FMI Advises Midstate Energy and Bow River Capital Partners on Acquisition of Urban Energy Solutions

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FMI Advises Midstate Energy and Bow River Capital Partners on Acquisition of Urban Energy Solutions

FMI Capital Advisors Inc., a subsidiary of FMI Corporation, is pleased to announce the acquisition of Urban Energy Solutions Inc. ("Urban") by Midstate Holding Corp., a portfolio company of Bow River Capital Partners ("Bow River") and parent company to Midstate Energy, LLC ("Midstate"). FMI Capital Advisors acted as the exclusive financial advisor to Midstate and Bow River for this transaction.

The acquisition comes one year following Bow River's initial investment in Midstate, a platform that was established to provide comprehensive infrastructure upgrades and energy efficiency solutions to the Arizona K-12 schools and municipal markets. The business combination strengthens the electrical contracting, solar, and battery storage capabilities of Midstate while expanding on existing HVAC, lighting, and water capabilities.

Midstate and Urban are alike in their consultative customer approach, with the ability to self-perform across select HVAC, lighting, solar, and water solutions. As a result, the business combination will improve the depth of both organizations, position the business to meet the ongoing energy efficiency and power generation needs of their consolidated customers, and remain committed to the advancement of complex engineered solutions to help manage building life cycle requirements.

Urban will serve as an operating subsidiary of Midstate Holding Corp. All members of the senior management team will continue in their respective roles at Urban in collaboration with the management team at Midstate. As Chief Executive Officer, John Hobbes commented: "We are excited for our employees and customers with this next step in our growth. This unification will allow us to position more in-house expertise behind our commitment to putting clients at the center of all we do."

Urban's President, Justin Rojas added: "Over the last three years, the Midstate and Urban partnership grew from a simple ESCO and subcontractor relationship to an intertwined business model. This transition only solidifies our mature relationship and business will continue as usual. All of our products provided at Urban justify the Midstate model of self-performance."

FMI Capital Advisors:

Timothy D. Huckaby
President, FMI Capital Advisors

Andrew Henderson

Russell Clarke

About FMI Capital Advisors:

FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm exclusively serving engineering and construction, infrastructure and the built environment. With over 600 completed transactions, our unique industry focus enables us to provide our clients with valuable insight and advice. Clients gain access to our unparalleled network of industry contacts and relationships, deep market knowledge and technical expertise, based on decades of experience. 

FMI Capital Advisor's Energy Solutions & Cleantech Group provides M&A and capital formation services for companies in the energy solutions and cleantech industry, including those focused on:

  •      Energy Efficiency
  •      Solar, Wind, Biomass
  •      Distributed Generation
  •      Energy Procurement
  •      Demand Response
  •      Operations & Maintenance

  •      Energy Management Systems 
  •      Utility Demand Side Management
  •      Power Quality & Reliability
  •      Energy Storage
  •      Intelligent Buildings, IoT
  •      Measurement & Verification 

Media Contact: Rebecca Esler, FMI Corporation, 919-785-9209,

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SOURCE FMI Capital Advisors Inc.

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