Summary

Industry | Select Recent M&A Activity

M&A: TorcSill Foundations, a provider of highly engineered deep foundation solutions for energy, industrial, and power markets, has been acquired by White Deer Energy. TorcSill Foundations was previously a portfolio company of Intervale Capital. HW served as the exclusive advisor to TorcSill Foundations.
Source

M&A: AECOM’s Management Services, a branch of the leading E&C firm engaged in the design, construction, financing, and operating of infrastructure assets worldwide, has been acquired by American Securities and Lindsay Goldberg.
Source

M&A: Quantum Spatial, a full-service geospatial solutions provider combining advanced remote sensing technology, analytics tools, and subscription software, has been acquired by NV5 Global.
Source

M&A: On Point Oilfield, a leading water and energy infrastructure company focused on midstream operations in the Midland Basin, has been acquired by Gravity Oilfield Services. Gravity Oilfield Services is a portfolio company of Clearlake Capital Group. On Point Oilfield was previously a portfolio company of White Deer Energy.
Source

M&A: Lamons, a leading provider of industrial sealing and fastener solutions used in mission-critical applications in O&G end markets, has been acquired by First Reserve Corporation. Lamons was previously a portfolio company of TriMas.
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M&A: Aerial Wireless, a provider of telecommunications and solar construction and installation services, has been acquired by QualTek. QualTek is a portfolio company of Brightstar Capital Partners.
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M&A: Pattern Energy Group, a renewables developer with a high-quality, diversified portfolio of contracted operating assets, has been acquired by Canada Pension Plan Investment Board. Pattern Energy Group was previously a portfolio company of Riverstone Holdings LLC.
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M&A: Oilfield Water Logistics, a leading provider of midstream water infrastructure and services within the Permian Basin, has been acquired by InstarAGF Asset Management.
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Public Markets | Key Trading Statistics1

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What We’re Reading

Oil & Gas | ESG Funds Enjoy Record Inflows, Still Back Big Oil and Gas

“Funds with a focus on socially responsible investing are enjoying a record year of inflows. But many such portfolios aren’t as clean as investors might expect. Eight of the 10 biggest U.S. sustainable funds are invested in oil-and-gas companies, which are regularly slammed by environmental activists, according to a review of the funds’ public disclosures. ESG funds, which broadly market themselves as trying to invest in companies with strong environmental, social and governance practices, have taken in a record $13.5 billion of net new money from investors in the first three quarters of the year, according to Morningstar. Although most of the top funds exclude gun makers, casino operators and tobacco companies, they have been slow to reduce their exposure to fossil fuels.

Complicating matters, what constitutes a strong or weak ESG rating can vary widely from firm to firm. The biggest frustration on behalf of investors is there’s no standardization within this industry,” said Rebecca Corbin, founder of capital-markets research and advisory firm Corbin Advisors.”

The Wall Street Journal

Renewables & Distributed Energy | Can Solar & Batteries Outlast an Extended Power Outage

“California's outages come at a time when many residential solar sellers are rushing battery products to market or working to expand attachment rates for new sales. Sunnova, Sunrun, SunPower and Tesla all offer in-house storage products for home solar customers. Those products join a growing crowd of storage vendors including Simpliphi, LG Chem and the latest entrant, Generac, a company formerly focused solely on backup generators.

PG&E’s public safety power shutoffs could mean a windfall of business for residential storage providers. Outage areas ringing the Bay Area align with the home base of some of the most likely clean-energy buyers. And though fire is a natural part of California’s landscape, extreme weather worsened by climate change is making wildfires more severe, compelling more customers to look for resilient energy solutions. On Monday, the California Department of Forestry and Fire Protection was managing several fires burning throughout the state.”

Greentech Media

Utilities | Congressional Policy Tracker: Everything You Need to Know

“Congress has not advanced standalone energy legislation in over a decade, but a changing energy landscape has industry advocates asking for more bills to incentivize innovation and further deployment of new technologies. The electric utility industry is undergoing a number of changes, driven in part by tax credits and other incentives supporting the clean energy sector. But concern over the future of the sector is building as several federal renewable energy tax credits start phasing down in 2020.

Clean energy advocates are exploring the potential to include tax credit incentives in a must-pass omnibus spending bill. While tax credit extensions and changes are viewed as critical in the clean energy space, many bills aimed at innovation and research to unlock lower emissions potential, ranging from carbon capture to advanced nuclear, receive bipartisan support.”

Utility Dive

Energy Management | Workforce Development for Small Businesses in the Clean Energy Economy

“On October 29th, the House Committee on Small Business Subcommittee on Innovation and Workforce Development held a hearing titled, Creating the Clean Energy Workforce, to discuss ways to address the ‘skills gap’ in the energy efficiency and clean energy sectors.

Witness Ed Gilliland, Senior Director of The Solar Foundation, stated that 43 percent of solar industry employers in states with emerging solar markets, such as Alabama, Kentucky, and Mississippi, reported it was difficult to find qualified employees. For the energy efficiency sector, over 80 percent of employers agreed it was difficult to find qualified employees, according to Jackson. The supply of qualified clean energy and energy efficiency employees is falling short of the demand.”

Environmental & Energy Study Institute

Engineering & Construction | Command Alkon CEO Talks Tech Transformation in Construction

“One major issue that Ramsey sees is that construction project stakeholders, such as ready-mix concrete producers, bulk materials haulers, aggregate suppliers, contractors, project owners, or Departments of Transportation, have been using several incompatible software platforms, which leaves opportunity for improving efficiency with time and materials. To improve efficiency Ramsey and Command Alkon are working to increase collaboration and the decision-making process across the construction industry by bringing different roles together through their solution called Connex. Ramsey said that in a short time the platform has generated over $102 million in cost savings across 150+ projects.”

Forbes

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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