M&A Deal Summary

H.I.G. Private Equity Acquires CHA

On January 23, 2024, private equity firm H.I.G. Private Equity acquired business services company CHA from First Reserve

Acquisition Highlights
  • This is H.I.G. Private Equity’s 37th transaction in the Business Services sector.
  • This is H.I.G. Private Equity’s 229th transaction in the United States.
  • This is H.I.G. Private Equity’s 14th transaction in New York.

M&A Deal Summary

Date 2024-01-23
Target CHA
Sector Business Services
Buyer(s) H.I.G. Private Equity
Sellers(s) First Reserve
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Simpson Thacher & Bartlett (Legal)

Target

CHA

Albany, New York, United States
website
CHA is a diversified, full-service engineering consulting firm providing a wide range of technology-enhanced planning and design services to public, private and institutional clients. CHA was ranked the 36th largest design firm in the United States in 2017 by Engineering News Record and has annual revenue of $290 million. With technical personnel and offices throughout the United States and Canada, CHA offers engineering, architectural, survey, construction, and other services necessary to complete projects on time and within budget. CHA was founded in 1955 and is based in Albany, New York.

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Buyer(S) 1

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 57.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $500 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.


DEAL STATS #
Overall 345 of 349
Sector (Business Services) 37 of 38
Type (Secondary Buyout) 60 of 60
State (New York) 14 of 14
Country (United States) 229 of 231
Year (2024) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Patriot Pickle

Wayne, New Jersey, United States

Patriot Pickle provides a variety of refrigerated pickles, sauerkraut, and other pickled veggies. Patriot boasts a state-of-the-art, 86,000 square foot facility that is SQF Level 2 and HAACP certified. Patriot Pickle is based in Wayne, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-29 DX Group

Datchet, United Kingdom

DX Group provides parcel, freight, secure courier, and logistics services in the United Kingdom and Ireland. The company operates through two segments, DX Freight and DX Express. DX Group was founded in 1975 and is based in Datchet, the United Kingdom.

Buy £307M

Seller(S) 1

SELLER

First Reserve

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 54 of 54
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 6 of 6
State (New York) 1 of 1
Country (United States) 37 of 37
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-19 AP4 Group

Lakeland, Florida, United States

AP4 Group is a provider of critical aftermarket maintenance services, repair, and parts solutions for industrial gas & steam turbines. Serving a diverse base of customers around the world, the company operates in a growing market for gas & steam turbine maintenance, providing a range of core offerings that include power plant field services, parts, accessories repairs and parts refurbishment with specific expertise in controls, electrical, excitation equipment, mechanical field services, commissioning and turnkey gas & steam turbine outage support. AP4 Group was formed in 1990 and is based in Lakeland, Florida.

Buy -