Stout has advised J.A. Watts, Inc. (JWI) on its sale to Arora Engineers (Arora), a portfolio company of Jacmel Partners (Jacmel). Stout served as the exclusive sell-side financial advisor to JWI in connection with the transaction, which closed on December 30, 2025.

Based in Chicago, IL, JWI is an owner’s representation, program and construction management, and engineering services firm serving public and private clients nationwide. JWI is a recognized leader in aviation, transit, and surface transportation, with a focus on supporting large airports, airlines, and related facilities, with services including planning and design, program and construction management, project controls, quality, assurance, and safety oversight.

Arora is a global infrastructure services firm providing integrated planning, design, construction, and facility management services, along with asset management, smart infrastructure, and digital solutions. The Company has supported hundreds of airports worldwide, delivering complex terminal projects and improving asset lifecycles. Arora also works across aviation, surface transportation, federal, life sciences, commercial, and education sectors.