Harris Williams Advises Qualus Power Services on its Sale to New Mountain Capital
June 01 2021 - 12:06PM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it advised Qualus Power
Services (Qualus), a portfolio company of Mason Wells, on its sale
to New Mountain Capital (New Mountain). Qualus is a leading
provider of engineering and specialized technical field services to
utility and private power grid infrastructure. The transaction was
led by Drew Spitzer, Matt White, Ian Thomas, Thomas Saunders and
Marshall Wills of the Harris Williams Energy, Power &
Infrastructure (EPI) Group.
“We are proud to have had the opportunity to advise Qualus on
this transaction and extend our successful track record in the
utility services sector,” said Drew Spitzer, a managing director at
Harris Williams. “Qualus has thrived under the ownership of Mason
Wells and we are excited to watch the company’s next chapter unfold
in partnership with New Mountain.”
“Given that the underlying demand for critical services is
growing, investor interest in the utility services sector for
quality companies like Qualus remains high. Additionally, the
market is insulated from broader macro fluctuations as a result of
the non-discretionary nature of service spend,” added Matt White, a
managing director at Harris Williams.
Qualus provides electric power engineering and field services
through its wholly-owned subsidiaries, CE Power and Power Grid
Engineering. The business operates from over 20 field and
engineering locations and provides a comprehensive suite of highly
technical power engineering, electrical testing, and field services
through a team of more than 600 technical employees, the vast
majority of whom are power engineers, P&C field technicians, or
NETA-certified field technicians.
Mason Wells is a leading Midwest-based private equity firm with
approximately $1.5 billion in assets under management across its
current private equity funds. Since Mason Wells was formed in 1998,
its buyout funds have invested in four specific industry sectors:
outsourced business services, consumer packaged goods, engineered
products and services, and packaging materials and converting.
New Mountain is a New York-based investment firm that emphasizes
business building and growth, rather than debt, as it pursues
long-term capital appreciation. The firm currently manages private
equity, credit, net lease real estate and public equity funds with
over $30 billion in assets under management. New Mountain seeks out
what it believes to be the highest quality growth leaders in
carefully selected industry sectors and then works intensively with
management to build the value of these companies.
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 significant experience
advising market leading providers of technology, services and
products across a broad range of sectors. These sectors include
energy management; infrastructure services; utility services;
testing, inspection, and certification services; environmental
services; engineering and construction; power products and
technology; and energy technology. For more information on the
Group’s 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 8th Floor, 20 Farringdon Street, London EC4A 4AB, 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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For media inquiries, please contact Julia Moore at
media@harriswilliams.com.
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