Harris Williams “HW” Overview

Global Advisory Platform

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

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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

The New Age of Engineering and Construction Technology

“The engineering and construction (E&C) industry is at the cusp of a new era, with technology start-ups creating new applications and tools that are changing how companies design, plan, and execute projects. By providing advanced software, construction-focused hardware, and analytics capabilities, these innovative start-ups are eliminating many of the problems that have dogged the E&C sector for decades, including difficulties compiling and sharing project information. Such improvements could not come at a better time, since construction projects are becoming increasingly complex and expensive, putting managers under greater pressure to improve costs, timelines, and efficiency.”

McKinsey

2020 2Q Cost Report: Construction Starts Drop as Global Pandemic Continues

“As the COVID-19 pandemic crisis continues, economic consequences are being felt throughout the world, and the construction industry is no exception. ‘For the last five to six years, [annual] construction cost escalation has consistently been in the range between 4% and 5% with occasional spikes higher,’ says Julian Anderson, president of Rider Levett Bucknall. COVID-19 ‘has clearly impacted the bidding strategies of contractors and subcontractors.’ In the last quarter, inflation has been cut to 0.4%.

‘Looking ahead, the key is just how quickly the economy recovers,’ says Anderson, adding that it will hinge on ‘the appetite of the private sector to continue investing in developments and the financial ability of state and municipal governments to continue with their capital improvement projects.”

ENR

COVID-19: What it Means for Engineering and Construction

“The COVID-19 pandemic and its attendant effect on markets and commercial activity is presenting 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. Some construction projects have been delayed, and some canceled, as a result of the impacts of COVID-19 on the companies and governments that commissioned them. Further, possible supply chain bottlenecks of equipment and materials — including structural steel and glass from Asia — could cause project delays in currently funded projects, or reduced spending on future ones. The most immediate impacts are being felt at the subcontractor middle market of the industry…”

PWC

Reimagining Infrastructure in the United States: How to Build Better

“Infrastructure agencies need to prepare for two very different scenarios—a sharp rise in funding or a precipitous drop.

US infrastructure agencies have kept the country’s trains running, water flowing, and government buildings functioning during the coronavirus crisis. Now that operations are stabilizing, they can reconsider their capital-expenditure plans. What that entails will vary dramatically depending on whether the federal government provides substantial infrastructure funding as part of an economic-stimulus package. If it does, agencies will need to determine how best to spend their share. And if there is no such funding, they will need to prepare to be more efficient with potentially lower budgets.”

McKinsey

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

Select Recent M&A Transactions

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J.S. Held Acquires Twenty First Century Engineering

  • J.S. Held acquired Twenty First Century Engineering, a provider of consulting services specializing in engineering, forensics, environmental services, and construction and disaster support.
  • Twenty First Century Engineering will expand J.S. Held’s forensic services capabilities for complex litigation needs and strengthen geographic resources.
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HMT Acquires Dunham Engineering

  • HMT acquired Dunham Engineering, a structural and corrosion engineering firm specializing in tank and towers. HMT is a portfolio of Tailwind Capital Group.
  • The acquisition of Dunham Engineering allows HMT to expand its service offerings to existing customers and capture new customers in markets not previously serviced.
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Enercon Acquires Critical Engineering Group

  • Enercon Services acquired Critical Engineering Group, a provider of project management and engineering services for data centers and mission critical communications centers.
  • Critical Engineering Group will expand Enercon’s existing engineering services and increase the company’s reach within the data center and mission critical communications sector.
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National Technologies Acquires the Fiber Network Engineering Business of Precision Design Services

  • National Technologies acquired the Fiber Network Engineering business of Precision Design Services, a provider of design, engineering and project management services. National Technologies is a subsidiary of NTI Connect (ORIX Capital Partners).
  • This acquisition will enhance National Technologies’ ability to provide fiber network engineering and fiber optic deployment services to national customers, most importantly the New York City market.
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Anser Advisory Acquires H.R. Gray

  • Anser Advisory (RTC Partners) acquired H.R. Gray, a provider of program and construction management, owner’s representation and dispute resolution. H.R. Gray was previously a subsidiary of The Haskell Company.
  • The strategic acquisition will provide Anser with expertise in water and wastewater projects and a strong foothold in the Ohio and Pennsylvania markets.
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Salas O’Brien Acquires Global Engineering Solutions

  • Salas O’Brien acquired Global Engineering Solutions, an industry-leading facilities planning and design firm.
  • The acquisition of GES will mark Salas O’Brien’s entrance into the Mid-Atlantic and add a team focused on engineering, program management and construction management.

Recent M&A Transactions

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Public Valuations4

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Click here to read more EPI Group insights. 

 

1. McKinsey

2. ENR

3. PWC

4. Capital IQ