Featured Professionals: Drew Spitzer, Matt White, Greg Waller

The U.S. electrical grid is seeing prolonged investment driven by modernization needs, resiliency initiatives, and electrification expansion. As a result, utilities, corporations, and other stakeholders are spending more and outsourcing increasingly complex projects, creating sustained demand for many types of power products, technologies, and services. 

Below, our Energy, Power & Infrastructure Group further explores why investors should watch the electrical value chain, the business traits that matter today, and recent engagements that illustrate the opportunity.

Expanding Power Needs, Highly Visible Spending 

Many transmission and distribution (T&D) assets are old and outdated, requiring substantial funding for enhancements, expansions, maintenance, and replacements. In fact, an estimated $637 billion in improvements will be needed by 2029 to ensure the functionality of electric infrastructure across the U.S.¹ 

Utilities are also increasing grid hardening, resiliency, and automation initiatives, while baseline power needs continue to expand due to data center proliferation, EV adoption, and ongoing industrial and building electrification. Additionally, outage risks have never been higher while the cost of downtime has never been greater. Major weather events are becoming more common and severe, causing frequent damage and rapid restoration projects. 

Together, these factors are producing nondiscretionary, recurring demand and highly predictable revenue for a host of power products and services. “There’s a massive growth opportunity for power components, equipment, and technologies as well as engineering, maintenance, and inspection solutions,” says Matt White, a managing director. “This broad group of businesses that keep vital power generation assets up and running will remain in demand and on investors’ radar.” 

“Thanks to today's power and data center tailwinds, specialty providers focused on critical maintenance for T&D and substation infrastructure, power engineering, and testing, commissioning, and data center services will continue to draw particularly strong attention,” adds Drew Spitzer, a managing director. 

Harris Williams is seeing this investor interest firsthand, with many of the most sought-after businesses offering scale and geographic density, efficient and reliable crew mobilization, integrated engineering, design, and build capabilities, and proven safety and execution records. “Our latest engagements are great examples of the electrical value chain’s momentum,” says White. “Aging assets, resilient utility spending, and multidecade trends will create long-term revenue visibility and great M&A outcomes.”

Select Harris Williams Engagements 

Saber Power Services provides mission-critical power infrastructure services to utility, technology, industrial, and energy customers. Harris Williams is advising Saber Power, a portfolio company of Greenbelt Capital Management L.P., on its pending sale to Veritas Capital. 

Through its fully integrated platform, Saber Power helps customers build, modernize, and maintain critical electrical systems. “These solutions support electrical infrastructure around the world, and the company is positioned to remain at the center of today’s grid buildout,” says White. 

Sunbelt Solomon's power solutions range from engineering, lifecycle asset management, temporary power, and technical field services to the supply of new and remanufactured electrical power equipment. Harris Williams advised Sunbelt Solomon, a portfolio company of Trilantic North America, on its sale to TJC. 

The company’s differentiation lies in these end-to-end capabilities, its broad equipment specialization, and its tailored solutions for diverse end markets. “With a trusted brand and far-reaching network of service centers, Sunbelt Solomon supports critical power infrastructure through every stage of the equipment lifecycle, from design and procurement to maintenance and end-of-life,” says Spitzer. 

TRC offers consulting, engineering, and management services that support essential infrastructure across the energy, utility, environmental, and transportation sectors. Harris Williams advised TRC, a portfolio company of Warburg Pincus LLC, on its sale to WSP Global. 

With a worldwide presence, TRC serves as a trusted advisor to blue-chip utilities and infrastructure owners, helping clients navigate complex challenges tied to grid modernization, energy transition, electrification, and aging infrastructure. “The company's integrated capabilities, deep customer relationships, and expertise across the infrastructure lifecycle put it at the front of long-term engineering and consulting trends,” says Greg Waller, a managing director. 

An Electric Opportunity 

The electrical services value chain offers durable, nondiscretionary demand underpinned by infrastructure renewal, resiliency programs, and electrification. 

“The power sector is entering a strong period of funding, and we believe that demand will only expand over the coming decades,” says Spitzer. “As utilities plan years ahead, power equipment, technologies, and services with scale and integrated solutions will remain appealing investment opportunities.” 

To further discuss what makes a compelling opportunity in this space, please contact our senior professionals.

1. American Society of Civil Engineers "A Comprehensive Assessment of America's Infrastructure"