New Mountain Capital has made a majority investment in Commonwealth Associates, a power engineering firm serving electric utilities, while the company’s leadership team and employees retained a meaningful ownership stake.
The transaction is intended to support Commonwealth’s continued expansion amid rising electricity demand and increased investment in power infrastructure. Concurrent with the investment, Hisham Mahmoud, a senior advisor at New Mountain, was appointed chairman of the board. Founded in 1886, Commonwealth Associates provides advisory and engineering services to electric utilities. The firm’s capabilities are focused on helping utility customers address increasingly complex grid and infrastructure requirements, positioning it to benefit from ongoing modernization and expansion of the North American power network.
AEC Advisors served as financial advisor to Commonwealth, while Lawson & Weitzen acted as its legal counsel. Simpson Thacher & Bartlett served as legal counsel to New Mountain.