Description
Environmental Business Journal, Volume 36 Numbers 11/12: Q4 2023 Mergers & Acquisitions 2023
Environmental Business Journal®’s analysis of Mergers & Acquisitions activity in the environmental industry 2023 focuses on environmental consulting & engineering and statistics on the broader A&E industry. Strong industry fundamentals and a variety of buyers kept merger and acquisition (M&A) activity relatively high in the environmental industry in 2023. Economic issues and interest rates that slowed activity significantly across other sectors kept transaction numbers lower than in 2022 in most segments, but many players remained active and several highly active. New leading acquirers, many fueled by private equity partnership, closed deals every other month, and a number of new M&A participants from smaller ranks of firms joined the M&A game. Compiled analysis by leading experts combined with detailed Q&As with executives provides a strategic perspective on M&A in 2023-2024.
With client demand strong across multiple categories, the energy transition still in its earliest phases, investment need high in human resources and technology, and more capital flowing into the entities fueling much of the recent surges in M&A, the trends of high activity and strong valuation are likely to continue.
Table of Contents
Environmental Industry M&A slows in transaction volume in 2023 after a big year in 2022. New investors and employee-owners continue to enter the industry, finding more reasons to place capital and their prospects for return into the increasingly capable hands of environmental industry executives 1-3
Global M&A Statistics Across All Sectors Show a Slowing Pace of Transactions in 2023 and Highlight the Strength and Resilience of the Environmental, Energy Transition and Climate Change Industries 4-5
Morrissey Goodale M&A Year-In-Review Summarizes M&A Trends in A&E and Environmental C&E; Q&A and Nine Movers and Shakers to Watch in 2024 6-11
Private Equity Activity and Influence Continues to Grow in the Environmental Industry: Selected private equity investments in environmental companies indicate a breadth of interest and a host of new players and repeat investors 12-13
Takeaways on 2023 A/E M&A Activity from EFCG, 2020 and ROG+ Partners: EFCG Sees a New Wave of Consolidators; 2020 Environmental Group Says Smaller Deals Become More Attractive to Environmental Industry Investors; ROG Questions Pros & Cons of Private Equity in the Industry 14-17
Terracon Keeps up the M&A Pace; Matching Culture and Core Values Across Multiple Sectors and Regions 18
Citadel EHS M&A Process Focuses on Key Values to Embrace Culture Not as a Destination, But as a Journey 21
Natural Systems Design finds that NSD + CGS is a Natural Fit of Aligned Mission & Motivation in Northwest Natural Resources Market 24
EcoAnalysts Expands Leadership in Key Niche With Targeted Acquisitions 26
Liberty Environmental Defines its Own M&A Sweet Spot in Size & Resources 28
ARM Group Uses Team Approach to M&A and Integration; Two Acquisitions in 2023 Bring Total to Four Since 2017 30
Kleinfelder Partners With Lindsay Goldberg to Strengthen Committed Strategy to M&A and Organic Growth 32
UES‘ More Than 25 Acquisitions Highlight the Challenge of Integration and the Power of Collaboration 34
WSP USA Integrating Major Acquisitions Golder and Wood E&I; Emphasizes Commitments to Digital Transformation & Energy Transition 37
Pace on Pace to Continue Ambitious M&A to Strengthen Its Lab Network 40
Acquisition Builds SWCA‘s Position as an ESG & Sustainability Advisor 43
Alliance Technical Group Accelerates its Pace of M&A in Fragmented Markets 46
Small Transactions Maintain Flow of Water Utility M&A in 2023 48
Companies appearing in this edition
2020 Environmental Group 15
Accenture 14
AE Industrial Partners 13
Align Capital Partners 47
Alliance Technical Group 46
ALO Advisors LLC 44
Alpha Analytical LLC 42
American Council of Engineering Companies 11
Anser Advisory 14
Anthesis 12
Apex Companies 12
Ardurra Group Inc. 12
ARM Group 30
Atlas Technical Consultants 12
Atwell LLC 6
Aurora Capital Partners 40, 42
Axim Geospatial 7
Bain & Company 5
Barrow-Agee 47
BDT Capital Partners. 34
BG Bonnard & Gardel 38
Biome Consulting Group 35
Blue Team Restoration 13
Bowman Consulting Group 6
Calibre Professional Services 38
Cameron Engineering & Associates 6
Capita plc 39
Carlyle Group 12
Carmichael Engineering 35
Chemtech Consulting Group 47
Citadel EHS 21
Civil & Environmental Consultants 47
Climate Finance Advisors 39
Coastal Geologic Services 24
Copley Equity Partners LLC 13
Doucet & Associates 32
Earth Systems 13
EcoAnalysts 26
EME Consulting Engineers 6
Enercon Services 13
Enstruct 38
EST Inc. 13
Faulkner Engineering Services 35
Ferguson Risk Management 20
Gannett Fleming 13
Geo Solutions 35
Geotechnology Inc. 34
GHK Capital Partners LP 13
GI Partners 12
Golder Associates 38
Grubbs Hoskyn Barton & Wyatt 35
H.I.G. Capital 13
Hydrosphere Research Environmental Svcs 26
IMEG 6
InControl Technologies 35
Kleinfelder 32
Kleinfelder Group Inc. 12
Langan Engineering & Environmental 12
Leonard Green & Partners 40, 42
Leonard Rice Consulting Water Engineers. 13
Liberty Environmental 28
Lilker Associates 6
Lindsay Goldberg 12
Littlejohn & Co. 12
Louis Berger Services 39
Morgan Stanley Capital Partners 12, 47
Morrison Foerster 4
Morrissey Goodale 6, 7
Natural Systems Design Inc. 24
NV5 6
Oaktree Capital Management 13
OceanSound Partners 6, 13
ORTECH Consulting 47
Pace Analytical Services 40
Pace Life Sciences 40
Palatine Private Equity 12
Palm Beach Capital 13
Pape-Dawson Engineers 13
PDC Laboratories Inc. 42
Peak Rock Capital 6
Pollution Management Inc. 18, 20
PwC 4
Regulatory Research Associates 48
Riner Engineering 35
RMA Companies 6
Rone Engineering 6
Round Table Capital 12
RTC Partners 6
Salas O’Brien 6
SAM LLC 6
Sentinel Capital Partners 12
Spheros Environmental Group 13
Summit Engineering Group 6
SWCA 43
SWCA Environmental Consultants 44
Terracon 18
Texplor of Dallas 20
TowerBrook Capital Partners 12
Tower Engineering Professional 13
Triton Environmental Consultants Ltd. 13
UES 6, 34
Union Park Capital 13
Verdantas 6
Versar Inc. 39
Wellston Associates 6
Westwood 13
WSB & Associates 13
WSP Global 37
WSP USA 37
Zweig Group 35
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