Harris Williams “HW” Overview

Global Advisory Platform

  • Founded in 1991
  • 375+ professionals across eight offices globally
  • 175+ closed transactions in the last 24 months
  • 10 industry groups
  • 98% of revenue from sell-side M&A advisory
  • #1 source of deal flor for middle market M&A

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Energy, Power, & Infrastructure  (“EPI”) Group

  • 15+ closed transactions in the last 24 months
  • Expertise across 8 distinct Vertical Focus Areas

Vertical Focus Areas

  • Engineering and Construction
  • Renewables and Distributed Energy
  • Industrial and Infrastructure Services
  • Outsourced Utility Services
  • Oilfield Services
  • Energy Management
  • Environmental Services
  • TIC & Integrity Services

Engineering & Construction

  • Construction / Project Management
  • Civil Engineering
  • Environmental Consulting
  • Infrastructure Support Services
  • Design & Installation
  • Electrical Engineering & Services
  • Automation Services

What We’re Reading


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 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

Collaborative Contracting: Moving from Pilot to Scale-Up

“When it comes to the transition away from transactional contracting practices, project owners do not have the luxury of time. Major North American E&C companies have already reconsidered whether they should bid competitively on lump-sum contracts at all. As more project stakeholders take the same path, project owners that stick to traditional contracts may soon be left with fewer options and rising prices. Additionally, those that wait to act risk missing out on the potential benefits of collaborative contracts for the entire industry—benefits that are exciting to contemplate. A 2017 McKinsey Global Institute (MGI) report on construction productivity identified collaborative contracting as one of the largest opportunities to improve the productivity of the industry. Based on our research, we also believe that collaborative contracts and practices serve to enable three of the other levers to improve productivity: technology adoption, design and engineering, and on-site execution.”

McKinsey

2020 Vision: Biggest Construction Stories of the Last Decade

“As construction enters its third decade of the 21st century, the events and changes of the last 10 years within the industry and in the world it serves have been hugely dramatic—generating challenges yet to confront or understand, but also new opportunities for next-generation professionals to provide critically needed innovation in design and construction practice, technology and business.

The growing impacts and implications of climate change over the past 10 years have been a big story for ENR and its global audience, as new studies show that the window to take action to cut harmful emissions and address high-risk areas now is only a decade away.”

ENR

From Utah to Florida, States Boost Spending on New Roads

“Buoyed by a recovering economy and increases in their revenue, states from Utah to Florida are pumping more money into transportation projects to speed up traffic-clogged highways and modernize aging infrastructure. The 50 states collectively spent $113.2 billion on transportation in fiscal year 2019, a 9% jump from the previous year, according to the National Association of State Budget Officers. It was the biggest jump since 2015, and transportation industry trackers said they expect spending boosts to continue in 2020. State transportation departments and local governments are projected to spend $77.5 billion on highway and street construction investments alone in 2020, a 6% increase over 2019, according to the American Road & Transportation Builders Association.”

Wall Street Journal

Longstanding Track Record in E&C and Infrastructure Services

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By the Numbers

  • 30+ deals closed since 2014
  • $14+bn total enterprise value since 2014
  • $300+mm median enterprise value

HW Deal Spotlight | Atlas Technical Consultants

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Company Overview

Specialized provider of testing, inspection, and engineering services to support and maintain critical infrastructure.

  • Purpose-built platform assembled through the combination of proven market leaders
  • Broad range of mission-critical, nondiscretionary services
  • Exceptional platform diversity from a geographically and end-market-diverse customer base
  • Focus on high-volume, mission-critical services with revenue touchpoints across the built environment
  • Highly skilled base of employees with advanced technical expertise
  • Entrenched, long-term relationships with high-quality customer base

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Atlas by the Numbers

  • ~$500M 2019E gross revenue
  • ~18% 2019E pro forma adj. EBITDA margin
  • ~6% YoY net revenue growth
  • 9,000+ annual customers
  • <$10K average project size
  • 50,000+ annual projects

Select Recent M&A Transactions

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WSP Global Acquires LT Environmental

  • WSP Global acquired LT Environmental, an environmental consulting firm serving clients in the Rocky Mountain West region.
  • The acquisition strengthens WSP’s expertise in the environmental sector and expands WSP’s geographic presence in the Rocky Mountain West.
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The Kleinfelder Group Acquires the Geotechnical, Environmental & Testing Divisions of Advantage Engineers

  • The Kleinfelder Group acquired the Geotechnical, Environmental & Testing Divisions of Advantage Engineers, a provider of consulting services and engineering solutions for a range of complex challenges. The Kleinfelder Group is a portfolio company of Wind Point Partners.
  • Regional expansion and penetration into new markets fueled Kleinfelder’s first acquisition since 2014.
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EN Engineering acquires QC Data

  • EN Engineering acquired QC Data, an engineering and data services company providing business process outsourcing and project delivery services. EN Engineering is a portfolio company of Kohlberg & Co.
  • QC Data will allow EN Engineering to expand utility and telecom services, given their intelligent infrastructure services and data capabilities.
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TRC Companies Acquires Environmental Partners 

  • TRC Companies acquired Environmental Partners, a provider of geo-environmental services including investigation and remediation solutions.
  • The acquisition of Environmental Partners strengthens TRC’s presence in the Southwest, in addition to broadening the range of services provided to existing clients.
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Atlas Technical Consultants Acquires Long Engineering

  • Atlas Technical Consultants acquired Long Engineering, a provider of civil engineering, architectural, and land surveying services. Atlas Technical Consultants is a portfolio company of Boxwood Merger Corporation.
  • Long Engineering’s strong technical capabilities and access to a broad customer base were key for Atlas in deciding to complete this tuck-in acquisition.
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CONSOR Engineers Acquires TKW Consulting Engineers

  • CONSOR Engineers acquired TKW Consulting Engineers, a provider of engineering and inspection services for government and private development, specializing in water and civil projects. CONSOR Engineers is a portfolio company of Keystone Capital Partners.
  • Strong cultural alignment and TKW’s technical expertise in water/wastewater, a new discipline that helps CONSOR to diversify its platform, facilitated this acquisition.

Recent M&A Transactions

Public Valuations1


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1. Capital IQ

 

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