Environmental services provider Montrose Environmental Group Inc. of North Little Rock (NYSE: MEG) announced the acquisition of Epic Environmental Pty. Ltd., an environmental science and engineering consultancy in Australia.
Epic Environmental’s senior leadership team, including founders Mark Breitfuss and Brad May, will join Montrose’s consulting and engineering division, which falls under the company’s remediation and reuse segment.
Financial terms of the transaction were not disclosed.
Epic Environmental has offices in Brisbane, Sydney, Mudgee, Adelaide and Darwin. It provides a range of services including environmental planning, contaminated land management, waste management and remediation, environmental audits and compliance audits. The consultancy’s team includes engineers, scientists, geologists, planners and ecologists.
Epic Environmental’s clients include “many of Australia’s top industrial, resources and energy services companies,” Montrose said in a news release.
“Epic will both accelerate our growth in Australia and significantly expand our capabilities, relationships and services in market,” Vijay Mathripragada, president and CEO of Montrose, said in a statement.
“We started in Australia in 2019 with a focus on removing PFAS and other contaminants from water with our unique ECT2 technologies. With Epic, we are creating a more comprehensive environmental solutions platform in Australia which we believe will be very additive to both organizations.”
The purchase of Epic Environmental is among more than 70 acquisitions that Montrose has completed over the past decade to grow its reach and capabilities. Last year, the company acquired Danish water treatment company Vandrensningd; Canadian consulting firm Matrix Solutions Inc.; Canadian optical gas imaging and fugitive emissions management services firm GreenPath Energy Ltd.; consulting firm Environmental Alliances Inc. of Wilmington, Delaware; and Frontier Analytical Laboratories of El Dorado Hills, California.
The company has grown to more than 90 locations around the world.
Allan Dicks, CFO of Montrose, told Arkansas Business in July that acquisitions are expected to continue, along with organic growth, though bottom-line profits could be years out.
Montrose reported a loss of $7.5 million in the third quarter of 2023, while revenue rose 28.9% to a quarterly record of $167.9 million. The company said it expects annual revenue of $590 million to $640 million.
“The regulatory landscape, with new and pending rules on methane leak detection and air emissions standards, continues to generate tailwinds,” Manthripragada said. “Additionally, the private sector’s commitment to environmental stewardship and resiliency, through initiatives such as net-zero commitments and environmental justice, is creating opportunities throughout our comprehensive service offerings.”
Shares of the company were up 1% to $31.53 on Tuesday morning. Year to date, shares were down slightly more than 1%.
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