Underwater Construction Corporation (UCC) Secures Strategic Investment for Growth
Underwater Construction Corporation (UCC), a leader in specialized underwater diving services, has announced a significant strategic investment from Crescentia Capital, alongside Graham Capital Investments (GCI). This funding will enable UCC to enhance its organic growth, broaden its capabilities and geographic reach, invest in technology, and pursue strategic acquisitions.
Company Background
Founded in 1969, UCC has established a strong reputation for delivering technically challenging and mission-critical underwater work across various sectors, including nuclear and hydroelectric power, the U.S. Navy, municipal water infrastructure, and industrial markets. The company operates seven regional offices and employs over 225 certified commercial divers, offering services such as underwater inspection, cleaning, repair, maintenance, welding, specialty coatings, carbon fiber structural wrapping, and remotely operated vehicle (ROV) operations.
Investment Impact
This investment signals a new chapter in UCC’s growth, building on its more than five decades of leadership, expertise, and commitment to safety. Raymond W. Palumbo will continue to lead as President and CEO, supported by a knowledgeable team of leadership, project supervisors, and divers.
Palumbo emphasized the importance of the investment, stating, “Our foundation is not changing — what is changing is our ability to invest in the future.” He highlighted the unique attributes of UCC, including its people, technical expertise, and safety culture, stating that the investment will expand UCC’s capabilities and strengthen its market presence.
Future Goals
The new resources will enhance UCC’s investments in technology, operational capabilities, and workforce while also allowing for localized customer support. The company aims to maintain and strengthen its regional footprint, continuing to acquire equipment that bolsters its service capabilities in critical infrastructure markets.
“Our effort is not about becoming a larger company,” Palumbo remarked. “It’s about becoming a stronger and more capable partner for our customers.”
Financing and Advisory Support
Crescentia Capital’s investment was supported by financing from Webster Bank and Avante Capital Partners. Legal counsel for UCC and its shareholders was provided by Robinson & Cole, while Saybrook Capital Advisors acted as the exclusive M&A advisor to UCC and its shareholders.
With this investment, UCC is poised to expand its services, adapt to the evolving needs of its industries, and continue its trajectory as a prominent player in underwater construction and diving services.
