First Reserve has acquired Albany, New York-based CHA Consulting, an engineering firm, from Long Point Capital. No financial terms were disclosed. Houlihan Lokey was financial adviser to CHA on the deal.
STAMFORD, Conn. and HOUSTON and ALBANY, N.Y., April 10, 2018 /PRNewswire/ — First Reserve, a leading global private equity investment firm exclusively focused on energy, today announced the acquisition of CHA Consulting, Inc. (“CHA”) from Long Point Capital. CHA provides a wide range of design, engineering and consulting services to customers across a variety of end markets including utility infrastructure, energy, industrial, transportation, environmental, facilities, water, sports and aviation.
Founded in 1952, CHA is a highly diversified, full-service engineering firm with a broad range of capabilities and a talented team of over 1,000 employees. The company has cultivated a loyal, recurring base of public and private customers with a geographic presence across the United States and Canada and a client focus driven by trust and collaboration.
Jeff Quake, Managing Director at First Reserve, commented, “The investment in CHA is a continuation of our theme of investing in middle-market growth companies that we believe will benefit from long-term macro trends including the upgrade and replacement of aging infrastructure across the United States and Canada. We are pleased to partner with CHA management to grow the business and deliver its full suite of service offerings to all of its diversified end markets.”
Mike Carroll, President & CEO of CHA, added, “This is an extremely exciting time for us at CHA. After a long and highly successful relationship with our previous financial partner, Long Point Capital, we are excited to begin this new venture with First Reserve. First Reserve has 35 years of proven operational excellence and investment expertise and has amassed significant market knowledge and relationships. This investment validates the successful results of CHA’s strategy to be a leader across the markets we serve and be an acquirer of choice. This new partnership will allow CHA to continue to serve our clients with the same focus and attention for which we are known and help us to recognize our strategic growth goals. Our employees are committed to CHA’s future, which is represented by deep ownership within our management team.”
“It has been a pleasure working with the CHA management team,” said Ira Starr, Managing Director at Long Point Capital. “The Company has developed into a full-service engineering firm while maintaining its client-focused business model, and we are confident the Company will continue to flourish with its new financial partners.”
Houlihan Lokey acted as financial advisor to CHA in this transaction. Transaction terms were not disclosed.
About CHA Consulting, Inc.
CHA Consulting, Inc. is a highly 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. For more information, please visit www.chacompanies.com.
About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy. With 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.
About Long Point Capital
Long Point Capital (LPC) with offices in New York and Michigan, invests in outstanding founder, family, and management-owned companies, with highly capable management teams and strong growth prospects. Long Point Capital provides significant up-front liquidity and ongoing ownership to company owners who want to partner with the firm to continue to grow the value of their business. LPC focuses on lower middle market businesses with EBITDA between $5 million and $50 million with defensible market, customer and product positions, solid long-term industry fundamentals, and a history of stable earnings. The firm has invested in a diverse portfolio of manufacturing, service, distribution and consumer companies in a broad range of industries. Long Point Capital is currently investing Long Point Capital Fund III in partnership with TriSpan LLP and our limited partners who will provide additional capital where required. For more information, please visit www.longpointcapital.com.