EFCG Weekly Briefing: September 7, 2022

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Week of October 3, 2022


EFCG 33rd Annual CEO Conference

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The POWER Foundation, the non-profit arm of POWER Engineers, Inc., announced this week that it will donate $750,000 over the next five years to support underserved students in STEM fields. The foundation plans to donate $15,000 in 10 communities per year to schools, programs, or organizations that enable students from traditionally underrepresented groups to pursue their passion for STEM. Employees from each office will select the grant recipients, starting with organizations in Hailey, Idaho; Fort Worth, Texas; Atlanta, Georgia; and seven other locations across the country. “It’s a big effort, the biggest ever for the Foundation,” said Foundation board chair Jim Haynes. “We wanted to make a real, meaningful impact. Hopefully, our donations will help our industries become stronger and more inclusive as more students from all backgrounds pursue STEM education.”

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Industry News & Updates

EPA will center climate change response in Texas on sea level rise, floods, drought and severe storms

  • The Environmental Protection Agency said Thursday it will roll out a suite of new actions and communication strategies to help Texans adapt to the impacts of climate change — particularly flooding, severe storms and drought.
  • The plan for EPA’s Region 6 — which includes Texas, Arkansas, Oklahoma, New Mexico and Louisiana — found that Texas’ largest vulnerabilities to climate change are to the impacts of more severe droughts, sea level rise, more intense coastal flooding and increased intensity of storms — particularly stronger hurricanes, longer-lasting heat waves and extreme rainstorms.
  • EPA officials will take several proactive actions, including increasing inspections at industrial facilities along the Gulf Coast that are vulnerable to hurricanes; incorporating climate change adaptation measures into environmental permitting; and increasing enforcement on water systems that fail to comply with federal rules.
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Construction companies in Spain fail to bid in nearly 1,500 tenders this year

  • Spanish construction companies have failed to bid in 1,455 tenders for state projects so far this year after concluding the offer prices would not cover their costs, the main building association said on Friday. The works were worth 653 million euros ($638 million) in total and would have been mostly financed by European Union funds, the National Construction Confederation (CNC) said.
  • Rampant inflation in the price of construction materials and energy is hampering ambitious government plans to boost infrastructure works until 2026, with billions of euros earmarked by the EU for post-pandemic economic stimulus. Earlier this week, the government proposed a 2023 budget that included nearly 17 billion euros of investments in housing, transport and water projects.
  • "You can get the idea that the construction sector is not addressing the challenge, when tenders are not being issued at the right price," the group's president, Pedro Fernandez Allen, told a press conference. The group said the number of failed bids had reached a record high this year - including hospital refurbishments, road extensions and energy-poor residential housing projects - with some relaunched at higher prices months after the initial attempts.
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M&A Updates

September 27, 2022

TRC Companies, Inc. (TRC), a Connecticut-based consulting, engineering and construction management firm, has acquired Enzo Advisors, LLC (Enzo), a New York-based female and minority-led sustainability consulting firm that helps companies build best-in-class sustainable business models within an ESG construct and works closely with institutional investors to integrate ESG frameworks across their investment processes. The acquisition of Enzo will help to expand TRC’s Climate Solutions offering and ESG capabilities, and enhance its ability to deliver integrated solutions for a wide range of clients and markets.

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October 1, 2022

RWE AG (RWE), a Denmark-based renewable energy company, signed a purchase agreement to acquire all shares in Con Edison Clean Energy Businesses, Inc. (Con Edison CEB), a New York-based operator and developer of renewable energy plants in the United States and subsidiary of Con Edison, Inc. (Con Edison). The acquisition of Con Edison CEB will help RWE expand its operating footprint and presence in the U.S. while establishing a balanced asset portfolio across onshore wind, solar, and batteries. Once completed, this will make RWE the number 4 renewable energy company and the second-largest solar operator in the United States, one of the largest and fastest-growing markets for renewable energy globally.

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    October 3, 2022

    IMEG Corp. (IMEG), an Illinois-based engineering and design consulting company, has acquired the engineering division of Veregy, formerly known as Dynamix Engineering, an Ohio-based mechanical, electrical, plumbing, fire protection, and technology engineering team focused on design engineering and systems assessments. The acquisition will help to expand IMEG’s existing Ohio-based teams and deepen its operating footprint in the region.

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      October 3, 2022

      Vanasse Hangen Brustlin, Inc. (VHB), a Massachusetts-based planning, design, engineering, and consulting firm, has acquired HG Design Studio, a Virginia-based civil engineering, land planning, and landscape architectural firm. The acquisition of HG Design Studio will help enhance and accelerate the growth of services in VHB’s Richmond office and the overall Mid-Atlantic region as their client and project base continues to expand.

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        October 5, 2022

        Arcadis, a Netherlands-based design, engineering, and management consulting firm, has entered into an agreement to acquire DPS Group, Inc. (DPS), an Ireland-based consulting, engineering and construction management company for Life Sciences and Semiconductor facilities. The acquisition of DPS will allow Arcadis to strengthen its position in the Life Sciences and Semiconductor manufacturing sectors by leveraging DPS’ strong capabilities, experience, and long-standing client relationships to create an integrated full-service offering. Arcadis will also be able to capitalize on scaling opportunities and cost synergies from improved operational efficiencies and rationalization of organizational design.

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        October 5, 2022

        JSI, a Maryland-based consulting and broadband solutions firm providing a range of financial, engineering, regulatory, operational, and strategic services, has acquired Mitchell Engineering, a Texas-based telecommunications engineering and consulting firm specializing in outside plant (OSP) engineering and design services. The acquisition of Mitchell Engineering will help further enhance the company’s ability to deliver comprehensive broadband services and solutions to communications providers across the continental United States, Alaska, Hawaii, and key US territories.

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