M&A Deal Summary

New Mountain Capital Acquires Qualus Power Services

On June 1, 2021, private equity firm New Mountain Capital acquired energy services and equipment company Qualus Power Services from Mason Wells and PNC Erieview Capital

Acquisition Highlights
  • This is New Mountain Capital’s 1st transaction in the Energy Services and Equipment sector.
  • This is New Mountain Capital’s 71st transaction in the United States.
  • This is New Mountain Capital’s 2nd transaction in Ohio.

M&A Deal Summary
Date 2021-06-01
Target Qualus Power Services
Sector Energy Services and Equipment
Buyer(s) New Mountain Capital
Sellers(s) Mason Wells
PNC Erieview Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)

Target

Qualus Power Services

Cincinnati, Ohio, United States
Qualus Power Services is a provider of engineering and specialized technical field services to utility and private power grid infrastructure. Qualus Power Services was founded in 2018 and is based in Cincinnati, Ohio.

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Buyer(S) 1

Buyer

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 75 of 95
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 29 of 38
State (Ohio) 2 of 2
Country (United States) 71 of 90
Year (2021) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 Pivvot

Kansas City, Missouri, United States

Pivvot is a software company that delivers intelligent asset management systems to infrastructure organizations. Pivvot streamlines projects with geospatial location intelligence, including renewable energy siting and suitability, electric transmission and pipeline routing, environmental impact analysis, and custom data acquisition. Pivvot was founded in 2018 and is based in Kansas City, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-07 Ascensus Specialties

Bellevue, Washington, United States

Ascensus Specialties is a manufacturer of specialty chemicals primarily in two end-markets: pharmaceutical drug manufacturing and pulp & paper processing. In pharmaceutical drug manufacturing, sodium borohydride is used as a reducing agent. In pulp & paper processing, sodium borohydride is used as a bleaching agent to prepare paper products for end-customer use. Ascensus Specialties was founded 2014 and is based in Bellevue, Washington.

Buy -

Seller(S) 2

SELLER

Mason Wells

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Mason Wells is a private equity firm focused on middle-market buyout opportunities in the Midwest US. Mason Wells looks to invest in businesses operating in engineered products and services, outsourced business services, and specialty packaging. Target companies typically generate revenue of $25 to $300 million and EBITDA of at least $5 million. The Firm prefers businesses with high barriers to entry, limited customer concentration, and strong market positions. Mason Wells was originally formed 1982 as a subsidiary of Marshall & Ilsley Corporation and became an independent firm in 1998. Mason Wells is based in Milwaukee, Wisconsin.

DEAL STATS #
Overall 37 of 40
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 11 of 11
State (Ohio) 3 of 3
Country (United States) 35 of 38
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-18 AWT Labels & Packaging

Minneapolis, Minnesota, United States

AWT Labels & Packaging is a narrow and wide-web converter of labels and flexible packaging for a diverse set of end markets including healthcare, food and beverage, personal care, household, specialty, and industrial/OEM. AWT Labels & Packaging was founded in 1991 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-11 KDV Label

Waukesha, Wisconsin, United States

KDV Label provides a wide range of flexographic label solutions, including UV flexographic, multi-layer constructions, IRC’s and foil labels. KDV Label was established in 1974 and is based in Waukesha, Wisconsin.

Buy -
SELLER

PNC Erieview Capital

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1979
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.

DEAL STATS #
Overall 6 of 14
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 4 of 7
State (Ohio) 1 of 1
Country (United States) 6 of 14
Year (2021) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-05 CJ Pony Parts

Harrisburg, Pennsylvania, United States

CJ Pony Parts is an e-commerce platform that sells restoration and performance parts to auto enthusiasts around the world. The Company is the number one player in the Classic Mustang aftermarket, with a broad product assortment of over 65K SKUs. In addition, CJ Pony Parts has developed an industry-leading library of online educational content for its customers. CJ Pony Parts was founded in 1985 and is based in Harrisburg, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-02 Bancsource

Springfield, Missouri, United States

Bancsource is a nationwide maintenance service (equipment) provider to more than 1,500 banks and retailers. Key technology serviced includes ATMs, smart safes, teller cash dispensers, teller cash recyclers, drive-up banking, branch banking equipment, and other banking technology. Bancsource was founded in 1979 and is based in Springfield, Missouri.

Sell -
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