Summary

Industry | Select Recent M&A Activity

  • M&A: The Geotechnical, Environmental, and Testing divisions of Atlantic Engineers have been acquired by The Kleinfelder Group. The Kleinfelder Group is a portfolio company of Wind Point Partners.

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  • M&A: QC Data, an engineering and data services company providing business process outsourcing and project delivery services, has been acquired by EN Engineering.

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  • M&A: Environmental Partners, a provider of geo-environmental services including investigation and remediation solutions, has been acquired by TRC Companies.

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  • M&A: The Lab and Measurement businesses of Banded Iron Group, have been acquired by SPL. SPL is a portfolio company of Industrial Growth Partners.

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  • M&A: Long Engineering, a provider of civil engineering, architectural, and land surveying services, has been acquired by Atlas Technical Consultants.

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  • M&A: Bowline Construction, a provider of construction access systems in the New England region, has been acquired by BrandSafway. Brandsafway is a portfolio company of Clayton, Dubilier & Rice.

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  • M&A: Horizon Services, a premier home services provider of energy-efficient heating, AC, plumbing, and electricity, has been acquired by New Mountain Capital. Horizon Services was previously a portfolio company of Sun Capital Partners

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  • M&A: Enertech, a firm engaged in the design, building, and installation of open protocol-based building automation systems, has been acquired by ONCAP. Enertech was previously a portfolio company of Tower Arch Capital LLC.

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Public Markets | Key Trading Statistics1

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What We’re Reading

Oil & Gas | Oil Trading in Sweet Spot Adds to Improving Economic Signals

“Oil prices have stayed in a contained range that analysts say benefits both producers and consumers, bolstering hopes that the global economy can rebound. U.S. crude has generally stayed between $50 and $60 a barrel in the past six months and is on pace for its best year since 2016 following a sharp selloff late in 2018. Brent, the global gauge of prices, has also been steady and traded between $55 and $65. Because it is critical for the transportation and shipping industries, oil is used by some investors to gauge momentum in the economy. Prices had sent an alarming signal when they tumbled earlier in the year, hurt by worries that crumbling demand would result in a glut. But recent progress toward an initial U.S.-China trade accord and stabilizing economic data around the globe have fueled bets on an improving picture for consumption.”

The Wall Street Journal

Renewables & Distributed Energy | New York Outlines New Ways to Compensate Distributed Solar Users as it Looks Beyond Net Metering

“The New York Department of Public Service (DPS) on Monday released recommendations on new ways to compensate residential and small commercial distributed solar users as the state works to move past net metering, proposing a one-year extension for ‘mass market’ net metering eligibility.

In order to give the distributed solar industry time to adjust to changes, the white paper recommends that the New York Public Service Commission (PSC) extend the deadline for ‘mass market’ customers to be eligible for net metering from Jan. 1, 2020 to Jan. 1, 2021. The secretary of the PSC is likely to agree to extend that deadline, Solar Energy Industries Association Senior Director of State Affairs for the Northeast Dave Gahl told Utility Dive. Previously, New York regulators said that after the end of this year they would start cutting back on the full retail rate that new rooftop solar users receive for exporting their excess energy to the grid under net metering.”

Utility Dive

Utilities | 3 Trends That Shaped the Grid Edge in 2019

“It isn’t easy to transform a century’s worth of electricity infrastructure from the ground up, particularly in the face of climate-change-induced firestorms. In looking back at 2019’s most important developments on the grid edge — GTM's term for the interface of the traditional utility enterprise with rooftop solar panels, behind-the-meter batteries, plug-in electric vehicles and other distributed energy resources (DERs) — it’s hard to overstate the impact of California’s wildfires and power outages on the U.S. market. Over the course of 2019, we’ve seen California, the country’s leader in most DERs, wracked by a climate-change-induced emergency that’s bankrupted its largest utility, Pacific Gas & Electric, and forced millions to go without power during fire-prevention blackouts. The crisis has left the future of PG&E as an investor-owned utility in doubt and forced the state to confront the costs of transforming its energy infrastructure to decarbonize its economy and prevent future disasters.”

Greentech Media

Oil & Gas | Deciphering the Performance Puzzle in Shales

“Isolating shale’s success factors or continually improving productivity in shales isn’t easy, and that’s probably why many shale operators face regular questions on productivity, efficiency, and returns. In the series, Moving the US Shale Revolution Forward, we undertake an integrated statistical analysis of geological, engineering, and productivity data from over 80,000 horizontal shale wells to bring more clarity in understanding this relatively young resource, its performance, and potential.

Although not a substitute for well- or play-specific reservoir and petro-physical interpretations, our work highlights success factors, ongoing challenges, and improvement opportunities for shale operators.”

Deloitte

Engineering & Construction | Should Designers and Contractors Become Technology Companies?

“As technology disruption continues to accelerate in our industry, this is likely being discussed in boardrooms around the world. Design firms and construction companies absolutely should become technology companies, but becoming a tech company is much different than becoming a software company.

Technology has always disrupted engineering. Consider the shift from bumwad to computer-aided design (CAD), and from CAD to building information modeling (BIM) and geospatial information systems (GIS). The difference today is that the changes are happening faster, at a pace that upskilling and behavioral adaptation can’t maintain. This rate of change has many seeing today’s technology disruption as something different, instilling fear of commoditization or even obsolescence.”

ENR

M&A Transactions

Recent M&A Transactions1,2

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Public Markets Overview

Infrastructure Services1

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Power Equipment and Services1

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Energy Equipment and Services1

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Industry Statistics

Construction Indicators3,4

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Construction Spend5

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ABI:  Derived from the AIA’s monthly Work-on-the-Boards survey, an index score above 50 denotes increased billing from prior month,
and vice versa.

DMI: 12-month indicator of future construction spending and demand for construction products / services.

Our Group

Harris Williams is a leading advisor to the energy, power, and infrastructure M&A market.  Our Energy, Power & Infrastructure Group has experience across a broad range of sectors, including services, products, and technologies that support or enhance energy and power infrastructure.

Select Recent Experience

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Public Comparables1

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1. CapIQ

2. MergerMarket

3. American Institute of Architects

4. Dodge Data & Analytics

5. U.S. Department of Commerce

 

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