June 21, 2023
Sterling Investment Partners Announces Planned Sale of Anser Advisory to Accenture and Spinoff of Markon, Anser’s Federal Consulting Business
Westport, CT; Santa Ana, CA; and Falls Church, VA – June 21, 2023 – Anser Advisory (“Anser” or the “Company”), a leading advisory and management company for infrastructure projects in the United States and a portfolio company of Sterling Investment Partners (“Sterling”), a leading middle market private equity firm investing in distribution and business services companies, today announced the planned sale of Anser to Accenture (NYSE: ACN) and the concurrent spinoff of Markon, Anser’s federal consulting business. Going forward, Markon will remain a Sterling portfolio company.
Anser’s services span advisory, compliance, and management services. Owners of capital projects engage Anser to advise them on how to structure, estimate and plan projects, to monitor the work being done, and to assist them in managing and executing all phases of projects. The Company works hand in hand with some of the country’s most prestigious public and private owners from initial strategy and planning to project hand-over. Increasingly, clients are engaging Anser to help advance decarbonization and clean energy projects in sectors including energy transmission, distribution and storage, sustainability programs and fleet electrification.
Markon specializes in consulting services to federal clients and leverages deep subject matter expertise across enterprise technology management, financial management, and program and construction management. Markon will continue to build on the team’s meaningful experience in providing mission-critical support for a variety of federal agencies. Ray Carney, currently Chief Delivery Officer of Markon, will become its Chief Executive Officer. Matthew Dean, who founded Markon before joining Anser as its Chief Operating Officer, will serve as Chairman.
Bryan Carruthers, Chief Executive Officer of Anser, said, “We are thrilled to embark on this new chapter with Accenture. In partnership with Sterling, we built a leading capital program and project management advisory firm, establishing ourselves as a trusted advisor to owners of critical infrastructure and developing a track record of consistent execution on large-scale infrastructure projects. We wish our Federally focused colleagues continued success as a stand-alone business. We are incredibly appreciative of Sterling’s partnership and grateful for their support as we have built the Anser platform together.”
Bill Macey, Managing Partner and Co-Founder of Sterling, said, “We are very proud of our partnership with Anser and its management team and are excited for the opportunities that Anser, its management, and its employees will have as part of Accenture. We are also excited for the opportunity to continue to build Markon, an organization with a demonstrated track record of success and innovation, in partnership with management.”
James Soldano, Partner at Sterling, added, “During our partnership with Anser, we have built a dynamically growing and industry-leading platform through a combination of successful organic and M&A initiatives, and we believe the Company is very well positioned for ongoing success with Accenture. We look forward to our continued partnership with Markon’s talented management team as they continue to build a market-leading platform dedicated to providing critical consulting services to the federal sector.”
Ray Carney, future Chief Executive Officer of Markon, said, “We are thrilled to launch Markon’s next chapter and are honored to be working alongside such a talented and experienced team. We remain deeply committed to meeting the evolving needs of our clients through innovative solutions that support national security. Sterling’s continued partnership will enable us to deliver on these commitments as we continue our organization’s growth in the years to come."
Houlihan Lokey served as financial advisor to Anser, AEC Advisors provided financial advisory services in connection with the spinoff of Markon, and EFCG served as integration advisor to Anser in connection with its sale to Accenture. Dechert LLP served as legal adviser to Anser and Sterling.
About Sterling Investment Partners
Sterling Investment Partners is a private equity firm investing in and building middle-market companies for over 30 years with a highly experienced, cohesive team of senior investment professionals. Sterling focuses on value-added distribution and business services, acquiring businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Over its history, Sterling has completed over 220 transactions, representing approximately $28 billion in aggregate value. www.sterlinglp.com.