Summary

Industry | Select Recent M&A Activity

M&A: Atlas Technical Consultants, a leading provider of professional testing, inspection, engineering, and consulting services, has been acquired by Boxwood Merger Corporation. Atlas Technical Consultants was previously a portfolio company of Bernhard Capital Partners. HW served as the exclusive advisor to Atlas Technical Consultants.
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M&A: Franklin Energy Group, a leading provider of demand side management solutions to utility clients, has been acquired by Abry Partners. Franklin Energy Group was previously a portfolio company of Kohlberg & Co. HW served as the exclusive advisor to Franklin Energy Group.
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M&A: Batchelor & Kimball, a provider of mechanical construction and maintenance services, has been acquired by EMCOR Group.
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M&A: Conti Corporation, a provider of complete lifecycle services including construction, design/build, field installation, training, and maintenance services, has been acquired by ENGIE.
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M&A: NDT Global, a provider of oil and gas pipeline, specializing in pipeline and power line inspection services, has been acquired by Eddyfi.
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M&A: Vinculums Services, a provider of infrastructure services to wireless operators, specializing in program management, site acquisition, and construction, has been acquired by Qualtek. Qualtek is a portfolio company of Brightstar Capital Partners.
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M&A: Ecotagious, a leading provider of end-to-end, customer-centric technology solutions dedicated to the energy ecosystem, has been acquired by Uplight. Uplight was recently formed from the merger of Simple Energy and Tentril.
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Public Markets | Key Trading Statistics1

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What We’re Reading

Energy Management | The Speed of the Energy Transition: Gradual or Rapid Change

“Will the global energy transition from fossil fuels to sustainable energy be gradual or rapid? This key issue for the 2020s has profound implications for governments, energy producers, technology providers as well as industrial and private consumers. But, more importantly, the difference between a gradual and rapid transition will determine the climate future of humanity. A gradual transition will mean that the goals of the Paris Agreement will be badly missed. A rapid transition will give humanity a chance to meet the goals of the Paris Agreement and keep temperature well below 2 degrees Celsius.

While the global energy system and the factors that impact it are more complex than any scenario or narrative can capture, this paper builds on different existing scenarios and contrasts The Gradual narrative and The Rapid narrative. It also highlights what to look for over the course of the next decade to see which narrative plays out.”

World Economic Forum

Oil & Gas | Big Oil’s Leaders Take on The Climate Challenge

“The OGCI – a group of 13 companies, including all the largest western international oil companies (IOCs) and some of the leading national oil companies (NOCs) – is ‘dedicated to the ambition of the Paris Agreement to progress to net-zero emissions in the second half of this century.’ The group made some announcements to coincide with its meeting, reporting progress in curbing methane leakage, promising further support for investment in carbon capture, storage and use projects and pledging to set a common emissions intensity target in the year ahead. The CEOs of ExxonMobil, Chevron, Royal Dutch Shell, Total, BP, Equinor, Eni, Repsol and Occidental Petroleum were all present, as were representatives from Saudi Aramco, CNPC and Petrobras.

To help investors and others understand the industry’s progress towards those objectives, a team of Wood Mackenzie consultants, led by Gavin Law and Amy Bowe, have developed a carbon benchmarking tool, which provides a forward-looking, asset-level view of emissions and related policy and financial risks for 25 of the largest oil and gas companies.”

Forbes

Renewables & Distributed Energy | US Wind Industry Wants Same Tax Incentives…

“The U.S. wind industry, now approaching 100 gigawatts of installed capacity, secured a multiyear extension to its PTC in 2015 based in part on the argument that it would be the last one. However, the solar industry received what is widely viewed as a better deal in the extension of its ITC. The wind PTC began phasing down in 2016 for new projects, but the ITC does not start its decline until next year. And while the PTC eventually drops to zero, solar’s ITC is set to remain permanently at a reduced level — a major advantage over time.

Up until now, the wind industry has seemingly been hesitant to ask for another PTC extension. In contrast, the solar industry has been openly calling for another ITC extension in the absence of federal climate and energy legislation.”

GreentechMedia

Utilities | These Trends are Defining the Future of Energy Efficiency

“Given the incredible power of consumerization, becoming and staying relevant to customers is more important than ever for utilities. EE programs, for their part, will continue to provide utilities with the best platform for building customer engagement. Further, there is a wide-open opportunity to focus more on EE initiatives that provide explicit benefits to the utility customer as a way to access and enable future new revenue streams that the utility might want to pursue.

Ultimately, the future of the industry demands that utilities deliver customer centric programs that meet regulatory mandates and cost recovery incentives. This future will be powered by new technology, a commitment to responsibly distributing existing energy resources and a universal focus on customer success.”

Utility Dive

Energy Management | an Executive’s Guide to the Global Energy System

“The global energy system is like a supertanker in that it’s got this momentum; there’s a huge amount of sunk capacity and infrastructure and industry structure around it. That does not change overnight. And you’re talking decades, not years, to look at these trends.

Indeed. It’s a complex system, so you also need to be careful because not all fuels are easily replaceable. That’s why when we talk about the implications, we do need to take into account that indeed there are some sectors where the growth is, but you will continue to need some other fossil fuels where economic rent can still be made.”

McKinsey

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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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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