Harris Williams Advises PowerTeam Services, LLC on its Combination with Miller Pipeline and Minnesota Limited
April 10 2020 - 10:05AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces that it advised PowerTeam
Services, LLC (PowerTeam) on its previously announced acquisition
of Miller Pipeline and Minnesota Limited (collectively, MVerge)
from CenterPoint Energy, Inc. (NYSE:CNP). PowerTeam, a portfolio
company of Clayton, Dubilier & Rice (CD&R), is a premier
provider of integrated infrastructure services to the natural gas
and electric industries. The transaction was led by Matt White and
Drew Spitzer of the Harris Williams Energy, Power &
Infrastructure (EPI) Group.
“This transaction is transformative for PowerTeam and
significantly expands the company’s leadership position in the
natural gas distribution and transmission repair and maintenance
market, a space we expect will remain attractive to investors
through this uncertain environment,” said Matt White, a managing
director at Harris Williams. “It was great working with PowerTeam
again, having advised the company on their sale to CD&R in 2018
and Kelso & Company in 2013.”
Miller Pipeline and Minnesota Limited are two of the premier
natural gas distribution and transmission pipeline contractors in
the United States serving utilities and midstream customers. Miller
Pipeline is headquartered in Indianapolis, Indiana and employs more
than 3,400 people. Minnesota Limited is based in Big Lake,
Minnesota with more than 1,100 employees.
PowerTeam is based in Atlanta, Georgia and its operating
companies include KS Energy Services, Miller Pipeline, Minnesota
Limited, Southeast Connections, Volt Power and Hydro-X. With
combined revenues of more than $2 billion, approximately 80
locations in 34 states, and more than 8,500 employees, the
combination makes PowerTeam one of the leading providers of
maintenance and construction services for electric and natural gas
infrastructure in the United States.
Founded in 1978, CD&R is a private investment firm. Since
inception in 1978, CD&R has managed the investment of more than
$30 billion in 89 businesses with an aggregate transaction value of
approximately $140 billion. CD&R has offices in New York and
London.
Headquartered in Houston, Texas, CenterPoint Energy, Inc.
(NYSE:CNP) is an energy delivery company with regulated utility
businesses in eight states and a competitive energy businesses
footprint in more than 30 states. Through its electric transmission
& distribution, power generation and natural gas distribution
businesses, the company serves more than 7 million metered
customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi,
Ohio, Oklahoma and Texas. CenterPoint Energy’s competitive energy
businesses include natural gas marketing and energy-related
services; energy efficiency and sustainability solutions; and
owning and operating intrastate natural gas pipeline systems. As of
December 31, 2019, the company owns nearly $35 billion in assets
and also owns 53.7% of the common units representing limited
partner interests in Enable Midstream Partners, LP, a publicly
traded master limited partnership that owns, operates and develops
strategically located natural gas and crude oil infrastructure
assets. With approximately 9,900 employees, CenterPoint Energy and
its predecessor companies have been in business for more than 150
years.
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 EPI Group has experience across a broad
range of sectors, including industrial and infrastructure services;
oil and gas equipment and services; energy efficiency and clean
tech; power products and technology; engineering and construction;
and environmental services. For more information on the firm’s
energy, power, and infrastructure experience, please visit the EPI
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.
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