Environmental services provider Montrose Environmental Group Inc. of North Little Rock (NYSE: MEG) announced the acquisition of Engineering & Technical Associates Inc. (ETA) of Walbridge, Ohio.
Financial terms of the transaction were not disclosed.
ETA provides consulting and personnel recruiting services to the refining, chemical and nuclear industries. In a news release, Montrose said that ETA will join its assessment, permitting and response segment.
“We have partnered with ETA on client projects for many years and are excited to formally bring them into the Montrose family,” Vijay Manthripragada, president and CEO of Montrose, said in a statement. “We believe they will be highly additive to Montrose’s current Environmental, Health, Safety & Security advisory offerings.”
ETA was founded more than 30 years ago by Dan and Lisa Wilczynski. It helps companies in the chemical, petrochemical and refining industries develop process safety management plans to meet compliance guidelines of the Occupational Safety and Health Administration. The company also provides compliance audits.
The purchase of ETA is among more than 70 acquisitions that Montrose has completed over the past decade to grow its reach and capabilities. It follows the February acquisitions of Two Dot Consulting LLC of Arvada, Colorado, and Epic Environmental Pty. Ltd., an environmental science and engineering consultancy in Australia.
With the purchase of ETA, Montrose announced that it’s raising its 2o24 outlook. Revenue is now expected to be in the range of $690 million to $740 million, up from the previous range of $675 million to $725 million. Consolidated adjusted earnings are expected to be in the range of $95 million to $100 million, up from the previous range of $90 million to $95 million.
“The strong execution against our cross-selling initiatives and plans has resulted in an improved outlook for the remainder of 2024,” Manthripragada said.
Montrose reported a loss of $1.8 million the fourth quarter of 2023. For the full year, the company posted a net loss of $30.9 million.
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