Key Takeaways
- • Stone-Goff Partners, a lower middle market private equity firm focused on technology-driven business-to-business services, announced an investment in Quandary Consultants, a Denver-based provider of regulatory and compliance-driven environmental services.
- • Quandary was founded in 2016 by Matt Harrison and Asher Weinberg and serves more than 100 clients in the Mountain West, with critical infrastructure operators in oil and gas, power generation, renewables, and data centers as its core focus.
- • The investment will fund expansion of capabilities, investment in talent and technology, geographic expansion into new markets, and complementary acquisitions; the deal's dollar value was not disclosed.
- • Citizens JMP Securities advised Quandary, Holland & Hart and Fredrikson & Byron provided legal counsel, and Capital Southwest provided debt financing.
Summary
Stone-Goff Partners, a growth-oriented private equity firm based in Boston and New York, has announced an investment in Quandary Consultants, a Denver-based provider of regulatory and compliance-driven environmental services for operators of critical infrastructure, according to a Business Wire release. The release does not disclose the purchase price or the size of the stake acquired.
Quandary, founded in 2016 by Matt Harrison and Asher Weinberg, delivers integrated air quality and monitoring, environmental, and natural resources services across the project lifecycle, from pre-development permitting through ongoing compliance and decommissioning. The company's founders and delivery leaders previously worked inside the operators it now serves. Quandary focuses on the Mountain West and on clients in oil and gas, power generation, renewables, data centers, and other infrastructure end markets. The company reports serving more than 100 clients, with an average tenure of more than seven years for its top 10 customers.
According to the release, Stone-Goff's capital will support Quandary's next phase of growth, including expanding capabilities, investing in talent and technology, and pursuing complementary acquisitions. The firm said the strategy is intended to help clients meet increasingly complex federal, state and local environmental requirements as they grow into new geographies.
Rob Bosco, Partner at Stone-Goff, described Quandary as a practitioner-led firm that clients rely on as an extension of their own teams. Hannah Stone Craven, Managing Partner at Stone-Goff, cited the founder-led structure and industry experience as attractive qualities, and said the firm sees opportunity in new markets and in adding capabilities through strategic acquisitions. Harrison and Weinberg said the investment would help them invest in people, technology and processes.
Citizens JMP Securities served as financial advisor to Quandary. Holland & Hart and Fredrikson & Byron provided legal counsel to Quandary and Stone-Goff, respectively, and Capital Southwest provided debt financing for the transaction.
Quandary, founded in 2016 by Matt Harrison and Asher Weinberg, delivers integrated air quality and monitoring, environmental, and natural resources services across the project lifecycle, from pre-development permitting through ongoing compliance and decommissioning. The company's founders and delivery leaders previously worked inside the operators it now serves. Quandary focuses on the Mountain West and on clients in oil and gas, power generation, renewables, data centers, and other infrastructure end markets. The company reports serving more than 100 clients, with an average tenure of more than seven years for its top 10 customers.
According to the release, Stone-Goff's capital will support Quandary's next phase of growth, including expanding capabilities, investing in talent and technology, and pursuing complementary acquisitions. The firm said the strategy is intended to help clients meet increasingly complex federal, state and local environmental requirements as they grow into new geographies.
Rob Bosco, Partner at Stone-Goff, described Quandary as a practitioner-led firm that clients rely on as an extension of their own teams. Hannah Stone Craven, Managing Partner at Stone-Goff, cited the founder-led structure and industry experience as attractive qualities, and said the firm sees opportunity in new markets and in adding capabilities through strategic acquisitions. Harrison and Weinberg said the investment would help them invest in people, technology and processes.
Citizens JMP Securities served as financial advisor to Quandary. Holland & Hart and Fredrikson & Byron provided legal counsel to Quandary and Stone-Goff, respectively, and Capital Southwest provided debt financing for the transaction.
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