About Breakwater North
Breakwater North is a private investment and advisory firm focused on unique acquisition and growth opportunities in the middle and lower-middle markets. Breakwater North partners with diverse sources of capital to maximize risk-adjusted returns for investors, creating value through innovation, grit and collaborative partnerships with our companies and their employees
The Team
The Breakwater North team consists of experienced finance professionals and naval nuclear engineers with greater than $30 billion of transaction experience and over ten years of active-duty military and nuclear power operational experience. Breakwater North is uniquely positioned to access and capitalize on exclusive, targeted opportunities leveraging a deep network of professionals across a wide range of industries
Managing Partners
David Faherty
Ryan Mills
Prior to co-founding Breakwater North, Mr. Faherty most recently worked at Simmons Energy as a Vice President in the investment banking division. Throughout his five years at Simmons, Mr. Faherty focused on energy services M&A and capital markets advisory with ~$4 billion of transaction experience. Previously, Mr. Faherty served as a nuclear submarine officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Faherty earned an M.B.A. from the Cornell Johnson Graduate School of Management, an M.S. from Naval Post Graduate School and a B.S. from the United States Naval Academy.
Prior to co-founding Breakwater North, Mr. Mills most recently worked at Goldman Sachs as a Vice President in the investment banking division. Throughout his five years at Goldman, Mr. Mills focused on energy M&A and capital markets advisory with ~$28 billion of M&A transaction experience. Previously, Mr. Mills served as a nuclear surface warfare officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Mills earned an M.B.A. in Finance and Accounting from the Wharton School of the University of Pennsylvania and a B.S. in Mechanical Engineering from the United States Naval Academy.
Managing Partners
David Faherty
Prior to co-founding Breakwater North, Mr. Faherty most recently worked at Simmons Energy as a Vice President in the investment banking division. Throughout his five years at Simmons, Mr. Faherty focused on energy services M&A and capital markets advisory with ~$4 billion of transaction experience. Previously, Mr. Faherty served as a nuclear submarine officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Faherty earned an M.B.A. from the Cornell Johnson Graduate School of Management, an M.S. from Naval Post Graduate School and a B.S. from the United States Naval Academy.
Ryan Mills
Prior to co-founding Breakwater North, Mr. Mills most recently worked at Goldman Sachs as a Vice President in the investment banking division. Throughout his five years at Goldman, Mr. Mills focused on energy M&A and capital markets advisory with ~$28 billion of M&A transaction experience. Previously, Mr. Mills served as a nuclear surface warfare officer in the United States Navy and was nuclear engineer qualified by Naval Reactors. Mr. Mills earned an M.B.A. in Finance and Accounting from the Wharton School of the University of Pennsylvania and a B.S. in Mechanical Engineering from the United States Naval Academy.
Recent News
Breakwater North Makes New Platform Investment in Sonic Systems International, LLC
September 20, 2021
Breakwater North LLC (“Breakwater North”) is pleased to announce that one of its affiliates has acquired a stake in Sonic Systems International, LLC (“Sonic” or the “Company”), a leading provider of mission-critical support services to the commercial nuclear power industry.
Based in Wilmington, NC and Houston, TX, Sonic’s highly skilled workforce of nuclear-certified technicians provides a range of services including non-destructive evaluation, QA/QC, refueling/reactor maintenance, engineering and project management. The Company serves a majority of U.S. commercial nuclear reactors, the country’s most reliable and largest source of carbon-free electrical power. Since the Company’s founding in 1977, Sonic has developed a leading reputation for safety, professionalism and technical excellence, enabling it to become a long-term trusted supplier to leading nuclear OEMs and utilities. Sonic is led by CEO Bruce Schlueter who brings significant leadership experience in the non-destructive evaluation and industrial services industries.
Breakwater North LLC partnered on the transaction with Boyne Capital (“Boyne”), a Florida-based private equity firm focused on investments in lower middle market companies. Boyne provided the majority of equity capital for the transaction. Main Street Capital Corporation provided debt financing and an equity co-investment to support the transaction.
Breakwater North’s Managing Partners, David Faherty and Ryan Mills, said: “We look forward to working with Boyne and Company management to pursue several exciting strategic initiatives, as we seek to expand Sonic’s breadth of services and enhance the Company’s reputation as a vendor of choice to the nuclear industry and other highly specialized industries.”
Former Sonic President, Dale Holbrook, said: “I am tremendously proud of the growth of the Company over the last decade, and I believe the additional resources the new investors bring will enable the Company to become an even stronger industry supplier going forward. I look forward to remaining on the Board and supporting Bruce and the rest of the team on Sonic’s next phase of growth.”
Boyne Managing Partner and CEO, Derek McDowell, added: “The Boyne team is pleased to join forces with Sonic’s management team and Breakwater North. Sonic differentiates itself with deep, long-tenured customer relationships, built upon its consistent reliability and responsiveness as a partner. We are excited about Sonic’s position to capitalize on the revived growth of the nuclear power industry.”
Sonic represents Breakwater North’s first platform investment in the nuclear services space.
Active Investments
Sonic Systems International
SEPTEMBER 2021
Based in Wilmington, NC and Houston, TX, Sonic Systems International, LLC (“Sonic” or the “Company”), is a leading provider of mission-critical support services to the commercial nuclear power industry. Sonic’s highly skilled workforce of nuclear-certified technicians provides a range of services including non-destructive evaluation, QA/QC, refueling / reactor maintenance, engineering and project management. The Company serves a majority of U.S. commercial nuclear reactors, the country’s most reliable and largest source of carbon-free electrical power. Since the Company’s founding in 1977, Sonic has developed a leading reputation for safety, professionalism and technical excellence, enabling it to become a long-term trusted supplier to leading nuclear OEMs and utilities.
Contact Us
info@breakwaternorth.com