Harris Williams & Co. Advises Ardent Services, L.L.C. and Rabalais Constructors, LLC on their Pending Sale to EMCOR Group, Inc.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for 25 years, announces the pending sale of Ardent Services, L.L.C. and Rabalais Constructors, LLC (collectively, Ardent) to EMCOR Group, Inc. (EMCOR; NYSE:EME). Harris Williams & Co. is serving as the exclusive advisor to Ardent, which is a portfolio company of Cadent Energy Partners (Cadent). The pending transaction, which is subject to customary closing conditions, is being led by Drew Spitzer, Matt White, Chris Burnham and Adam Daigle of Harris Williams & Co.’s Energy, Power & Infrastructure (EPI) Group.
“Ardent is widely recognized as the premier provider of electrical and instrumentation services for process industries and Harris Williams & Co. is particularly pleased to have found a great partner in EMCOR that will realize substantial strategic benefits for the combined entity,” said Drew Spitzer, a managing director in Harris Williams & Co.’s EPI Group.
Matt White, a managing director in Harris Williams & Co.’s EPI Group, added, “Ardent represents another successful transaction for the firm and Harris Williams & Co.’s 35th infrastructure services transaction. The company is well positioned for continued growth as part of the EMCOR Group and we expect to see continued consolidation in the sector.”
Headquartered in Covington, Louisiana and Corpus Christi, Texas, Ardent is one of the preeminent U.S. industrial and refinery electrical and instrumentation services providers. Ardent provides a comprehensive suite of electrical, process control, equipment installation and automation services for the maintenance, repair, replacement and new construction of energy infrastructure. Its customer base includes leading pure-play refiners, petrochemical companies, midstream operators, integrated oil companies and other energy operators.
Cadent is a natural resources private equity manager that invests in small to medium-sized companies in the energy industry. Given the complexity of the sector, Cadent believes this high degree of specialization, together with their extensive industry network provides them with a competitive advantage in sourcing and evaluating potential investments, executing acquisitions or exit transactions and adding tangible value to their portfolio companies. Over the course of their careers, the Cadent principals have invested over $1.1 billion in privately negotiated transactions across a broad range of energy subsectors. The team is distinguished by a proven track record of success in creating value through its energy investments.
EMCOR is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s EPI Group has experience across a broad range of sectors, including engineering and construction and environmental services, oil and gas equipment and services, energy efficiency and clean tech, industrial and infrastructure services and power products and technology. For more information on our energy, power and infrastructure experience, please visit the EPI Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.