Harris Williams Advises PowerTeam Services, LLC on its Combination with Miller Pipeline and Minnesota Limited

RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised PowerTeam Services, LLC (PowerTeam) on its previously announced acquisition of Miller Pipeline and Minnesota Limited (collectively, MVerge) from CenterPoint Energy, Inc. (NYSE:CNP). PowerTeam, a portfolio company of Clayton, Dubilier & Rice (CD&R), is a premier provider of integrated infrastructure services to the natural gas and electric industries. The transaction was led by Matt White and Drew Spitzer of the Harris Williams Energy, Power & Infrastructure (EPI) Group.

“This transaction is transformative for PowerTeam and significantly expands the company’s leadership position in the natural gas distribution and transmission repair and maintenance market, a space we expect will remain attractive to investors through this uncertain environment,” said Matt White, a managing director at Harris Williams. “It was great working with PowerTeam again, having advised the company on their sale to CD&R in 2018 and Kelso & Company in 2013.”

Miller Pipeline and Minnesota Limited are two of the premier natural gas distribution and transmission pipeline contractors in the United States serving utilities and midstream customers. Miller Pipeline is headquartered in Indianapolis, Indiana and employs more than 3,400 people. Minnesota Limited is based in Big Lake, Minnesota with more than 1,100 employees.

PowerTeam is based in Atlanta, Georgia and its operating companies include KS Energy Services, Miller Pipeline, Minnesota Limited, Southeast Connections, Volt Power and Hydro-X. With combined revenues of more than $2 billion, approximately 80 locations in 34 states, and more than 8,500 employees, the combination makes PowerTeam one of the leading providers of maintenance and construction services for electric and natural gas infrastructure in the United States.

Founded in 1978, CD&R is a private investment firm. Since inception in 1978, CD&R has managed the investment of more than $30 billion in 89 businesses with an aggregate transaction value of approximately $140 billion. CD&R has offices in New York and London.

Headquartered in Houston, Texas, CenterPoint Energy, Inc. (NYSE:CNP) is an energy delivery company with regulated utility businesses in eight states and a competitive energy businesses footprint in more than 30 states. Through its electric transmission & distribution, power generation and natural gas distribution businesses, the company serves more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. CenterPoint Energy’s competitive energy businesses include natural gas marketing and energy-related services; energy efficiency and sustainability solutions; and owning and operating intrastate natural gas pipeline systems. As of December 31, 2019, the company owns nearly $35 billion in assets and also owns 53.7% of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,900 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years.

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 experience across a broad range of sectors, including industrial and infrastructure services; oil and gas equipment and services; energy efficiency and clean tech; power products and technology; engineering and construction; and environmental services. For more information on the firm’s energy, power, and infrastructure 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 5th Floor, 6 St. Andrew Street, London EC4A 3AE, 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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