Harris Williams Overview

Global Advisory Platform

  • Founded in 1991
  • 350+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 21st record year in 2018
  • 10 dedicated industry groups

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Energy, Power, & Infrastructure Group

  • 15 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_2019-10-09_at_4.35.14_pm.pngProvider of integrated software, data, and analytics solutions to the global energy industry

 

 

 

 

screen_shot_2019-10-09_at_4.35.40_pm.pngLeading provider of non-destructive testing and inspection services for oil and gas tubular products

 

 

 

 

screen_shot_2019-10-09_at_4.36.17_pm.pngProvider of specialized laboratory and field services to the upstream oil and gas industry

 

 

 

 

screen_shot_2019-10-09_at_4.36.43_pm.pngProvider of reinforced polymer tubing solutions for the upstream oil and gas industry

 

 

 

 

screen_shot_2019-10-09_at_4.37.10_pm.pngIndependent wireline services provider with a presence in major oil and gas plays throughout the continental U.S.

 

 

 

 

screen_shot_2019-10-09_at_4.37.41_pm.pngProvider of comprehensive natural gas and oil production equipment and services, including, repair, testing, on-site support, and consulting

 

 

 

 

screen_shot_2019-10-09_at_4.38.10_pm.pngProvider of oil and gas optimization solutions for compression and vapor recovery applications

 

 

 

 

screen_shot_2019-10-09_at_4.38.36_pm.pngProvider of specialized plunger lift products and services that allow for uninterrupted production

 

 

 

 

screen_shot_2019-10-09_at_4.39.05_pm.pngProvider of cased hole wireline solutions, including logging, perforation, mechanical, plug, and abandonment services

 

 

 

 

screen_shot_2019-10-09_at_4.39.31_pm.pngMarket leading provider of engineering and geomatics services for the oil and gas industry in Western Canada

Select Oilfield Services M&A Transactions

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Emerson Acquires Zedi’s Software & Automation Business

  • Zedi’s software & automation business is a cloud supervisory control and data acquisition platform that enables customers to monitor over two million sensors and thousands of devices and applications
  • Emerson is a global technology and engineering company that services the energy, industrial, commercial, and residential markets
  • The acquisition further enables Emerson to help oil and gas producers increase production and reduce operating costs through cloud-based monitoring, control, and optimization that allows for further automation of the overall production process

 

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Quorum Software Acquires OGsys

  • OGsys is the leading provider of cloud-based oil and gas accounting software for small and medium-sized businesses, helping operators and owners properly manage the industry’s complex accounting requirements
  • Quorum Software is the leader in digital transformation for the oil and gas industry, providing integrated solutions for customer processing demands through innovative software that addresses the upstream, midstream, and downstream segments of the oil and gas value chain
  • Quorum Software is backed by Thoma Bravo
  • The acquisition expands Quorum’s “Upstream on Demand” suite of software, addressing a technology gap in the marketplace for modernized, cloud-based accounting software that is both affordable and accessible to smaller enterprises

 

The Market for Energy Technology Assets Has Been Robust

  • More than 30 deals in the sector as strategic players and financials sponsors seek to capitalize on:
    • Digitalization of the energy sector
    • Internet of Things
    • Automation
    • Advanced analytics and business intelligence

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Public Market Observations1,2

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Strategic M&A Activity1,2

Acquirers of OFS Assets by Volume

(total # of transactions)

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  • Strategic acquirers represented 85% of OFS M&A transaction volume in Q3 2019
  • Strategic acquirers completed 11 transactions in Q3 2019, down slightly from 14 in Q3 2018
  • Private equity buyers seeking to deploy capital in the OFS sector are largely focused on differentiated technology 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)

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  • Interest in water & environmental assets remains high for both strategic and financial buyers
  • Consolidation in the water & environmental sub-sector is expected to continue though 2019 as existing platforms look to add scale
  • Deal activity in OFS technology remains high as adoption of the digital oilfield concept accelerates

Public OFS Valuation Multiples by Sector1

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Select HW EPI Transactions

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Our Firm

Harris Williams has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form 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

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. awaited). 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.