“Anoba is a highly-regarded name in the probabilistic risk assessment field and we believe it fits well into the strategic acquisition plan that we are currently pursuing in partnership with Huron Capital,” said Phil DiNenno, CEO of Hughes Associates.
Anoba Consulting Services is a niche engineering firm specializing in probabilistic risk assessment (“PRA”) and other highly-technical risk-modeling services. Mandated by the federal government, the company utilizes analytical software programs and risk models that allow nuclear power plants to assess the underlying operational risks in their business and the potential impact of catastrophic events. The company is based in Raleigh, NC (www.anobaconsulting.com).
Prior to the acquisition, Anoba had been a strategic partner for Hughes, often serving as a subcontractor on its nuclear power generation consulting projects. The transaction brings Anoba and Hughes together and expands Hughes’ capabilities in the rapidly growing PRA industry.
“We are thrilled to join forces with Rick Anoba and his industry leading team of PRA engineers. The acquisition extends our presence in another high-growth, niche engineering segment of the industry and provides opportunities to generate new revenue streams from new and existing customers,” said Liz Kleinsorg, Managing Director of Hughes’ Power Division.
Hughes Associates is a fire protection engineering consulting firm providing a suite of services supporting the fire protection needs of its clients including building and fire code consulting, fire protection design services, nuclear and power consulting, and litigation support services. Hughes serves a customer base comprised of government and commercial clients across a variety of end-markets including nuclear power, education, healthcare and others. The company is based in Baltimore, MD (www.haifire.com).
Huron originally invested in Hughes in May 2011, and was attracted to Hughes’ market leading position in the fire protection engineering market and ability to serve as a platform for growth. “When we invested in Hughes, our plan was to build the business both through strategic acquisitions and internal growth. We continue to deliver on that plan with this second add-on and look forward to pursuing additional opportunities with Phil DiNenno and the rest of the Hughes management team,” said Huron Partner Peter Mogk.
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $300 million and EBITDAs of $5 million or more. Typical transaction values are from $20 million to $200 million. Sectors of interest include niche manufacturing, distribution and business services. Since its founding in 1999, Huron has acquired or invested in 60 companies with aggregate revenues in excess of $1 billion. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices in Detroit and Toronto (www.huroncapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-13-12