Harris Williams Advises Artera Services, LLC on its Acquisition of Feeney Utility Services Group

Rhea-AI Summary

Harris Williams has advised Artera Services on its acquisition of Feeney Utility Services Group, enhancing Artera’s capabilities in gas distribution and expanding its footprint in the Northeast. With over $2.6 billion in revenue, Artera provides integrated infrastructure services across 39 states. The merger is viewed positively amid rising investor interest in utility services due to aging infrastructure and energy transitions. CD&R, which backs Artera, has a strong record of investing over $35 billion in the industry.

Positive

• Expansion of Artera’s market presence in the Northeast.
• Increased operational capabilities in gas distribution services.
• Strong investor interest in utility services driven by industry tailwinds.

Negative

• None.

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Artera Services, LLC (Artera), a portfolio company of Clayton, Dubilier & Rice (CD&R) and one of the nation’s largest providers of integrated infrastructure services to natural gas and electric industries, on its acquisition of Feeney Utility Services Group (FUSG). The transaction was led by Drew Spitzer and Matt White of the Harris Williams Energy, Power & Infrastructure (EPI) Group.

“We believe FUSG is a strategic fit with Artera, expanding Artera’s strength as a leader in gas distribution services and extending the company’s footprint in the attractive Northeast market,” said Matt White, a managing director at Harris Williams. “We look forward to seeing what the combined company accomplishes.”

“We continue to see investor interest in companies providing services to all facets of the utility landscape given tremendous tailwinds in the sector, including aging infrastructure, increasing regulatory requirements, energy transition and continued utility outsourcing,” added Drew Spitzer, a managing director at Harris Williams. “It was a pleasure working with Artera and CD&R on this transaction.”

Artera, headquartered in Atlanta, is a more than $2.6 billion in revenue industry-leading provider of integrated infrastructure services to the natural gas and electric industries across 39 states. Artera employs more than 10,800 people throughout the United States and focuses on maintenance, replacement, upgrade and integrity of existing infrastructure. Artera’s business units are recognized market leaders, have long-standing operating histories in the industry, and are well respected for shared common core values of safety, quality, commitment and reputation.

CD&R is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since inception, CD&R has managed the investment of more than $35 billion in 100 companies with an aggregate transaction value of more than $150 billion. The firm has offices in New York and London.

FUSG, headquartered in Boston, leverages the resources and strength of its business units, Feeney Brothers Utility Services and DDS Companies, to be a leading natural gas utility service provider in the Northeast and Mid-Atlantic.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210628005500/en/

FAQ

What is the purpose of Artera's acquisition of FUSG?

The acquisition aims to strengthen Artera's position in gas distribution and expand its footprint in the Northeast.

When was the acquisition of Feeney Utility Services Group announced?

The acquisition was announced in a press release dated June 28, 2021.

What is the significance of this acquisition for Artera and its stakeholders?

This acquisition enhances Artera's operational capabilities and market reach, potentially leading to increased revenue opportunities.

How does the acquisition impact the utility services market?

The acquisition reflects increasing investor interest in utility services amid challenges like aging infrastructure and energy transitions.

What is Artera's annual revenue?

Artera generates over $2.6 billion in annual revenue.