Montrose Environmental of North Little Rock followed through on one of Chief Financial Officer Allan Dicks’ expectations on Tuesday, acquiring a Danish water treatment company and extending a long list of more than 70 acquisitions in the past 10 years.
Dicks predicted last month in an interview that the publicly traded 3,500-employee company would continue growing. It acquired CTEH of North Little Rock in 2020 and moved its corporate headquarters to Arkansas in 2021.
In the deal announced Tuesday, Montrose obtained Vandrensning, a firm specializing in treating water that has percolated through landfills. It is a top Scandinavian company for battling heavy metals and the “forever chemicals” known as PFAS, Montrose said. Founded and based in Denmark, Vandrensning is Montrose’s first European acquisition. It also operates in Norway and Sweden and will integrate into Montrose’s division mitigating contaminants in air and water.
In June, 3M of St. Paul, Minnesota, agreed to pay up to $10.3 billion to address claims that the company contaminated U.S. water supplies with PFAS, technically polyfluoroalkyl and perfluoroalkyl substances.
Since moving to Arkansas, Montrose has bought air-testing competitor AirKinetics Inc. of Anaheim, California; environmental firm Huco Consulting Inc. of Houston; Frontier Analytical Laboratories of El Dorado Hills, California; Environmental Alliances Inc. of Wilmington, Delaware; Matrix Solutions Inc. of Canada; and GreenPath Energy Ltd., another Canadian firm.
“Our latest guidance is about $600 million of revenue this year, yet even at that size, we are 0.1% of the global environmental services market,” Dicks told Arkansas Business last month. “There’s a lot of white space for us to continue to grow into. The industry just in the United States is made up of thousands of environmental service companies, so we can continue to acquire. We don’t really see any end in sight.”
In a statement, Montrose CEO and President Vijay Manthripragada said the Vandrensning acquisition complements its services in northern Europe.
“Our collective ability to provide a more sustainable water treatment solution resonates well in the markets that we and Vandrensning serve today,” he said.
“We are eager to collaborate and work towards our shared commitment to provide clients with the most advanced and all-encompassing technological solutions for PFAS removal and water treatment.”
With more than 90 locations around the world, Montrose is a vertically integrated company that offers consulting, engineering and emergency response services to address environmental issues around the world. The company is scheduled to report second quarter financial results after market close Tuesday.