RRC Companies Receives Investment from New Mountain Capital and Appoints Dr. Hisham Mahmoud as Chairman of the Board

AUSTIN, Texas & NEW YORK--(BUSINESS WIRE)--RRC Companies (“RRC” or the “Firm”), a leading provider of integrated engineering services specializing in utility-scale renewables power generation and battery storage, and New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm, today announced a majority investment from funds managed by New Mountain to support the Firm’s continued growth amid increasing demand for electricity and investment in power infrastructure. RRC also announced the appointment of Dr. Hisham Mahmoud to the role of Chairman of the Board. Dr. Mahmoud is an industry leader and Senior Advisor at New Mountain, where he plays a key role in shaping and supporting the infrastructure services investment strategy. RRC’s leadership team and employees will retain a meaningful ownership stake in the Company.

RRC provides a comprehensive scope of engineering and field services, including SCADA systems integration, for utility-scale renewables power generation and battery storage projects, serving a diversified base of leading asset owners, developers and contractors. New Mountain has a long and successful track record investing in and scaling companies in the infrastructure services industry and, in partnership with leadership teams and Dr. Mahmoud, has built differentiated industry-leading organizations.

“We are proud of our Firm and our strong reputation in the marketplace, built on our people’s passion for the industry and focus on technical excellence,” said Bill Bong, Co-founder and Chief Executive Officer of RRC. “We are excited to partner with New Mountain and Dr. Mahmoud, who share our passion and aspirations to scale our business to meet the demands of our clients and provide more opportunities for our people.”

“RRC is an exceptional Firm with differentiated service offerings and a strong track record of growth,” said Dr. Mahmoud, Chairman of the Board of RRC. “I am honored and excited to partner with Bill and the RRC team to help shape and deliver on RRC’s long-term growth strategy.”

Joe Walker and Rishi Abuwala, Managing Directors at New Mountain, added, “New Mountain developed a relationship with RRC over many years as part of our long-standing sector effort in infrastructure services, and we are proud to partner with the leadership team. RRC’s strong reputation, specialized technical capabilities, deep relationships with leading renewables clients and track record of organic growth has positioned the Firm well to continue its journey as a scaled industry leader.”

Texas Capital Securities served as financial advisor and Haynes Boone served as legal counsel to RRC. Simpson Thacher & Bartlett LLP served as legal counsel to New Mountain.

About RRC Companies

RRC Companies is a leading multi-discipline engineering and technical services firm focused on utility-scale renewable power generation. The firm provides integrated engineering, SCADA systems integration, and specialized field services for solar, wind, battery energy storage, and broader power infrastructure projects, serving a diversified base of leading asset owners, developers, and contractors. For more information, please visit https://www.rrccompanies.com/.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, GP-led secondaries, and net lease real estate funds with approximately $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, please visit https://www.newmountaincapital.com/.