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BUSINESS NEWS MONTROSE ENVIRONMENTAL GROUP ANNOUNCES LAUNCH OF INITIAL PUBLIC OFFERING Montrose Environmental Group, Inc. announced that it has commenced an initial public offering of 10,000,000 shares of its common stock, all of which are being offered by the Company. The initial public offering price is expected to be between $15 and $17 per share. The Company expects to grant the underwriters an option to purchase up to an additional 1,500,000 shares of common stock. The Company has applied to list its common stock on the New York Stock Exchange under the symbol “MEG.” The company intends to use the net proceeds from the offering in connection with the redemption of all outstanding shares of its Series A-1 preferred stock and the remainder for general corporate purposes, including future investments in innovation and acquisitions in its highly fragmented industry. BofA Securities and William Blair are acting as joint leading book-running managers and representatives of the underwriters for the offering. BNP PARIBAS, Capital One Securities and Stifel are acting as joint book-running managers, and Needham & Company is acting as co-manager for the offering. The offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement
becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Montrose is an environmental services company that supports government and commercial organizations with a range of services, from air measurement and laboratory services to regulatory compliance, permitting, engineering, and remediation. ACUREN ACQUIRES SUSPENDEM Acuren Inc. , the global provider of nondestructive testing, inspection, engineering and rope access integrated services, announces the acquisition of Suspendem, a leading provider of wind turbine maintenance and inspection services in North America. The acquisition combines Acuren’s substantial experience and capacity in rope access, NDT and engineering with Suspendem’s specialized expertise in wind turbine services to provide a comprehensive solution to the wind industry. Suspendem will continue to be led by Bill Talbot and the entire Suspendem team will remain in place. “I am excited to welcome the Suspendem team to Acuren,” stated Talman Pizzey, President of Acuren. “Suspendem is a highly capable service provider with significant knowledge and experience in the wind turbine industry. The addition of Suspendem aligns well with Acuren’s strategic focus of providing integrated, value-added services to safety-critical infrastructure that reduce
our customers’ cost of operation. Acuren and Suspendem customers will benefit substantially from our complementary and scaled service capabilities. I am also excited about the additional opportunities for our collective employees.” Bill Talbot, Managing Director for Suspendem, commented: “We are very excited about the acquisition of Suspendem by Acuren as this supports Suspendem’s continued growth in the United States and Canada through leveraging Acuren’s extensive geographic footprint, substantial rope access manpower, and complementary advanced NDT and engineering service capabilities. Suspendem is already a recognized leader in North America’s wind energy service industry, and this acquisition will allow us to enhance the depth and breadth of our services. We are certain this relationship will provide significant value for our customers and opportunities to our valuable employees. Importantly, Acuren shares our commitment to safety, quality, productivity and continuous improvement.” Acuren provides state-of-the-art nondestructive testing, inspection, engineering and rope access enabled industrial services delivered through more than 80 locations and more than 4,000 employees throughout North America and the United Kingdom. Committed to delivering a higher level of reliability, Acuren provides an unrivaled spectrum of services to support the safe operation of industrial assets.
ALIGNMENT, from page 7
SH: We have different tracks to get to principal. We need principals who are project managers with strong client leadership and rainmaking abilities. We also need principals who have technical backgrounds and resource management skills. It’s not just about having a book of business. We don’t currently have any partners in their 20s or 30s, but we do have some senior associates. “It makes sense economically to continue to shift ownership. We have a living and breathing company and culture and need to realize that. We have 300 employees and 65 owners. Employee ownership hovers at around 25 percent.” TZL: In one word or phrase, what do you describe as your number one job responsibility as CEO? SH: Alignment. I work to ensure we’re all pulling the rope in the same direction.
design through build. A proprietary combination of the best of design/build and design-bid-build, Master Builder ensures our clients a single point of contact, consistent team, accelerated schedule, owner oversight, competitive subcontractor pricing, and fully transparent cost controls through all phases of work. TZL: Research shows that PMs are overworked, understaffed, and that many firms do not have formal training programs for PMs. What is your firm doing to support its PMs? SH: We do a number of things. We really try to take away administrative burdens and have project accountants and project administrative assistants (who can bill out hours). We provide project management offices, and external and internal boot camps. We’re focused on having our PMs push their licenses to the top. TZL: How many years of experience – or large enough book of business – is enough to become a principal in your firm? Are you naming principals in their 20s and 30s?
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THE ZWEIG LETTER AUGUST 10, 2020, ISSUE 1356
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