Stone-Goff Partners (“Stone-Goff”), a growth-oriented private equity firm focused on technology-driven business-to-business service companies, today announced an investment in Quandary Consultants (“Quandary” or the “Company”), a Denver-based provider of regulatory and compliance-driven environmental services for operators of critical infrastructure.

Founded in 2016 by Matt Harrison and Asher Weinberg, Quandary delivers integrated air quality and monitoring, environmental, and natural resources services that support clients across the full project lifecycle, from pre-development permitting through ongoing compliance and decommissioning. The Company’s founders and delivery leaders built their careers inside the operators Quandary now serves and have developed deep expertise in the market. Quandary leverages real-time data, insights and proprietary platforms to serve clients in the Mountain West region with a focus on critical infrastructure operators including oil and gas, power generation, renewables, data centers, and other infrastructure end markets. Today, Quandary serves 100+ clients with an average tenure of more than seven years for the top 10 customers.

Stone-Goff’s investment will support Quandary’s next phase of growth, including expanding its capabilities, investing in talent and technology, and pursuing complementary acquisitions. This strategy will enable Quandary to continue delivering high-quality service to its existing clients while growing alongside them into new geographies, helping operators meet increasingly complex federal, state and local environmental requirements wherever they operate.

“Matt, Asher, and Quandary’s team of subject matter experts have built a practitioner-led firm clients rely on as an extension of their team, not just a service provider,” said Rob Bosco, Partner at Stone-Goff. “We are excited to back their vision of solving problems in support of clients’ growth, and are ready to partner with them to build on that foundation.”

“Our commitment to our clients and our team is unchanged. We started Quandary to build the kind of team we wanted on the other side of the table: experienced practitioners who understand evolving regulations and know what it takes to operate assets in the real world,” said Matt Harrison and Asher Weinberg, Co-Founders of Quandary. “Stone-Goff shares that vision and brings the resources to help us invest in our people, technology and processes, so we can keep delivering top-tier service and bring it to more clients. We’re excited about what’s ahead, and grateful to our clients and our team for their trust.”

“Quandary has the qualities we look for in a partner: a founder-led team with deep industry experience and a clear understanding of its clients,” said Hannah Stone Craven, Managing Partner at Stone-Goff. “We see significant opportunity to build on what Matt, Asher and their team have created—expanding into new markets and adding complementary capabilities and talent through growth and strategic acquisitions.”

Citizens JMP Securities served as financial advisor to Quandary on the transaction. Holland & Hart and Fredrikson & Byron provided legal counsel to Quandary and Stone-Goff, respectively. Capital Southwest provided debt financing for the transaction.

About Quandary Consultants

Quandary Consultants is a Denver-based provider of regulatory and compliance-driven environmental services for operators of critical infrastructure. The Company delivers air quality and monitoring, environmental, and natural resources services that help clients permit, operate, and decommission assets in compliance with evolving federal and state requirements.

About Stone-Goff Partners

Stone-Goff Partners is a lower middle market private equity firm investing in technology-driven business-to-business service companies. Our companies combine service offerings with technology, focus on clearly defined end markets, and are active participants in the growing knowledge economy. Core verticals include business services, consulting services, marketing services, IT services, human capital and training, and outsourced services. We partner with company founders and executive leadership teams to provide capital, M&A origination and execution, and value-creation expertise to our portfolio companies. Since the firm’s founding in 2010, Stone-Goff’s sector knowledge and deal experience has helped drive successful outcomes for company founders, limited partners, and portfolio management teams. For more information about Stone-Goff Partners, please visit stonegoff.com.

  1. This release is for informational purposes only and does not constitute, or form part of, an offer to purchase or issue interests in any security or investment product. No assurance can be given that any investment managed by Stone-Goff will be able to implement its investment strategy or achieve its investment objectives.

  2. This release contains statements that may be considered testimonials or endorsements. While no compensation arrangement exists between Stone-Goff and any outside parties in connection with any testimonial or endorsement made herein, those making statements could be considered to have an economic interest in the success of Stone-Goff, a particular investment, or portfolio holding.

  3. Past performance is not indicative of future results. Stone-Goff does not make any representation or warranty, express or implied, regarding future performance of any investment vehicle, particular investment or portfolio holding.

 

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