Harris Williams Advises GrayWolf Industrial, Inc. on its Pending Merger with DBM Global Inc.

October 16, 2018

Harris Williams, a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the pending merger of GrayWolf Industrial, Inc. (GrayWolf) with DBM Global Inc. (DBM), an operating subsidiary of HC2 Holdings, Inc. (NYSE: HCHC, HC2). GrayWolf is a premier specialty maintenance, repair and installation services provider. The transaction is being led by Drew Spitzer, Matt White and Neha Shah of Harris Williams’ Energy, Power & Infrastructure (EPI) Group and Dan Pate of the firm’s Richmond office.

“We’re incredibly pleased to have partnered with GrayWolf and represent its shareholders in this transaction,” said Drew Spitzer, a managing director at Harris Williams. “DBM is an optimal home for the business, and there’s tremendous growth opportunity for GrayWolf as part of the DBM platform.”

“GrayWolf represents another successful transaction in the infrastructure services space for Harris Williams’ EPI Group, furthering our deep expertise in the sector with over 45 infrastructure services deals,” added Matt White, a managing director at Harris Williams. “The merger with DBM highlights the interest we’re seeing more broadly in maintenance-focused infrastructure services platforms.”

For nearly 40 years, GrayWolf and its family of companies (Titan Contracting, Inco Services, Milco National and Titan Fabricators) have developed an outstanding reputation for on-time deliveries, commitment to safety and furnishing quality services and products. GrayWolf provides services including specialty welding, maintenance and rigging, among others, to clients across the United States and select international locations in a variety of heavy industrial and mechanical industries, ranging from power to petrochemical to pulp and paper to mining.

DBM is focused on delivering world class, sustainable value to its clients through a highly collaborative portfolio of companies which provide better designs, more efficient construction and superior asset management solutions. The company offers integrated steel construction services from a single source and professional services which include design-assist, design-build, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, project management and state-of-the-art steel management systems. Major market segments include commercial, healthcare, convention centers, stadiums, gaming and hospitality, mixed use and retail, industrial, public works, bridges, transportation and international projects. The company, which is headquartered in Phoenix, Arizona, has operations in United States, Australia, Canada, India, New Zealand, Philippines, Thailand and the United Kingdom.

HC2 is a publicly traded diversified holding company which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across eight reportable segments, including construction, marine services, energy, telecommunications, life sciences, broadcasting and insurance, among others. HC2’s largest operating subsidiaries include DBM Global, a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York.

Harris Williams (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams’ EPI Group has experience across a broad range of sectors, including industrial and infrastructure services, oil and gas equipment and services, energy efficiency and clean tech, power products and technology, engineering and construction and environmental services. For more information on the firm’s energy, power and infrastructure experience, please visit the EPI Group’s section of the Harris Williams website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business.