Nautic, Pamlico To Make 2.7x Their Money on MACTEC Sale

Nautic Partners and Pamlico Capital said Wednesday that its sale of MACTEC will yield a return of 2.7x their investment. This includes prior distributions, the PE firms said. In May, AMEC said it had bought MACTEC, an engineering and environmental services company based in Alpharetta, Ga., for $280 million.

PRESS RELEASE

Nautic Partners, LLC, and Pamlico Capital today announced that they have sold their portfolio company MACTEC, Inc. (MACTEC) to AMEC plc (LSE: AMEC) for a purchase price of $280 million. Inclusive of prior distributions, the transaction will yield a return for Nautic and Pamlico of 2.7x their investments.
Headquartered in Alpharetta, GA, MACTEC is an industry leader in engineering, environmental, and construction services to public and private clients worldwide. MACTEC’s services include environmental planning, assessment and remediation, infrastructure engineering, water resources and construction support services. A broad range of high-quality, long-term MACTEC clients operate in the energy, commercial/industrial, transportation/infrastructure and federal sectors. The Company has over 2,500 employees in more than 70 locations throughout the United States.
“We are fortunate to have partnered with an outstanding management team at MACTEC and we are pleased with the outcome of this investment,” said Habib Gorgi, Managing Director of lead investor Nautic and Chairman of the Board of MACTEC. “The Company’s compelling value proposition and commitment to service were among many qualities that attracted AMEC to MACTEC.”
“Under Nautic’s and Pamlico’s stewardship and continuous support, MACTEC has grown substantially during the life of our partnership,” said Ann Massey, President and Chief Executive Officer of MACTEC. “This is an excellent outcome for MACTEC’s shareholders, customers and employees, and we look forward to continued success as part of AMEC.”
“MACTEC’s growth is a good reflection of the company’s management team and the teamwork they had with their investors,” said Pamlico Capital Managing Partner L. Watts Hamrick. “MACTEC’s sale to AMEC is a natural outgrowth of that success.”
Edwards Angell Palmer & Dodge acted as legal counsel to MACTEC and its investors.
About Nautic Partners
Founded in 1986, Nautic Partners is a middle-market private equity firm with over $2.5 billion of equity capital under management. The firm has completed over 110 transactions in partnership with management and delivered successful results to investors over three decades. Nautic targets equity investments of $25-$75 million, representing majority ownership in niche businesses with strong market share and growth potential, identified value enhancement opportunities and strong management teams. Areas of focus include business services, manufacturing, healthcare and communications. For more information, please visit www.nautic.com.
About Pamlico Capital
Pamlico Capital, formerly known as Wachovia Capital Partners, was founded in 1988 and has invested in excess of $3.5 billion in over 200 middle market companies since its inception. Pamlico Capital seeks growth equity and buyout investments of up to $100 million alongside proven management teams in its target industries, which include business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, currently manages over $2 billion in assets. Please refer to www.pamlicocapital.com for additional information.
About MACTEC
MACTEC (www.mactec.com), based in Alpharetta, GA., is a leading engineering and design, environmental, and construction firm focused on four strategic business lines: Industrial/Commercial, Infrastructure (Transportation and Municipal), Energy, and Federal.
MACTEC offers an ever-broadening portfolio of sustainable solutions, from renewable energy to facility asset management. With annual revenues of more than $411 million, MACTEC’s 2,500 plus employees work from over 70 offices nationwide. MACTEC consistently ranks in the top 10 percent of Engineering News-Record’s Top 500 Design Firms.