Harris Williams Advises Riggs Distler & Company, Inc. on its Pending Sale to Centuri Group, Inc.
June 29 2021 - 10:00AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it is advising Riggs Distler
& Company, Inc. (Riggs Distler), a portfolio company of funds
managed by Oaktree Capital Management, L.P. (Oaktree), on its
pending sale to Centuri Group, Inc. (Centuri), a wholly-owned
subsidiary of Southwest Gas Holdings, Inc. (NYSE: SWX; SWGH). Riggs
Distler is a leading provider of power and utility services
throughout the Northeast and Mid-Atlantic regions of the United
States. Under the terms of the transaction, Centuri will acquire a
100% ownership interest in Riggs Distler for $855 million. The
transaction is being led by Drew Spitzer, Matt White, Greg Waller,
Thomas Saunders and Phil Hart of the Harris Williams Energy, Power
& Infrastructure (EPI) Group.
“Riggs Distler’s impressive suite of offerings in the utility
and infrastructure sectors has helped the company develop a diverse
and recurring client base,” said Drew Spitzer, a managing director
at Harris Williams. “During its partnership with Oaktree, Riggs
Distler unlocked new, transformative growth opportunities,
including early entry into 5G and offshore wind infrastructure,
while completing several highly accretive acquisitions which
complement the platform. Their addition to the Centuri family of
companies provides an attractive opportunity to expand operations
across the Northeast and Mid-Atlantic regions, which are
experiencing strong growth given increasing demand for utility
infrastructure replacement and expansion work.”
“We continue to see tremendous interest across the broader
utility services market, and Riggs Distler’s unique combination of
market leadership and highly visible revenue streams provides a
foundation in a market where resiliency continues to be one of the
focal points for potential acquirors,” added Matt White, a managing
director at Harris Williams.
“The industry expertise and attention to detail provided by
Drew, Matt and the rest of Harris Williams was integral to this
transaction,” said Stephen Zemaitatis, Jr. president and CEO of
Riggs Distler. “We believe joining the Centuri enterprise will be
an excellent opportunity for Riggs Distler as we embark on our next
chapter, and all of us at Riggs Distler are grateful to have worked
with Harris Williams to achieve this ideal outcome.”
Riggs Distler, based in Cherry Hill, New Jersey, is one of the
largest utility contractors in the Northeast and Mid-Atlantic
regions of the United States. The company has established itself as
a leading provider of turnkey network and infrastructure
maintenance, repair and upgrade solutions, with a focus on critical
electric and gas services for clients in the power, industrial and
utility industries. The company also sits at the forefront of
several energy transition megatrends, with capabilities in smart
meters, energy storage, EV charging infrastructure and renewables.
In addition to its turnkey solutions for utility providers, Riggs
Distler is the only provider in the region with a full suite of
civil, mechanical, electrical and fabrication capabilities.
Oaktree is a leader among global investment managers
specializing in alternative investments, with $153 billion in
assets under management as of March 31, 2021. The firm emphasizes
an opportunistic, value-oriented and risk-controlled approach to
investments in credit, private equity, real assets and listed
equities. The firm has over 1,000 employees and offices in 19
cities worldwide.
Centuri is a comprehensive utility infrastructure services
enterprise dedicated to delivering a diverse array of solutions to
North American gas and electric providers. Through sound
investment, shared services, and an unwavering commitment to the
safety of its employees and the communities it serves, Centuri
supports the performance of its operating companies throughout the
U.S. and Canada. Centuri is a subsidiary of Southwest Gas Holdings,
Inc. (NYSE: SWX).
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: Julia Moore media@harriswilliams.com.
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