Huron Specialty Engineering Platform Completes Second Add-On
DETROIT, Mich., December 5, 2012 – Huron Capital Partners LLC (“Huron”) announced today that its portfolio company, Hughes Associates, Inc. (“Hughes”), has acquired Anoba Consulting Services LLC (“Anoba”). Anoba is a niche engineering firm specializing in probabilistic risk assessment (“PRA”) and other highly-technical risk-modeling services. Mandated by the federal government, PRA utilizes highly analytical software programs and risk models that allow nuclear power plants to assess the underlying operational risks in their business and the potential impact of catastrophic events.
Prior to the acquisition, Anoba had been a key strategic partner for Hughes, often serving as a subcontractor on its nuclear power generation consulting projects. The transaction brings Anoba and Hughes together and expands Hughes’ capabilities in the rapidly growing PRA industry.
Liz Kleinsorg, Managing Director of Hughes’ Power Division, noted, “We are thrilled to join forces with Rick Anoba and his industry leading team of PRA engineers. The acquisition extends our presence in another high-growth, niche engineering segment of the industry and provides opportunities to generate new revenue streams from new and existing customers.”
Phil DiNenno, CEO of Hughes, added, “Anoba is a highly-regarded name in the PRA field and we believe it fits well into the strategic acquisition plan that we are currently pursuing in partnership with Huron Capital.”
Huron originally invested in Hughes in May 2011, and was attracted to Hughes’ market leading position in the fire protection engineering market and ability to serve as a platform for growth. “When we invested in Hughes, our plan was to build the business both through strategic acquisitions and internal growth. We continue to deliver on that plan with this second add-on and look forward to pursuing additional opportunities with Phil DiNenno and the rest of the Hughes management team,” said Huron Partner Peter Mogk.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.