New Mountain Capital acquires Commonwealth Associates
The pure-play power engineering firm, founded in 1886, advises electric utilities on transmission, distribution, substation, and generation projects, and will use the investment to support continued growth amid rising power demand.
Takeaways
- Commonwealth Associates is a pure-play power engineering firm.
- New Mountain Capital and Commonwealth Associates are classified as a platform transaction.
- The target serves electric utilities across Michigan.
New Mountain Capital has made a majority investment in Commonwealth Associates, a Jackson, Michigan-based pure-play power engineering firm founded in 1886, creating a platform focused on electric utility infrastructure.
Commonwealth provides engineering and advisory services across transmission, distribution, substation, and generation projects for a blue-chip base of investor-owned utilities and utility contractors.
CEO Matthew Hales and the leadership team retained a meaningful ownership stake and will continue to lead the firm.
“Partnering with New Mountain and Dr. Mahmoud is an exciting next chapter for our Firm — a sentiment unanimously shared by our leadership team,” said Matthew Hales, President and Chief Executive Officer of Commonwealth.
Dr. Magued Mahmoud, a Senior Advisor at New Mountain who helps shape the firm’s infrastructure services strategy, will become Chairman of the board.
New Mountain, which manages approximately $60 billion in assets, has previously built businesses in infrastructure services and engineering & consulting, and the investment aims to help Commonwealth expand its scope and capabilities as electricity demand and grid modernization accelerate.
Get tomorrow morning's tape in your inbox.
Yesterday's platforms, add-ons, recaps, and exits, cleaned up before the workday starts.