Huron Capital acquires Hughes Associates
Hughes Associates Profile
- Hughes Associates, Inc. (“HAI”) is one of the largest fire protection engineering and code consulting firms in the United States.
- The Company boasts more than 170 trained professionals and has one of the highest concentrations of Doctorate-level engineers nationwide.
- HAI’s clients include the Federal government and international and domestic blue chip clients. Selected clients include, 3M, Chevron, DuPont, Exelon Corporation, General Electric, Marriot International, U.S. State Department, and Architect of the U.S. Capitol.
- The Company is headquartered in Baltimore, MD with 22 domestic offices and 10 international offices.
- At the time of the transaction, HAI had revenue of $57 million and EBITDA of $14 million.
Huron Capital Profile
- Detroit, Michigan-based Huron Capital is an operationally-focused private equity firm investing in lower middle-market companies.
- Founded in 1999, Huron has raised over $1.1 billion in committed equity capital dedicated to this market.
Transaction Notes
- Huron recapitalized HAI in partnership with existing management.
- Huron committed $40 million to close the transaction. Management retained a portion of equity to participate in the upside potential given the backing by Huron.
- Seabrook utilized its network of private equity investors and conducted a targeted marketing process with funds that have demonstrated experience with professional services firms.
- In late 2015, Huron exited the HAI acquisition after completing nine add-on acquisitions, growing revenues to $175 million and quadrupling the number of employees.