Newport was purchased by a global leader in construction and energy (the “Buyer”) in May 2024. Headquartered in Paris France, the Buyer operates in over 120 countries in the building, civil engineering, hydraulic engineering, and services sectors. The Newport acquisition accelerates the Buyer’s strategy of growing in the Northeast US and provides access to a strong set of operators with a unique geographical footprint. The acquisition furthers the Buyer’s vertical integration strategy, bolstering its public works operations in the Northeast, which it has grown since acquiring local operations in 2018. Richard A. DeFelice, Newport founding President and CEO, who will continue to play a key executive role in the Company upon the close of the transaction, said of the sale, "I take great pride in Newport’s history and the sacrifice and perseverance it took to get to this point. I look forward to Newport’s next chapter with our new partner and our continued success together.” “Newport engaged G2 early in their thoughtful and deliberate exploration of advisory options. G2 facilitated a series of focused and strategic discussions with prospective partners, enabling our client to evaluate all dynamics and make a well-informed decision, culminating in the selection of their preferred partner. We are delighted to have supported our client in achieving their long-term goal and look forward to seeing their continued success.” said Victoria Arrigoni, Managing Director, Head of Industrials & Manufacturing at G2 Capital Advisors.