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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