Willcrest Partners — Engineering Services
Building the Infrastructure of Tomorrow
A San Francisco-based family office making long-term direct investments in best-in-class engineering services businesses focused on critical infrastructure.
Explore the Opportunity
10-15%
Annual Market Growth
$1.3T
US Engineering Services TAM
75+ Yrs
Combined Experience
10+ Yrs
Average Hold Period
3 Yrs
Profitability Preferred
"The rapid growth of data centers and renewable energy is creating unprecedented demand for grid and distribution infrastructure - requiring specialized engineering capabilities." - BCG Global
Investment Philosophy
Willcrest Thesis
Growth Focus
High-growth industries such as data-centers, utility / power, and renewable energy. Market tailwinds such as data center buildout and aging grid lead to expected annual growth rates of 10-15%.
"The rapid growth of data centers and renewable energy is creating unprecedented demand for grid and distribution infrastructure, requiring specialized engineering capabilities to integrate complex, high-growth loads into constrained utility systems." - BCG Global
Deep Industry Expertise
Firms specialize by industry (utility, energy, data center, etc.) and service line. Energy transition requires new technologies, capabilities, and expertise, making specialization critical.
"Success in power and utilities depends on deep technical, regulatory, and operational expertise tailored to the sector." - BCG Global
End-to-End Capabilities
Developers and EPCs are consolidating around core partners and favor integrated, long-term partnerships that enable early engineering involvement and end-to-end project optimization. Key partners are multi-discipline and cover the full process lifecycle from pre-engineering (studies, surveys, geotechnical) to design and construction management to post-construction support (SCADA, compliance).
"Firms that expand capabilities across the project lifecycle are better positioned to compete and win in engineering and construction." - McKinsey & Company
Scalability
Need to develop repeatable project types that can be scaled with process and technology. Allows for functionalized approach using global resources.
"Engineering firms create the most value when they shift from bespoke projects to repeatable project types - enabling standardization, scale, and the ability to stop reinventing the wheel." - McKinsey & Company
Track Record
The Pearce Services Story
Willcrest partnered with the Curran family office to acquire Pearce from a retiring founder in April 2014. What followed is the clearest proof of the Willcrest engineering playbook.
$19M
Revenue at Acquisition
Situation at Acquisition
-Retiring founder with limited technology and admin infrastructure
-Strong field services business, but no engineering division
-Concentrated in telecom, no renewable energy presence
-Multiple growth vectors identified but unfunded and unstaffed
Willcrest Value Creation
✓Architected new technology platform for ops, admin and accounting
✓Established captive 1,000-person engineering center in India
✓Launched fiber-to-home telecom engineering division in 2018
✓Expanded into renewable energy via Natron Resources and Clark Land
Engineering Division: Growth Timeline
2018
Launched Telecom Engineering Division
✓Launched fiber-to-the-home telecom engineering business leveraging existing customer relationships
✓Hired experienced management team with sector expertise to drive next phase of growth
✓Established presence in India to enhance efficiency in supporting U.S. operations
Growth
Expanded Capabilities and Customers
✓Built out permitting and BAU engineering to diversify revenue streams and expand customer base
✓Scaled India team to ~1,000 engineers enabling 24-hour operation and customer stickiness
✓Grew engineering revenue from ~$20M to ~$80M annually over 5 years
2023–25
Expansion through M&A
Natron Resources
C&I engineering for renewable energy customers in solar and EV charging — engineers in U.S. and India
Clark Land Services
Pre-engineering services including land surveying and utility locating for renewable energy customers
JoeMax Telecom
Telecom engineering and project management serving the critical NYC and NJ market
Each member of our team has been both an operator and investor - we have built, scaled, and sold engineering businesses from the inside out.
The Team
Experienced Investors and Operators
Willcrest brings deep operating experience across engineering services, industrial, and technology businesses in the Western US and beyond.
Bret Forster
Partner
- CEO of Pearce Services, engineering and maintenance for critical infrastructure
- VP at Serent Capital, lower middle market private equity
- McKinsey and Co. Consultant; ServiceSource Operations
- MBA and BS Industrial Engineering, Stanford University
Pat Forster
Partner
- Co-founder of Industrial Growth Partners (IGP), $2.3B AUM focused on manufacturing
- Chairman/CEO of Itek Graphix, management buyout with international operations
- Group Executive at Litton Industries, ran Conveyor, Microwave and Medical divisions
- PhD Northwestern, MA Manchester, BA Stanford University
Dominic Naas
Vice President
- Sr. Manager M&A at Pearce Services, engineering and maintenance for critical infrastructure
- Investment banking at Stephens Inc., middle market critical infrastructure transactions
- Masters from Vanderbilt University; BA in Economics and Finance, McKendree University
What We Look For
Investment Criteria
Willcrest focuses on a narrow set of engineering services targets where our operator expertise and long-term capital create the most durable value.
Financial
$2M to $7M in EBITDA with strong recurring revenue
Stage
At least three years of continuous profitability - no start-ups
Sectors
Electrical utility, data center, industrial
Location
Preference for businesses headquartered in North America
Ownership
Preference for control transactions, open to minority
We Avoid
Project-based with binary outcomes, high capital intensity
Let's Connect
Ready to Build Together?
Whether you are an engineering firm owner considering succession, a strategic partner, or a potential co-investor in the energy transition - we would welcome the conversation.
