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Montrose Environmental Group Inc. (NYSE: MEG) from Northern small rock announced an agreement to acquire Canadian environmental and engineering consulting firm Matrix Solutions Inc. on Wednesday.
The transaction is the latest in a series of acquisitions aimed at growing Montrose’s consulting business. Financial terms of the deal were not disclosed. The transaction is expected to close in the second quarter of 2023.
In a press release, Montrose said Matrix will provide the platform for its consulting business in Canada and help expand support for clients across the continent.
Matrix, which employs 570 people, advises and supports more than 1,100 private and public clients in its three main service areas, including contaminated site assessments; sanitation and reclamation; environmental science and regulatory planning; and water resource engineering and management.
The company was founded in 1984 and today has 19 offices across Canada.
Doug Matthys, who Montrose hired this year to oversee the expansion Its consulting business, Matrix said, will help the company compete against larger firms while “bringing in regional expertise and a personal touch to compete with local niche players.”
CEO Vijay Manthripragada announced upcoming acquisitions in March and said the deals are part of the company’s plan to capitalize on organic growth opportunities. Earlier this year, Montrose announced the acquisition of a Delaware environmental consulting firm and a Californian company specializing in organic pollutant analysis.
In 2022, the company spent $28.6 million in cash to acquire two consulting firms and an emissions testing service provider.
Montrose’s losses widened in the fourth quarter of 2022 as demand for pandemic-related services continued to fall. The company posted a quarterly loss of $10.8 million, or 50 cents a share, compared to a loss of $1.5 million in the same quarter last year.
Montrose is expected to report first-quarter 2023 results on Tuesday.
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