Week of August 7, 2023
EFCG's Jessica Zofnass Barclay Receives Outstanding Women in Business Award
Congratulations to EFCG Managing Partner Jessica Zofnass Barclay, on being a recipient of the Denver Business Journal’s 2023 Outstanding Women in Business Award, recognizing leaders driving change, earning admiration, inspiring the community, and delivering results.
With nearly 5 years as Managing Partner and leading EFCG’s M&A Team, Jessica has assisted countless clients on the sell-side, the buy-side, and connected firms with alternative capital sources. Jessica has not only excelled professionally – leading the firm to successfully close 14 M&A deals in the past 18 months – but she’s also had a meaningful, positive impact on the entire Denver community through her transformative work for Denver Health Hospital and the Denver Zoo.
US Dept. of Labor Issues Final Rule Revising Davis-Bacon Prevailing Wage Requirements
The changes are expected to affect approximately 1.2 million construction workers and annually impact around $217 billion in federal and federally assisted construction spending.
The revised rule reinstates a pre-1983 "prevailing wage" definition, determining wages equivalent to those paid to at least 30% of workers, instead of the previous 50%, in a specific trade and location.
Disapproval of the rule is voiced by contractor groups such as the Associated Builders and Contractors, planning legal action stating, “This is yet another Biden administration handout to organized labor on the backs of taxpayers, small businesses and the free market.”
Industry union leaders applaud the rule, viewing it as a restoration of original intent and protection for construction workers' wages, and the National Electrical Contractors Association commends the change, praising the reintroduction of the "30% rule" and anti-retaliation provisions.
U.S. Economy Experiences Employment Growth in July, Adding 187,000 Jobs, with the Unemployment Rate at 3.5%, Near a Record Low
According to the Bureau of Labour Statistics, the construction industry was the 2nd best sector driving job growth, adding 19,000 jobs in July, behind the education and health sectors, adding over 100,000 jobs.
Average hourly earnings increased by 4.4% from the previous year, slightly exceeding expectations, allowing workers more spending power amid rising prices.
Despite signs of a cooling economy, employment surpasses 2019 levels, primarily driven by a labor force defying predictions of permanent reduction.
August 7, 2023
DeSimone Consulting Engineering (DeSimone), a New York-based leading full-service engineering firm with a global presence, has acquired DP Squared Ltd. (DP Squared), a UK-based structural engineering firm. The acquisition aims to leverage DP Squared's local experience and DeSimone's global resources, positioning DeSimone to capitalize on the growth in the North of England, as well as the European region. DP Squared, known for its extensive expertise in structural design and impressive portfolio that includes notable projects like the Deansgate Square tower, will continue to operate as DeSimone Consulting Engineering UK.
August 7, 2023
Neuberger Berman Alternatives, a New York-based private, employee-owned investment manager and division of Neuberger Berman, has agreed to acquire a minority stake in ENTRUST Solutions Group (ENTRUST), an Illinois-based consulting and engineering services platform backed by Kohlberg & Company and serving utility and infrastructure end markets. Neuberger Berman Alternatives will join Kohlberg & Company, who will retain the majority stake in ENTRUST. J.T. Munch, Managing Director at Neuberger Berman Alternatives, stated, “ENTRUST is a great example of what we look for when we invest – an industry-leading company, led by an exceptional management team, providing a critical service with demand that is supported by long-term industry tailwinds. We are thrilled to make this investment, and look forward to partnering with the management team and Kohlberg & Company as ENTRUST enters its next phase of growth.”
August 7, 2023
Versar, Inc. (Versar), a Washington, D.C.-based global engineering, environmental, and security services provider backed by Kingswood Capital Management, has acquired Louis Berger Services Inc. (LBS), a D.C.-based company specializing in operation and maintenance services at large, mission-essential military installations and transportation facilities worldwide, from WSP Global Inc. (WSP), a Canada-based strategic advisory, engineering, and design services firm. LBS, acquired by WSP in 2018 and currently employing approximately 1,400 people, is set to transition to Versar as part of a strategic move aimed at leveraging complementary service offerings. Jim Jaska, CEO of Versar, expressed enthusiasm for the acquisition, highlighting the strong synergy in service offerings between the two firms. This alignment is anticipated to pave the way for new growth opportunities and enable them to cater to a broader client base while upholding their unwavering commitment to personalized customer service.
August 8, 2023
Montrose Envrionmental Group, Inc. (Montrose), an Arkansas-based environmental services provider, has acquired Vandrensning, a Denmark-based water treatment company specializing in managing landfill leachate for PFAS and heavy metals. Vandrensning will be integrated into Montrose's ECT2 division, an innovation arm for countering emerging contaminants in air and water on a global scale. This strategic move signifies Montrose's growth into the European market, amplifying ECT2's technical footprint within the European water treatment sector, particularly in Scandinavia. Montrose CEO and President, Vijay Manthripragada, affirmed the potential of this synergy, stating, "The Vandrensning team strengthens our capabilities and complements our team in northern Europe...We are eager to collaborate and work towards our shared commitment to providing clients with the most advanced and all-encompassing technological solutions for PFAS removal and water treatment."
August 8, 2023
NV5 Global, Inc. (NV5), a Florida-based provider of technology, conformity assessment, and consulting solutions, has acquired Red Technologies, a Singapore-based provider of information technology and utility infrastructure services for mission critical data centers. The acquisition of Red Technologies will complement NV5’s existing MEP design and commissioning services, particularly in the Asia Pacific region. Dickerson Wright, PE, Chairman & CEO of NV5, commented, "The data center market is experiencing rapid growth, particularly in the Asia Pacific Region, as the deployment of 5G service, increased reliance on smartphones, and demand for connectivity drive the expansion of cloud service.”
August 9, 2023
TYLin Group (TYLin), a California-based multi-disciplinary infrastructure consulting firm, has acquired Architectural Engineers Collaborative (AEC), a Texas-based structural engineering firm specializing in Architectural Structures, Engineering Innovation, Building Information Modeling (BIM), and Sustainability/Green Buildings/LEED. The acquisition will expand TYLin's structural capabilities and access to clients across the Southern Region. For AEC clients, the benefits of this acquisition include the same dedicated collaboration with the local AEC team while gaining access to TYLin's substantial global resources and technological capabilities.
SSOE celebrated its 75th anniversary with the completion of a $1 million renovation of its Toledo headquarters, and a commitment to philanthropy. In honor of this milestone, CEO Vince DiPofi revealed that SSOE is committing to a combined charitable donation of $1.5 million. Half of the donation, $750,000, will be allocated to Toledo charities over the next three years, while the other half is reserved for charities in cities where SSOE maintains major offices. This generous contribution underscores SSOE's dedication to giving back to the communities that have fostered its growth. With a longstanding history of success and innovation, the company aims to create a positive impact by supporting various charitable causes across multiple locations.