Cascade Drilling (Woodinville, Wash.) for its aggressive growth strategy and completing five acquisitions in 2015. In February, Cascade acquired Vironex Environmental Field Services (Wilmington, Del.), a provider in-situ remediation services and high resolution site characterization technology. Cascade acquired TerraTherm (Gardner, Mass.), a leader in situ and on site thermal remediation technologies in August. The October 2015 acquisition of ARS Technologies (New Brunswick, N.J.) added to Cascade's technical services team with pneumatic fracturing, atomized injection and in situ treatment processes. In November 2015, Cascade enhanced its drilling fleet through its acquisitions of Aquifer Drilling & Testing (Mineola, N.Y.) and Terra Sonic International (Marietta, Ohio). The December 2015 acquisition of Stone Environmental (Montpelier, Vt.) bolstered Cascades' technical services with profiling and analytical systems. During 2015 Cascade's workforce grew from 300 to over 850 employees nationwide.
In 2015, Tetra Tech (Pasadena, Calif.) announced two strategic acquisitions: Cornerstone and Coffey. Cornerstone Environmental Group (Middletown, N.Y.), an environmental engineering/consulting firm focused on the U.S. solid waste market, had 160 employees and approximately $30 million in annual revenue. In October Tetra Tech acquired Coffey International Ltd., a world-class consulting and engineering firm headquartered in Sydney, Australia with 3,300 staff and revenue of A$556 million. Coffey delivers solutions across three main areas: international development, geo-services, and project management. The combined entity is positioned as the leading global consulting firm for international development and expands Tetra Tech's geographic presence in Australia and the Asia Pacific. Further, Coffey's geo-services expertise will provide a platform of staff and offices through which Tetra Tech can leverage its water and environmental services to support Australia's infrastructure expansion.
In 2015, TRC Companies (Lowell, Mass.) made two strategic acquisitions, advancing TRC's profitable growth strategy in both the power utility and oil & gas markets. X-Line Inc. (Villa Rica, Ga.), a 40-employee firm, expanded TRC's position in the distribution engineering and design space throughout the Southeast. The second acquisition, Willbros Professional Services (Tulsa, Okla.), was transformational for TRC in that it added a fourth operating and reporting segment, Pipeline & Facilities Services, along with over 850 employees and more than $200 million in revenue from 9 offices throughout the United States. The acquisition of Willbros positions TRC as a leader in end-to-end solutions for oil & gas midstream services from up-front environmental permitting and remediation through pipeline engineering, EPC, construction management, field services, integrity and data management services. TRC has made 11 acquisitions since 2011, all contributing to compounded annual revenue growth of over 15% while growing EBITDA more than 20%.
Quality solutions provider Intertek Group plc (London) for the acquisition of Illinois-based Professional Service Industries Inc. (PSI) for $330 million. PSI reported revenue of $254 million in 2014 and employs 2,400 people at 87 locations. PSI provides testing and assurance services to commercial and civil construction markets, with a broad service offering including building materials testing, geotechnical services, and property and environmental assurance. PSI was majority owned by private equity firm Olympus Partners. The transaction builds on Intertek's acquisition of Architectural Testing (York, Pa.) for $95 million in December 2013.
Westinghouse Electric Co. (Pittsburgh, Pa.) for strengthening its position in the environmental industry with the October 2015 acquisition of CB&I Stone & Webster, the nuclear construction and integrated services businesses of CB&I (The Hague, Netherlands). The deal is supporting Westinghouse's growth in decontamination, decommissioning and remediation services; enhancing the company's major nuclear project management and environmental service offerings; and adding to its extensive innovation-driven engineering expertise. The businesses will reside in a new Westinghouse subsidiary, which also will house a new government services business under development. Westinghouse Electric is a group company of Toshiba Corp. Earlier in 2015 Westinghouse and Bechtel Corp. (San Francisco) formed an alliance to provide decontamination, decommissioning, and remediation services to U.S. commercial nuclear power plants.
Danaher Corp. (Washington, D.C.) for acquiring Pall Corp. (Port Washington, N.Y.) in a $13.8 billion deal. Pall, a leader in filtration, separation, and purification technology, generated $2.8 billion in revenue during fiscal 2014 and "is a highly attractive business with approximately 75% recurring revenues, mid-single-digit organic growth, and a solid margin profile," said Thomas Joyce, Danaher's president and CEO. Subsequently Danaher announced its intention to split into two companies, with one $16.5 billion unit retaining the Danaher name, including the Pall operations and focusing on the life sciences and diagnostics, dental, water quality, and product identification businesses. The other unit, a $6 billion business, will operate as a diversified industrial company.
Eurofins Scientific (Luxembourg), a global environmental, pharmaceutical and food-testing firm, for its ambitious global and U.S. acquisition campaign in all of its markets. In 2015 Eurofins bought Boston Heart Diagnostics for $140 million, 120-person Wisconsin-based BioDiagnostics, 95-person Toronto-based Experchem Laboratories, Alabama-based Diatherix Laboratories for $50 million, assets of Spectrum Analytical with labs in Agawam, Mass., and North Kingstown, R.I., Ireland-based Biomnis Group for €220 million, a 65% majority stake in Vietnam's 100-person testing firm Sac Ky Hai Dang, two leading environmental labs in Austria, and Norway's Radonlab. Eurofins ends 2015 with about 20,000 staff and 200 laboratories in 39 countries.
Environmental Resources Management (ERM, London) for its acquisition by investor Ontario's Municipal Employees Retirement System (OMERS) for an enterprise value of $1.7 billion. With gross revenues near $1 billion, ERM is the world's top pure-play environmental consulting firm. ERM employs more than 5,000 people providing environmental, health, safety, risk, social consulting services and sustainability related services from more than 160 offices in over 40 countries and territories to key sectors including oil & gas, mining, power, and manufacturing, chemical and pharmaceutical. ERM is now on their fourth private equity investor, having been PE-owned since 2001, when 3i financed a management buyout of ERM's retiring partners, enabling remaining partners to maintain significant ownership and continue to lead the company and providing capital for growth. By 2011 when Charterhouse acquired its interest in the firm at an enterprise value of $950 million, ERM's 490 partners owned 45% of the firm.
HDR Inc. (Omaha, Neb.) for its acquisition of Infrastructure Corporation of America (Brentwood, Tenn.), a $130-million firm that performs transportation operations and maintenance services, outsourcing what was traditionally performed in-house at state departments of transportation and the like. ICA provides a comprehensive asset management solution for public agencies with long-term contracts or lump sum/performance-based terms from a sophisticated, fully bonded and capable service provider. With ICA, HDR has strengthened its asset management offerings that will help the company serve clients throughout project life cycles. HDR now employs more than 9,200 staff worldwide.
Research and program implementation firm Abt Associates (Cambridge, Mass.) for merging with Stratus Consulting (Boulder, Colo.), an environmental research and consulting firm. Abt Associates said that the Stratus Consulting operations would be integrated with its existing environmental practice to form a new Environment and Natural Resources Division led by Joshua Lipton, former president and CEO of Stratus Consulting. The deal expanded Abt's environmental and ecological sciences capabilities and created new opportunities for the growth of its environment and climate change portfolio.
Engineering, science, and design consulting firm Pennoni (Philadelphia, Pa.) for three major acquisitions in 2015. In March Pennoni bought the assets of Jones-Stuckey (Columbus, Ohio), a civil engineering firm with expertise in bridge and roadway engineering, storm and sanitary sewer design, water resources engineering, environmental services, and structural and construction engineering inspection. In May Pennoni acquired Philip Post & Associates (Chapel Hill, N.C.), a provider of land planning, site design, water/wastewater, and construction inspection services. In July, Pennoni acquired the assets of J2 Engineering (Pensacola, Fla.) a provider of environmental, engineering, construction management, and design-build services.