UCC's headquarters in Essex. Photo | Costar By Harriet Jones August 10, 2026 Crescentia Capital has taken a controlling investment in diving specialist Underwater Construction Company (UCC), headquartered in Essex. UCC provides specialized underwater diving services to the U.S.

Navy, municipal water infrastructure, and the nuclear and hydroelectric power generation industry. The company was founded in 1969, and now operates from seven regional offices spanning the Northeast, Mid-Atlantic, Midwest and South. It has more than 225 certified commercial divers.

UCC says it is now one of the largest nuclear diving companies in the world. Its capabilities include inspection, cleaning, repair and maintenance, underwater welding, specialty coatings, carbon fiber structural wrapping and remotely operated vehicle operations. ADVERTISEMENT Crescentia Capital is the equity buyout arm of Towson, Maryland-based Calvert Street Investment Partners.

It focuses on investments in companies providing essential services to the industrial and infrastructure end markets. Crescentia completed the investment in partnership with Graham Capital Investments (“GCI”).

Webster

Bank and Avante Capital Partners provided financing in support of the transaction. UCC’s current CEO Ray Palumbo will continue to lead the company. “Together we intend to invest in our divers and recent ROV technology, broaden our capabilities, and cement UCC as the partner of choice for the most critical underwater infrastructure in North America,” Palumbo said of the partnership with Crescentia.



ADVERTISEMENT Crescentia says its investment is intended to fuel organic growth and strategic acquisitions to eventually build a national platform in specialized underwater services.

Crescentia

Capital has taken a controlling investment in diving specialist Underwater Construction Company (UCC), headquartered in Essex. UCC provides specialized underwater diving services to the U.S. Navy, municipal water infrastructure, and the nuclear and hydroelectric power generation industry.

The company was founded in 1969, and now operates from seven regional offices spanning the Northeast, Mid-Atlantic, Midwest and South. It has more than 225 certified commercial divers. UCC says it is now one of the largest nuclear diving companies in the world.

Its capabilities include inspection, cleaning, repair and maintenance, underwater welding, specialty coatings, carbon fiber structural wrapping and remotely operated vehicle operations. ADVERTISEMENT Crescentia Capital is the equity buyout arm of Towson, Maryland-based Calvert Street Investment Partners. It focuses on investments in companies providing essential services to the industrial and infrastructure end markets.

Crescentia completed the investment in partnership with Graham Capital Investments (“GCI”).

Webster

Bank and Avante Capital Partners provided financing in support of the transaction. UCC’s current CEO Ray Palumbo will continue to lead the company. “Together we intend to invest in our divers and current ROV technology, broaden our capabilities, and cement UCC as the partner of choice for the most critical underwater infrastructure in North America,” Palumbo said of the partnership with Crescentia. ADVERTISEMENT Crescentia says its investment is intended to fuel organic growth and strategic acquisitions to eventually build a national platform in specialized underwater services.

📌 Essex diving construction company acquired
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📍 Essex