Weekly Briefing EFCG's summary of this week's news across the A/E/C industry |
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| EFCG Managing Partner, Jessica Barclay, will be speaking at Environment Analyst’s Global Business Summit to share her perspectives on industry merger & acquisition trends with environmental & sustainability leaders from across the advisory, policy, business, and investment world. As part of the two-day event, Jessica will also be leading a roundtable discussion exploring the impact of recent M&A activity, emerging financial partnership models, and rising interest from private equity in market structure, consolidation, and service delivery. The Summit, which is slated to take place on August 23 – 24, 2022 in Denver, will enable attendees to hear about the latest market and regulatory developments, share strategic thinking and technology innovations to problem-solve together, and collaborate to help shape and deliver a sustainable and equitable transition. |
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Biden Administration Launches Initiative to Modernize Building Codes, Improve Climate Resilience, and Reduce Energy Costs - On Wednesday, the Administration announced a National Initiative to advance building codes that will enable state, local, tribal, territorial governments, and communities to be more resilient to hurricanes, flooding, wildfires, and other extreme weather events that are intensifying due to climate change.
- The initiative is set to deploy $225 million of the Bipartisan Infrastructure Law funding for the Department of Energy (DOE) to support the implementation of updated building energy codes and create good-quality jobs, including through workforce training partnerships and direct support to state and local agencies, while prioritizing the needs of disadvantaged communities.
- A recent analysis from FEMA categorized states based on their building code uptake and found that 39 states fell into the lowest category—meaning less than 25% of the state’s communities were covered by the latest hazard-resistant codes. Nationwide, only about 35% of counties, cities, and towns have the latest codes in place, leaving millions of Americans more vulnerable to extreme weather and higher energy costs.
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US DOT Awards $368M in Rail Infrastructure Grants - The U.S. DOT’s Federal Railroad Administration announced on June 2 that it has selected 46 projects in 32 states to receive $368 million in Consolidated Rail Infrastructure and Safety Improvement (CRISI) grants.
- The grants will be used to fund new infrastructure projects, including track work, bridges, stations, and eliminating grade crossings, with the largest grant awarded to the North Carolina DOT for a plan to start a new intercity passenger rail service in the Raleigh, N.C., to Richmond, Va., corridor.
- Most of the grants in the new CRISI round are for designing or building rail infrastructure projects. The list of awardees also includes some other types of rail-related plans, including a $4.6-million grant to the University of Delaware to help fund a new railroad engineering program at Morgan State University, a Historically Black College and University in Baltimore.
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June 1, 2022 IBI Group Inc. (IBI), a Canada-based design firm that provides technology-driven architecture, engineering, planning, systems, and technology services, has acquired HotSpot, a Canada-based mobility solutions provider specializing in creating products for parking, transit, taxi, and merchant payments. The acquisition of HotSpot will complement IBI’s extensive offering of mobility solutions, including CurbIQ, Travel-IQ, TRANSIT Data Suite, and Smart City, while also further enhancing IBI’s existing traveler information solutions. The addition of HotSpot also provides IBI with added payment capabilities to its current product portfolio to help provide savings to clients and consumers. The acquisition builds upon IBI’s strategic focus on increasing its recurring revenue and growing its expert professional staff within the traffic and transportation practice. |
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June 1, 2022 WSP Global Inc. (WSP), a Canada-based engineering consulting firm, has entered into a definitive agreement to acquire the Environment & Infrastructure business (“E&I”) of John Wood Group plc (“Wood”) for aggregate cash consideration of US$1.810 billion, including the net present value of US$200 million derived from a transaction-related tax benefit. The net transaction value of US$1.61B represents 14.6x E&I’s estimated 2022 pre-IFRS 16 adjusted EBITDA, or 11.5x post-synergies. The acquisition of Wood’s E&I business expands WSP’s operating footprint, particularly within OECD countries such as the US, Canada, and the UK. With approximately 20,000 experts, WSP’s Earth & Environment consultancy will represent about 1/3 of WSP’s annual net revenues globally. The acquisition will also enhance WSP’s scale and capabilities in the Water sector, which is now expected to represent a total of C$830 million in annual revenues globally. |
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June 3, 2022 Bowman Consulting Group Ltd. (Bowman), a Virginia-based engineering services firm specializing in planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement, and other technical services, has acquired Fabre Engineering, Inc. (Fabre), a Florida-based civil engineering and land surveying firm specializing in water, stormwater and wastewater solutions, airports, land use planning for private developers and municipal agencies, and broad-based geomatics and land surveying services. The acquisition of Fabre enhances Bowman’s service capabilities and operating footprint, particularly in the Gulf Coast region of the US, and helps to bolster the Company’s long-term strategic growth initiatives. The acquisition, which Bowman expects to be immediately accretive, was financed with a combination of cash and seller financing. The Company expects the Fabre acquisition to initially contribute approximately $1.5 million of annualized net service billing. |
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About EFCG We are uniquely positioned with 30+ years proprietary industry data from 500+ private & public firms. We are proud to be the trusted advisor to the A/E/C industry. |
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| | | This Week's Briefing by: Clay Han chan@efcg.com |
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