Week of June 26, 2023
Tech-Enabled Jobs Can Help Solve Construction Labor Shortages by Attracting New Talent
By one estimate, 546,000 additional workers are needed to meet labor demands in 2023, over and above the usual pace of hiring. And in the next decade, over 40% of the U.S. construction sector’s workforce is expected to retire.
Construction roles that embrace digital solutions to increase efficiency — ranging from the use of virtual reality and 3D modeling to prefabricated production of modular interiors — are key to the future of the industry.
For tech-savvy young professionals, greater digital adoption within the industry offers appealing careers in construction. This can include digital twin modelers, virtual reality specialists, as well as other jobs related to automation, AI, and even robotics.
Why Are We Waiting? Green Energy Chiefs Frustrated by UK’s Slow Response to Biden Subsidies
Almost a year after U.S. President Joe Biden ushered in a mammoth package of green subsidies in the form of last summer's Inflation Reduction Act (IRA), U.K. clean energy bosses are still waiting for a detailed response from the U.K. government.
The mammoth package — the most sweeping climate legislation in recent U.S. history — was signed into law in August and will dish out almost $400 billion in tax credits and other incentives to renewable industries, including solar farms and electric car manufacturers.
The EU responded in February with a promise to relax state aid rules and make it easier for renewable developers to access tax breaks, in a bid to help the bloc stay competitive with the U.S.
Private Equity Giants Settle for Bite-Size Deals
Buyout giants are using their record war chests to snap up smaller companies in deals that typically are easier to accomplish in an era of soaring borrowing costs and economic uncertainty.
Volatile markets and a cloudy economic outlook have made it harder for buyers and sellers to agree on the worth of a business. More expensive debt and a dearth of bank financing is also making large buyouts more challenging, bankers and private-equity deal makers say.
Smaller takeovers and add-on deals are en vogue, industry participants say, because they often require no debt and allow firms to keep investing despite the tougher backdrop. An add-on deal is one where a PE firm or other buyer acquires a business and integrates it into a company already in its portfolio.
June 23, 2023
Abonmarche, a Michigan-based civil engineering and architecture firm, has acquired Byce & Associates, a Michigan-based engineering and project management services firm. The acquisition strengthens Abonmarche’s competitive stance in the Kalamazoo market and continues to add to their expansion over the last several years. Daryl Knip, CEO of Abonmarche, expressed enthusiasm about the partnership, stating, “We warmly welcome the talented staff of Byce & Associates to the Abonmarche team. Their exceptional engineering, architecture, and design talent aligns well with our capabilities and culture. This partnership reinforces our commitment to the Kalamazoo community and our vision of providing comprehensive services to clients in the public and private sectors.”
June 26, 2023
Egis Group (Egis), a France-based consulting, construction engineering, and mobility services firm backed by Tikehau Capital, has entered into agreement to acquire McIntosh Perry Consulting Engineers Ltd. (McIntosh Perry), a Canada-based civil engineering firm backed by Signal Hill Equity Partners. The acquisition will mark a major milestone in Egis' expansion into Canada and the US through McIntosh Perry’s Indiana-based subsidiary, Beam, Longest & Neff (BLN). The complementary service offerings of both companies will facilitate growth and Egis’ presence in North America.
June 27, 2023
Integral Consulting Inc. (Integral), a Washington-based science and engineering consulting firm, has acquired Johnson Marigot Consulting, LLC (Johnson Marigot), a California-based environmental consulting firm. The Johnson Marigot team brings expertise in biological assessment, state, and federal regulatory authorizations, and permit compliance support. Ryan Brain, Chief Executive Officer of Integral, said, “This team has been a longstanding partner with Integral on projects in California and the Pacific Northwest, and we are pleased to have them onboard to deepen our ability to deliver complex environmental projects.”
The Compliance Mentor Group (TCMG) announced that they will be partnering with the Harvard Allston Land Company (HALC) during the 2023-2024 academic year to facilitate a Construction Mentor Program (CMP). The CMP is a workforce and career program that focuses on the development of young, underrepresented adults in low-income communities who identify as BIPOC, first-generation immigrants or English learners, and are interested in pursuing a career in the Architecture, Engineering and Construction (AEC) industry. This program strives to have a positive impact on the lives of participants and the AEC industry by providing exposure and mentorship that create business solutions through maximizing diversity and inclusion.