Harris Williams Advises PAE on its Merger with Gores Holdings III, Inc.

February 27, 2020

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised PAE, a portfolio company of Platinum Equity, on its merger with Gores Holdings III, Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC.  PAE has been a trusted provider of outsourced solutions for enduring missions of the U.S. government and its international partners for over 60 years. The combined company’s common stock now trades on the Nasdaq under “PAE,” with an approximate enterprise value of $1.6 billion as of February 20, 2020. The advisory engagement was led by Chris Rogers, Chris Smith, David Jones and Jon Behrendt of the Harris Williams Aerospace, Defense & Government Services (ADG) Group.

“We were honored to partner with the PAE and Platinum Equity teams to reach this milestone,” said Chris Rogers, a managing director at Harris Williams. “We are excited to follow PAE’s next chapter as a public company as it continues to serve an essential, enduring mission to the U.S. government and allies around the world under the leadership of CEO John Heller.”

“This merger is reflective of broad interest and investor demand for well-established platforms serving critical missions within the government services marketplace,” said Chris Smith, a director at Harris Williams. “This transaction extends Harris Williams’ momentum across defense and government services sectors.”

Founded in 1955, PAE is a leading provider of mission-critical services to the U.S. government, armed forces and international customers, including the U.S. Department of State, Army, Navy, Air Force, NASA and others. Headquartered in Falls Church, Virginia, PAE operates in approximately 60 countries across all seven continents with a global workforce of more than 20,000.

Gores Holdings III is a special purpose acquisition company sponsored by an affiliate of The Gores Group, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Gores Holdings III completed its initial public offering in September 2018, raising approximately $400 million in cash proceeds. Gores Holdings III’s officers and certain of its directors are affiliated with The Gores Group. Founded in 1987 by Alec Gores, The Gores Group is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. Over its 31-year history, The Gores Group has become a leading investor, having demonstrated a reliable track record of creating value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, Colorado, and London.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website. 

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.