Underwater Construction Company LLC represents the first step in building a leading provider of specialized underwater services to the nuclear power and critical infrastructure markets
ESSEX, Conn., Aug. 7, 2026 /PRNewswire-PRWeb/ -- Crescentia Capital ("Crescentia") announced today a strategic investment in Underwater Construction Company LLC ("UCC" or the "Company"), a leading provider of specialized underwater diving services to the nuclear and hydroelectric power generation, U.S. Navy, municipal water infrastructure, and industrial end markets. The investment will fuel organic growth initiatives and strategic acquisitions as Crescentia builds a national platform in specialized underwater services.
Founded in 1969, UCC has grown into one of the most technically capable and broadly credentialed underwater services businesses in the United States. Headquartered in Essex, Connecticut, the Company operates from seven regional offices spanning the Northeast, Mid-Atlantic, Midwest, and South. With a workforce of more than 225 certified commercial divers, UCC delivers inspection, cleaning, repair, and maintenance services for mission-critical infrastructure across the country, complemented by specialized capabilities including underwater welding, protective coatings, and remotely operated vehicle ("ROV") operations.
"For more than fifty years, UCC has taken on the most technically demanding underwater work in the country, and Crescentia is the right partner to accelerate our next phase of growth," said Ray Palumbo, who will continue as Chief Executive Officer. "Crescentia brings deep experience in the utility and industrial markets and a strong focus on supporting field services businesses like ours. Together we intend to invest in our divers and new ROV technology, broaden our capabilities, and cement UCC as the partner of choice for the most critical underwater infrastructure in North America."
"Ray Palumbo, Mike Pellini and Bill Feeley have spent decades building UCC into a trusted leader in commercial diving, known for its technical capability and strong safety culture," said Brian Guerin, Managing Partner at Crescentia. "We are honored they entrusted us with the Company's next chapter, and excited to partner with Ray Palumbo and the entire UCC team as we work to build a leading provider of specialized underwater services to critical infrastructure across the country."
Crescentia completed the investment in partnership with Graham Capital Investments ("GCI"). Webster Bank and Avante Capital Partners provided financing in support of the transaction.
About Underwater Construction Company LLC
Founded in 1969, Underwater Construction Company LLC is a leading provider of specialized underwater diving services across the United States. UCC pioneered commercial nuclear diving in the early 1970s and has grown into one of the largest nuclear diving companies in the world. UCC delivers a comprehensive suite of services, including inspection, cleaning, repair and maintenance, underwater welding, specialty coatings, carbon fiber structural wrapping, and ROV operations, to clients across the nuclear and hydroelectric power, defense, municipal water utility, and industrial sectors. For more information, please visit: www.uccdive.com.
About Crescentia Capital
Crescentia Capital, the equity buyout business of Calvert Street Investment Partners, focuses primarily on control investments in companies providing critical or essential services to the industrial and infrastructure end markets. Crescentia has been partnering with families and owner-operators to accelerate growth and drive value creation in lower middle-market companies since 1995. Crescentia collaborates closely with its operating partners and management teams, employing a disciplined investment approach that aligns our interests and commitment to the strategic growth plan. Collectively, the investment professionals have invested more than $675 million of capital (including co-investment amounts) across 70+ companies. For more information, please visit: www.crescentiacapital.com.
About Graham Capital Investments
GCI is a private equity platform that primarily focuses on making investments alongside independent and emerging sponsors in the North American lower middle market through (i) co-sponsorships, (ii) select influential co-investments, and (iii) secondary transactions. Through a focused and customized model, GCI seeks to combine its deep market knowledge, extensive network, and operational resources to originate unique investment opportunities and drive value pre- and post-close. For more information, please visit: www.gci-graham.com.
Media Contact
Brian Guerin, Crescentia Capital, 1 443.573.3716, [email protected], https://www.crescentiacapital.com
SOURCE Crescentia Capital
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