Montrose Environmental Group Inc. (NYSE: MEG) of North Little Rock on Tuesday announced the acquisition of Canada-based GreenPath Energy Ltd., another purchase aimed at expanding the capabilities of the environmental services firm.
The deal comes days after Montrose announced an agreement to acquire another Canadian company, the environmental and engineering consulting firm Matrix Solutions Inc.
GreenPath is an optical gas imaging and fugitive emissions management services firm. The company's leadership team, including President Joshua Anhalt, will join Montrose under the company's measurement and analysis segment
Financial terms of the deal were not disclosed.
GreenPath, founded in 2007, is a leader in methane emission detection, measurement, reduction and elimination solutions and services in Canada, Montrose said in a news release. The firm specializes in working with oil and gas companies, helping them make the transition to cleaner energy.
Terence Trefiak, Montrose's senior vice president of leak detection and repair for North America, said the acquisition will help scale the company's technical and operational capabilities for multinational corporations and better serve those clients across the entirety of their North American portfolio.
"For energy producers, it is often hard to understand the problem of fugitive emissions and where to direct their resources," he said. "Working together, we will be able to better track, manage, eliminate and reduce fugitive emissions, which supports clients with regulatory compliance, ESG and moving toward a low carbon economy. We welcome our new colleagues and are eager to begin supporting our clients more broadly."
GreenPath is the fourth company that Montrose has purchased this year. In January, it announced the acquisition of Frontier Analytical Laboratories of El Dorado Hills, California, which specializes in analysis of persistent organic pollutants, also known as "forever chemicals." The same month, Montrose said it had a deal to buy Environmental Alliances Inc. of Wilmington, Delaware, an environmental engineering and consulting firm.
Those purchases came after Montrose spent more than $28 million in 2022 to acquire three environmental services companies as demand for its pandemic-related services dwindled. The company's losses in 2022 widened to $31.8 million, compared to $25.3 million the previous year.
Montrose is scheduled to report first-quarter earnings after market close on Tuesday.