EFCG Weekly Briefing: September 30, 2022

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Week of September 26, 2022


EFCG 33rd Annual CEO Conference

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EFCG hosted the 33rd Annual CEO Conference in New York City, NY, on September 28 – 30, 2022. The conference kicked off with EFCG Managing Partner Rebecca Zofnass delivering EFCG's signature AEC Industry Overview. Other conference sessions and panels focused on topics such as Sustainability, M&A, Innovation, Tech & Talent, and Post-Merger Integration. We are also delighted to share that Kate Harris, President, CEO, and Chair of Stanley Consultants, was awarded 2022 CEO of the Year for her innovative approach and out-of-the-box thinking that have transformed Stanley Consultants and further advanced the AEC industry. 

EFCG would like to thank everyone who attended this year's CEO conference (both in-person and virtually) and all our sponsors for their continued partnership! We look forward to seeing everyone again next year!

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Industry News & Updates

Senate Advances Stopgap Funding Bill After Removing Joe Manchin’s Permitting Overhaul

  • In an effort to advance a must-pass funding bill, West Virginia Senator Joe Manchin agreed to withdraw his proposal that would speed up permitting processes for the building of new energy projects.
  • Lawmakers from both parties have criticized the Manchin proposal, with Republicans saying it didn’t go far enough to remove permitting hurdles to quickly build energy projects and Democrats arguing that speeding up oil and gas projects could risk damaging ecosystems and compromise the health of nearby residents.
  • The announcement to remove Mr. Manchin’s proposal came just ahead of a planned vote on the short-term spending bill, extending current government funding levels until December 16th and preventing a partial government shutdown.
  • Despite the setback, Mr. Manchin maintains that the legislation would reduce U.S. reliance on foreign energy sources, lower energy costs and help project developers bring much-needed electricity generation and transmission infrastructure online.
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United States Considers Coal to Nuclear Plant Conversion Potential

  • The United States Department of Energy (DOE) is looking into the possibility of converting coal power plant sites to nuclear in a bid to boost the country's net zero drive.
  • The DOE has released a report showing that hundreds of United States coal power plant sites could be converted to nuclear power plant sites, adding new jobs, increasing economic benefits, and significantly improving environmental conditions.
  • After screening recently retired and active coal plant sites, the study team identified 157 retired coal plant sites and 237 operating coal plant sites as potential candidates for a coal-to-nuclear transition -- Of these sites, the team found that 80% are good candidates to host advanced reactors smaller than the gigawatt scale.
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M&A Updates

September 23, 2022

Tetra Tech, Inc. (Tetra Tech), a California-based consulting and engineering services firm, has reached an agreement to acquire all issued and to be issued shares of RPS Group plc (RPS Group), a United Kingdom-based professional services firm focusing on the property, energy, transport, water, resources, defense and government services sectors. The acquisition of RPS Group will expand Tetra Tech’s water practice in the U.K. and enhances Tetra Tech’s position in renewable energy and environmental management. Tetra Tech's all-cash offer, which prices all issued and to be issued shares of RPS Group for 222 pence per share ($2.39 per share), was unanimously recommended by the Board of Directors of RPS Group.  

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    September 27, 2022

    Haley Ward, Inc. (Haley Ward), a Maine-based technical consulting firm, offering a range of engineering, environmental, and surveying services, has acquired Lenard Engineering, Inc. (Lenard), a Connecticut-based multi-discipline engineering and environmental firm. The acquisition of Lenard expands Haley Ward's operating footprint within the New England region and adds depth to its technical service lines. 

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      September 28, 2022

      ENTACT, LLC (ENTACT), an Illinois-based provider of environmental remediation and geotechnical services and a portfolio company of investment affiliates of J.F. Lehman & Company (JFLCO), has acquired USA Environment, LP (USA Environment), a Texas-based environmental remediation and industrial services firm. The acquisition of USA Envrionment enhances ENTACT's capabilities and service solutions, while significantly expanding its customer base and presence throughout North America. USA Environment offers a suite of specialized capabilities that also includes unique solutions for radiological and naturally occurring radioactive materials ("RAD/NORM") for clients across a variety of end markets including public infrastructure, specialty chemical, manufacturing, energy, mining, and brownfield redevelopment.

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      Contact Information:
      4915 West 31st Avenue
      Denver, Colorado 80212
      efcg@efcg.com
      212.752.2203


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