The largest independent field services company servicing the high voltage substation industry in the United States. The Company specializes in providing assembly, repair and maintenance services on most all makes of transformers and breakers used in the T&D infrastructure.
Brookwood Associates advised the shareholders of NASS, including Management and Palm Beach Capital, on its a sale to BBH Capital Partners, a New York-based private equity firm, and Management.
Engagement Process and Outcomes
Brookwood Process – After several approaches by potential pre-emptive strategic buyers, Brookwood advised the shareholders to pursue a sale process including strategic acquirors and private equity groups. NASS generated substantial market interest based on its strong customer relationships, industry reputation and attractive industry characteristics.
Excellent Results – The transaction achieved Management and Palm Beach Capital’s liquidity goals and succeeded in identifying an attractive new partner for Management to help execute on its strong pipeline of growth opportunities.
Press Release Excerpt
We are pleased to announce that Brookwood Associates advised North American Substation Services, a portfolio company of Palm Beach Capital, on the sale of the company to BBH Capital Partners and management. NASS is a leading provider of outsourced field services to high voltage electric substations, with expertise in the assembly, repair and maintenance of nearly all makes of transformers, breakers and switches.
The aging electrical infrastructure in the U.S., coupled with a continued trend toward outsourcing, has created substantial growth opportunities. As a result, the utility services industry continues to attract strong interest from both private equity investors and strategic acquirers. The sale of NASS is Brookwood’s fifth advisory engagement in the utility services industry and seventh business services transaction in the past twelve months.
This transaction yielded attractive results for all of the stakeholders including liquidity for Palm Beach Capital, partial liquidity for management and a valuable new partner focused on accelerating NASS’s growth.