Harris Williams Advises Sparus Holdings, Inc. on its Sale to Ridgemont Equity Partners

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Sparus Holdings, Inc. (Sparus), a portfolio company of Source Capital, LLC (Source Capital), on its sale to Ridgemont Equity Partners (Ridgemont). Sparus and its subsidiaries, Southern Cross and The Spear Group, deliver critical outsourced services to North America’s leading utilities. The transaction was led by Luke Semple, Matt White and Phil Hart of the Harris Williams Energy, Power & Infrastructure (EPI) Group.

“There is strong investor interest for high-quality assets in the utility services space, particularly with providers of inspection and professional services. Sparus has established itself as a leader in its service lines and a true partner to its utility clients,” said Luke Semple, a managing director at Harris Williams. “It was a pleasure working with the management team and Source Capital on this transaction and we look forward to following Sparus’ continued growth with their new partner.”

“The Sparus team has achieved impressive growth delivering highly technical services to a client base that demands uncompromising expertise,” added Matt White, a managing director at Harris Williams. “Sparus illustrates the continued demand for leading providers of critical outsourced services to support power infrastructure.”

Sparus is a leading provider of end-to-end outsourced field and professional services for utility and industrial customers. Through a growing family of brands, including Southern Cross, The Spear Group and OneVision Utility Services, Sparus provides gas line inspection and leak detection, utility metering services, utility locate and damage prevention services, project management and delivery, owners’ representation, and other related professional services. For over 75 years, Sparus has been committed to the highest standards of safety and industry expertise to meet the evolving needs of its customers.

Source Capital is a private investment firm focused on providing flexible equity and debt capital to lower-middle market companies across a range of industries. Source Capital’s investment strategy targets growing companies with greater than $2 million in EBITDA seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made 23 equity platform investments, 44 add-on acquisitions and 35 debt investments through four separate credit funds.

Ridgemont is a Charlotte, North Carolina-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65 billion of committed capital.

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 significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s 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 8th Floor, 20 Farringdon Street, London EC4A 4AB, 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 Bockelnheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). 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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