NEW YORK, December 16, 2019 – NewHold Enterprises, LLC (“NewHold”), a long-term investment holding company and direct investment platform focused on middle market industrials and services firms, today announced an investment in PRIME AE Group, Inc. (“PRIME AE”). Financial terms of the transaction were not disclosed. PRIME AE is focused on the architecture and engineering services (“AE”) industry and represents NewHold’s second platform, following its investment in the non-hazardous liquid waste industry, through American AllWaste LLC in mid-2018.
“We are thrilled to welcome PRIME AE to the NewHold family. We have been studying the engineering and architecture sector for more than a year and have been working closely to find the right platform investment,” said Charles Goldman, Co-Chairman of NewHold. “We believe PRIME AE is an ideal company to serve as our cornerstone AE investment, and we look forward to working with Kumar Buvanendaran and the exceptional management team he has assembled for many years to come, as we continue to build a leader in the industry.”
“PRIME AE’s culture and vision of the architecture and engineering future are well-aligned with NewHold’s approach to the industry,” said Kurt Bergman, the head of NewHold’s architecture and engineering services platform. “We are excited about our partnership with Kumar and his management team and look forward to growing PRIME AE’s capabilities and geographical presence.”
PRIME AE will continue to be led by President and CEO Kumar Buvanendaran, who will remain Prime’s largest individual shareholder. “The partnership with NewHold will serve to provide investment in PRIME AE’s long-term growth and success in the AE industry and is a major milestone for the company. We are thrilled to partner with a forward-thinking investor group to advance the growth of this outstanding company,” said Kumar Buvanendaran, President and CEO of PRIME AE. “NewHold is investing in PRIME AE’s brand, history, and people, three critical elements that will continue to drive the success of this company.”
NewHold will provide capital, as well as industry expertise, and intends to leverage its relationships to strategically enhance PRIME AE’s reach on a national scale. In partnership with NewHold, PRIME AE will build on its rapidly expanding brand, that today reaches clients throughout the Midwest, Northeast, mid-Atlantic and Southeast regions. NewHold will support PRIME AE’s ongoing organic and acquisitive growth across the company’s business lines and regions.
NewHold is a long-term investment holding company and direct investment platform supporting middle market firms through capital investment and industry experience. Established in 2017, NewHold operates through platforms which are built through acquisitions and organic growth of middle market industrial and services companies. NewHold’s investors consist primarily of family offices, seeking long-term capital appreciation through ownership and growth of middle market, industry leading companies. Learn more at www.newhold.com.
About PRIME AE Group, Inc.
PRIME AE provides a full range of services in architecture and engineering, construction management and inspection, transportation, and water resources. The firm’s philosophy of Connecting, Creating, Conserving, and Community forms the foundation for delivering high-quality, on-time, cost-effective solutions. A leader in the industry, PRIME AE is ranked in the ENR’s list of Top 500 Design Firms in the United States. Learn more at www.primeeng.com.
NewHold Enterprises, LLC