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Montrose Acquires Houston Air Consultancy Spirit Environmental

2 min read

Environmental services provider Montrose Environmental Group Inc. of North Little Rock (NYSE: MEG) on Monday announced the acquisition of Houston air permitting and compliance consultancy Spirit Environmental LLC of Houston.

Financial terms of the transaction were not disclosed.

In addition to permitting and compliance, Spirit provides dispersion modeling and environmental consulting services, including water quality, sustainability, waste and natural resources management.

The company focuses on the energy and petrochemical industries across the central U.S. It has offices in Houston, Austin, Denver and Baton Rouge.

Spirit’s senior leadership team, including founder and CEO Brad Herrin, will join Montrose’s consulting and engineering division, which is part of the company’s assessment, permitting and response segment.

“Spirit’s culture is very consistent with ours,” Montrose President and CEO Vijay Manthripragada said in a news release. “Their emphasis on personal relationships and their commitment to our shared environmental mission resonates meaningfully. Brad and his talented team bring decades of experience in air permitting and consulting services, and they grow our geographic presence across the U.S. Mountain states and Gulf states.”

The Spirit deal is among more than 70 acquisitions over the past decade that have grown Montrose to a company of about 3,200 employees and 100-plus offices around the world.

Recent acquisitions include Canadian consulting firm Paragon Soil & Environmental Consulting Inc. and Engineering & Technical Associates Inc. (ETA) of Walbridge, Ohio.

Montrose reported a loss of $13.4 million in the first quarter, narrowing its loss of $14.7 million from the same quarter a year ago. Revenue in the quarter rose to $155.3 million, up 18.2% from $131.4 million the previous year.

Shares of the company were flat Monday morning, hovering at $40.19. Year to date, shares were up nearly 26%.

 

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