What We’re Reading

COVID-19: What It Means for Engineering and Construction

“The COVID-19 pandemic and its attendant effect on markets and commercial activity will likely present a range of challenges to the engineering and construction (E&C) industry — challenges that could deepen depending on the severity and length of the crisis in the US and globally. Uncertainty surrounding the duration and severity of this crisis make it hard to anticipate how a recovery could unfold for the industry. … Clearly, the E&C industry is not alone. The COVID-19 outbreak is causing widespread concern and economic hardship for consumers, businesses and communities across the globe. The situation is changing quickly, with widespread impacts. We’ve prepared some general guidance on COVID-19: What US business leaders should know: crisis management and response, workforce, operations and supply chain, financial reporting, and tax and trade.”


COVID-19: Confronting the New Normal

“With much of the world squarely in the grip of the COVID-19 pandemic, construction is feeling the impacts and moving to manage them. Skyrocketing case numbers and deaths are forcing governments in the U.S. and globally to upend workforce and business practices — slowing or shutting down scores of construction projects, forcing clients into a financial squeeze and triggering industry employees to transform jobsite and office interactions and workflows.

Layoffs and furloughs that have been rare in the worker-starved construction sector, have now become an unfortunate reality, hopefully a temporary one. But with economies in the U.S. and elsewhere uncertain and set for gyrations, industry firms are planning for a long haul and a new normal.”


Pandemic Offers a Unique Shot at U.S. Infrastructure Reform

“Back in early 2017, investing in companies involved in infrastructure projects seemed like a smart idea, given newly elected President Donald Trump’s enthusiasm for building roads, bridges and walls. That was also a spot of rare bipartisan agreement only bolstered the argument.

Come 2020, that bet has mostly proven to be a dud. The main issue is that while there is consensus that something must be done, the parties still find it near-impossible to agree on solutions. Now that a seemingly out-of-the-blue viral pandemic is threatening to tip the U.S. into a deep recession with skyrocketing unemployment, experts say policymakers now have a unique opportunity to push through a landmark infrastructure initiative.”

Transport Topics News

After Tough Second Quarter, Recession Will Ease, Says Dodge

“While GDP growth will plummet in the second quarter, the recession will be short lived, according to Dodge Data & Analytics most recent forecast, ‘The Potential Impact of Coronavirus (COVID-19) on Construction Starts’, released April 9. Dodge expects a 2.5% decrease in the first quarter, followed by a much sharper of 18.3% in the second quarter of the year. Still, ‘under the assumption that infections peak in May, begin to slow down and abate by July, and that the economy starts very slowly to return to normal, we get a boost in the second half’ of the year, says Richard Branch, chief economist at Dodge Data & Analytics …

For 2020 overall, Dodge predicts a 2.2% decrease in GDP, with a rebound of 2.7% in 2021.”


Longstanding Track Record in E&C and Infrastructure Services


By the Numbers

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

Select Recent M&A Transactions


Colliers International Group Acquires Maser Consulting

  • Colliers International Group acquired Maser Consulting, a provider of engineering and consultancy services to the public and private sectors. 
  • The acquisition of Maser Consulting establishes Colliers as a major player in the U.S. engineering design and consulting sector.

EN Engineering Acquires Kestrel Power Engineering

  • EN Engineering acquired Kestrel Power Engineering, a provider of specialized consulting services to the North American electric power generation market. EN Engineering is a portfolio company of Kohlberg & Company.
  • Kestrel’s national footprint, industry-leading capabilities, and platform for mission-critical services were identified as key features facilitating the acquisition.

Day & Zimmermann Acquires Minnotte Contracting Corporation

  • Day & Zimmermann acquired Minnotte Contracting Corporation, a leading union mechanical contractor and maintenance company servicing industrial customers and power utilities. 
  • Day & Zimmermann noted that the transaction will strengthen existing capabilities in construction and maintenance, in addition to broadening union staffing and project management resources.

J.S. Held Acquires Brennan Environmental

  • J.S. Held acquired Brennan Environmental, a provider of consulting, project management, and expert services to the construction industry.
  • The acquisition of BEI will increase J.S. Held’s ability to support Northeastern clients on complex environmental and regulatory matters.

Ardurra Acquires LNV

  • Ardurra acquired LNV, a multidiscipline engineering, architectural, and surveying firm specializing in civil, structural, transportation, environmental, architectural, and surveying services. Ardurra is a portfolio company of RTC Partners. 
  • LNV will expand Ardurra’s presence in Texas, as well as add new expertise and capabilities in architecture and transportation.

Rimkus Consulting Group Acquires Brashear Construction Consulting

  • Rimkus Consulting Group acquired Brashear Construction Consulting, a customized construction consulting firm providing services including forensic delay analysis and contract / risk management. Rimkus Consulting Group is a portfolio company of Century Equity Partners.
  • The acquisition of BCC is in line with Rimkus’ strategic objective to expand core service lines, including claims consulting services for construction project stakeholders.

HW Deal Spotlight - Atlas Technical Consultants

screen_shot_2020-04-28_at_11.10.25_am.pngCompany 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


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

Recent M&A Transactions





Public Valuations4


Harris Williams Overview

Global Advisory Platform

  • Founded in 1991
  • 350+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 10 industry groups
  • 98% of revenue from sell-side M&A advisory


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
  • TICC & Integrity Services

Engineering & Construction

  • Construction / Project Management
  • Civil Engineering
  • Infrastructure Support Services
  • Design & Installation
  • Electrical Engineering & Services 
  • General & Specialty Contracting

1. PWC

2. ENR

3. Transport Topics News

4. Capital IQ


The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent. 

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.