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.

Source

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.

Source

M&A: Vidaris, a leading provider of niche consulting services within the architecture, engineering, and construction industries focusing on high-performance buildings, has been acquired by Socotec. Socotec is a portfolio company of Copeba. Vidaris was previously a portfolio company of Cortec Group.

Source

M&A: APi Group, a leading provider for energy, life safety, infrastructure, and specialty construction businesses, has been acquired by J2 Acquisition Ltd.

Source

M&A: The Hallen Construction Company, a distribution contractor that provides heavy construction services to utilities, grids, pipeline companies, and public sector agencies, has been acquired by Quanta Services.

Source

M&A: Leaf River Energy Center, a provider of natural gas storage and pipeline transportation services, has been acquired by NJR Midstream. Leaf River Energy Center was previously a portfolio company of Macquarie Infrastructure Partners.

Source

M&A: SRC Energy, an oil and gas company engaging in acquisition, exploration, development, and production, has been acquired by PDC Energy.

Source

Public Markets | Key Trading Statistics1

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What We’re Reading

Energy Management | AI Pushes “Commoditized” Wind & Solar into the Money

“In April, for the first time in the U.S., renewables generated more electricity than coal, according to the Energy Information Administration. Now that renewable technologies like wind and solar are largely commoditized, investors and utilities are looking for ways to improve their margins, and they're turning to startups in artificial intelligence to do it. There is a current wave of investment underway in digital technologies that are making renewables the cheaper, cleaner, safer energy option. Venture firms, incumbents and private equity have raised more than $3 billion in new renewable energy-focused funds over the last three years.

Years ago, when clean energy wasn’t cost-competitive, these technologies wouldn’t have been viable investments. Incremental improvements to efficiency, power or margins are irrelevant if the core technology is too far out of the money. Today, wind is the lowest-cost new resource to build on the grid, with solar not far behind and gas competing on similar margins.”

Greentech Media

Oil & Gas | Global Gas & LNG Outlook to 2035

“The past year saw the natural-gas market grow at its fastest rate in almost a decade, supported by booming domestic markets in China and the United States and an expanding global gas trade to serve Asian markets. While the pace of growth is set to slow, gas remains the fastest-growing fossil fuel and the only fossil fuel expected to grow beyond 2035.

We expect LNG demand to outpace overall gas demand as Asian markets rely on more distant supplies, Europe increases its gas-import dependence, and US producers seek overseas markets for their gas (both pipe and LNG). China will be a major driver of LNG-demand growth, as its domestic supply and pipeline flows will be insufficient to meet rising demand. Similarly, Bangladesh, Pakistan, and South Asia will rely on LNG to meet growing demand to replace declining domestic supplies. We also expect Europe to increase LNG imports to help offset declining domestic supply.”

McKinsey

Engineering & Construction | Construction Equipment Goes Electric

“But electric equipment could offer some advantages over diesel on urban jobsites beyond regulatory compliance. Work is scheduled to mitigate noise issues, and emissions prevent equipment from being used in indoor and underground areas. Electric equipment doesn’t have those problems, and Volvo CE’s Young thinks it will open up new ways of staging jobsites in dense urban settings. ‘With smaller electric equipment in cities, we can run the machines much closer to the public, and it becomes a very different sort of environment,’ says Young. ‘The fact that you are lowering noise levels, able to work indoors with the same equipment—it really opens things up. I believe it will change the ways that people are able work.’”

ENR

Utilities | Utility and City Partnerships: Unlocking the Power of Community

“Digital transformation doesn’t happen overnight. Designing, deploying, and managing an industrial IoT platform requires careful planning across multiple teams to set up the back office for long-term success. This means getting tactical with IT and OT systems, workforce management and deployment tools. Key stakeholders need to be engaged to ensure initiatives and incentives are aligned, and that projects aim for clear, measurable goals. Successful smart utility and city initiatives usually start small, demonstrating value and ROI—and then scale to support new and more advanced capabilities as needs evolve. Many cities and utilities adopt smart LED street lighting first because the business case is compelling, with typical energy savings exceeding 50 percent and 20 percent in operational savings. Beyond the energy savings of the LED streetlight, smart lighting offers a wide range of benefits, including enhanced safety, support for time-of-use pricing, increased customer satisfaction and faster service restoration.”

Utility Dive

Energy Management | Turning the World’s Waste Problems into Energy Solutions

“As countries around the world confront all of that household refuse and unused industrial material, new technologies are turning this liability into an energy asset. Power is being generated from semisolid waste discharged from urban incinerators or industrial plants, liquid waste such as domestic sewage and excess gas produced in refineries.

Solar, wind and hydro power may grab the headlines as clean energy solutions, but increasingly, waste is a source of renewable, low-carbon energy. With 6% annual growth, the global waste-to-energy (WTE) market is expected to exceed $35.5 billion by 2024, led by the Asia-Pacific region where adoption of these novel technologies is projected to expand rapidly.”

Forbes

M&A Transactions

Recent M&A Transactions1,2

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Public Markets Overview

Energy Equipment and Services1

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Power Equipment and Services1

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Infrastructure Services1

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Industry Statistics

Commodity Prices1

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Rig Counts3

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Construction Spend4

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Construction Indicators5,6

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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. Baker Hughes

4. U.S. Department of Commerce

5. American Institute of Architects

6. Dodge Data & Analytics

 

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