Harris Williams (“HW”) Overview

Global Advisory Platform

  • Founded in 1991
  • 370+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 10 dedicated industry groups


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

  • 17 professionals based in Richmond, VA
  • 15+ closed transactions in the last 24 months

Vertical Focus Areas

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

Oilfield Services Focus Areas

  • Artificial Lift & Production Optimization
  • Completion & Production Chemicals
  • Digital Oilfield
  • Environmental Services
  • Logistics
  • Water Management

Select HW Transactions

screen_shot_2020-02-11_at_9.55.01_am.pngProvider of engineered deep foundation solutions to energy, industrial, and commercial end markets
screen_shot_2020-02-11_at_9.56.20_am.pngProvider of integrated software, data, and analytics solutions to the global energy industry
screen_shot_2020-02-11_at_9.57.09_am.pngLeading provider of non-destructive testing and inspection services for oil and gas tubular products
screen_shot_2020-02-11_at_9.57.51_am_0.pngProvider of specialized laboratory and field services to the upstream oil and gas industry
screen_shot_2020-02-11_at_9.59.10_am.pngProvider of reinforced polymer tubing solutions for the upstream oil and gas industry
screen_shot_2020-02-11_at_9.59.52_am.pngIndependent wireline services provider with a presence in major oil and gas plays throughout the continental U.S.
screen_shot_2020-02-11_at_10.00.35_am.pngProvider of oil and gas optimization solutions for compression and vapor recovery applications
screen_shot_2020-02-11_at_10.01.10_am.pngProvider of specialized plunger lift products and services that allow for uninterrupted production
screen_shot_2020-02-11_at_10.01.51_am.pngProvider of cased hole wireline solutions, including logging, perforation, mechanical, plug, and abandonment services
screen_shot_2020-02-11_at_10.02.38_am.pngMarket-leading provider of engineering and geomatics services for the oil and gas industry in Western Canada

Public Market Observations1,2


Public Market Observations1,2


M&A Profile: Apergy – ChampionX Merger

Transaction Summary

  • screen_shot_2020-02-11_at_10.07.22_am.pngOn December 19, 2019, Apergy Corporation (“Apergy”) and Ecolab Inc. (“Ecolab”) announced that Ecolab will separate the upstream business of Nalco Champion (to be renamed “ChampionX”), and simultaneously combine it with Apergy in a tax-free transaction. The combination creates a global market leader in production optimization solutions with a full suite of artificial lift and chemical capabilities
  • Based in The Woodlands, TX, Apergy is a leading provider of highly engineered equipment and technologies throughout the life cycle of a well
  • Based in St. Paul, MN, ChampionX is a leader in on-site, technology-driven, sustainable chemistry programs throughout the life cycle of a well, including drilling, completion, and energy production solutions
  • The merger is expected to result in the creation of a scaled, global leader in production-optimization solutions, including a differentiated portfolio of complementary products and services with well-known brands


Strategic M&A Activity1,2

Acquirers of OFS Assets by Volume

(total # of transactions)


  • Strategic acquirers represented 77% of OFS M&A transaction volume in 2019
  • Strategic acquirers completed 48 transactions in 2019, down over 30% from 2018
  • During 2019, a market shift occurred in which private equity buyers limited investments to highly differentiated technology-enabled companies or environmental-focused assets of scale

Note: Does not include add-on transactions or minority purchases

Annual Sub-Sector M&A Activity by Volume

(as a % of total transactions)


  • Despite volatility in the energy industry, deal activity in OFS technology and the water & environmental sub-sector was strong throughout 2019
  • As operators look to boost operational efficiencies and increase returns, interest in OFS technology is expected to remain strong in 2020

Public OFS Valuation Multiples by Sector1


Select HW EPI Transactions


Our Firm

Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Industry Group Expertise

Aerospace, Defense & Government Services

Building Products & Materials

Business Services


Energy, Power & Infrastructure

Healthcare & Life Sciences


Specialty Distribution

Technology, Media & Telecom

Transportation & Logistics

1. S&P CapIQ

2. PitchBook


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 5th Floor, 6 St. Andrew Street, London EC4A 3AE, 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.