Utility contractor InfraSource Services files for an IPO

InfraSource Services, one of the largest utility infrastructure contractors in the U.S., filed with the SEC on Friday to raise as much as $288 million in an IPO. For the twelve months ended September 30, 2003, the company booked more than $550 million in total revenue and generated roughly $40 million in earnings before interest, taxes, depreciation and amortization (EBITDA). The Aston, PA based company was previously a division of utility giant Exelon until being spun off to investment funds managed by GFI Energy Ventures and Oaktree Capital Management in 2003. Lehman Brothers and Merrill Lynch have been selected as underwriters for the offering. Terms and timing have yet to be announced.