, and system resilience will be critical to ensuring long-term water security.

Fiber Expansion Faces Administrative Delays but Continues

The broadband industry remains on a strong growth trajectory, with fiber passing more than half of U.S. homes. By 2029, this figure is expected to exceed 90% of passable homes, with three key providers driving 75% of new passings (BaseRock Partners Utility Services Market Report 2025).

Despite this momentum, the report highlights a temporary slowdown: “An executive order issued in January has suspended the disbursement of BEAD funding as the new administration reviews the program.” While the extent of the impact remains uncertain, the near-term outlook for fiber remains strong, driven by private sector investment and state-level broadband initiatives.

Private Equity Fuels M&A Activity in Utility Services

Private equity firms remain highly active in the utility services sector, with significant transactions reshaping the competitive landscape. Some of the most notable deals include:

  • • Roark Capital’s partnership with GPRS (January 2025)
  • • Cerberus’ acquisition of Landmark Structures (December 2024)
  • • GridTek Utility Services’ sale from First Reserve to BlackRock (June 2024)

The report underscores that “Wall Street analysts expect a repeat of 2024 in 2025, with anticipated near-double-digit top-line growth and expanding backlogs.” For commentary on these sector trends and more, download the full BaseRock Partners Utility Services Market Report 2025.

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Certain securities and advisory services are provided through BaseRock Capital, LLC, a wholly owned subsidiary of BaseRock Partners, LLC and a member of FINRA and SIPC. Information regarding BaseRock Capital, LLC and its registered representatives and principals may be found at brokercheck.finra.org.