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Anser Advisory acquires HR Gray, water-focused PM/CM business of Haskell

May 5, 2020

AEC Advisors initiated and advised Haskell a 1,500-person, design/build and engineering firm, on its divestiture of HR Gray, a 76-person, water-focused project management, program management, & construction management (PM/CM) business located in Ohio and Pennsylvania, to Anser Advisory (a portfolio company of NYC-based RTC Partners).

Anser Advisory is a 300-person firm, focused solely on providing PM/CM services to its clients, with a rapidly growing presence across the AEC industry.  HR Gray's focus on PM/CM services enriches Anser Advisory's expertise in this arena, while also providing services for a strategic end-market, water/wastewater, via its services that span the full project lifecycle of primarily water / wastewater treatment facilities, as well as tunneling. Finally, HR Gray fills a key geographic niche in the Ohio and Pennsylvania areas for Anser Advisory, as it continues to expand its national footprint. 

Bryan Carruthers, CEO of Anser Advisory: “Our firms share aligned values and a shared dedication to our employees, our clients, and providing industry leading project, program and construction management services. H.R. Gray’s legacy in Ohio and Pennsylvania, as well as their deep expertise in managing water and wastewater projects are strategic additions to the existing areas of expertise at Anser.”  

Tom Merritt, President of HR Gray: “We are thrilled to join the Anser family. I cannot imagine a better opportunity for us to continue to build on our capabilities and passion for delivering high quality solutions for our clients while creating exciting opportunities for our staff to grow their careers.”  

Tony Brindisi, Co-Founder and Managing Partner at RTC Partners, said, “We are very pleased to welcome the entire HR Gray team to the Anser family. In these challenging times, we feel fortunate for this opportunity to add strength and diversity to the Anser organization. We believe this transaction will broaden opportunities for employees, enhance the service offering to our customers and create value for all stakeholders.”

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About AEC Advisors

AEC Advisors LLC is a leading investment banking and corporate finance advisory firm for executives and boards of Architecture, Engineering & Consulting ("AEC") firms. The four principals have completed over 140 M&A transactions in the AEC industry and have advised over 500 AEC firms on corporate finance issues, including M&A, capitalization & modeling, stock valuation, KPI benchmarking, and internal ownership transitions. Our goal is to help key decision‐makers of AEC firms confidently address financial issues and opportunities, so that they can focus on their clients, projects, and people.  

Andrej Avelini, President

Josh Lahre, Senior Principal

Tyler Albright, Principal

Joe Smetona, Principal