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Weekly Briefing: October 30- November 4, 2023

Week of October 30, 2023

EFCG just wrapped up its 2nd Annual Sustainability & ESG Forum on November 1-2 in Washington, DC. We welcomed 70 attendees this year, representing 50 firms from across the AEC industry.

The conference began with a presentation on Sustainability & ESG Industry Trends by EFCG Managing Partner, Rebecca Zofnass, and Andreas Georgoulias, EFCG’s Director of Sustainability and ESG. Attendees also heard from firm leaders during panel sessions focused on topics such as ESG Frameworks & KPIs, ESG on the Project Level, Sustainability Service Offerings, and Regulations & Future Trends. EFCG would like to thank everyone who attended this year's forum and Stantec for inviting us to its offices!

New NLRB Rule on Joint Employers Could Disrupt Construction Projects

  • The National Labor Relations Board (NLRB) has released a final rule expanding the definition of a “joint employer” under the National Labor Relations Act.

  • The new rule, effective from December 26, places more emphasis on an employer’s authority to control essential terms and conditions of employment, regardless of whether that control is exercised.

  • Firms are considered joint employers if they have an employment relationship with employees of multiple companies and they share or co-determine one or more of the employees’ essential terms and conditions of employment.

  • Construction groups argue that the new rule does not realistically consider how the industry operates and could be disruptive to projects.

  • The U.S. Chamber of Commerce is considering its options, including litigation.


IFC Identifies $1.5 Trillion Investment Opportunity for Green Buildings in Emerging Economies

  • The International Finance Corporation (IFC) is planning to develop a guarantee facility for private investors to increase investment in greener construction in emerging markets.

  • The IFC identifies a $1.5 trillion investment opportunity to reduce emissions in the building sector in emerging markets. Global construction value chains account for about 40% of energy and industrial-related CO2 emissions globally.

  • The IFC is supporting a project by a Senegalese subsidiary of French cement maker Vicat SA, which aims to use alternative fuels from biomass and recycled tires to help cut emissions by about 300,000 tons of CO2-equivalent per year by 2030.

  • About 110 countries have no mandatory building energy codes, and last year roughly two and a half billion square meters of floor space were built without any energy related performance standards.

  • Global private debt financing for decarbonizing construction using ‘green’ financial instruments reached a record high in 2021 of about $230 billion, but emerging markets only issued about 10% of that total.

October 30, 2023

Clark Patterson Engineers, Surveyor and Architect (CPL), a New York-based full-service design firm, has acquired Makovich & Pusti Architects (MPA), an Ohio-based full-service architecture, interior design and planning firm serving healthcare, higher education, and public projects clients. The transaction brings MPA’s expertise in healthcare, higher education, and the public sector to CPL’s core projects including Cleveland Clinic, MetroHealth, University Hospitals, Oberlin College, Kent State University, City of Cleveland, Cuyahoga Community College, and Cuyahoga County. Todd Liebert, CEO of CPL, said of the transaction, “Culture is key and MPA brings the same energy and values to their business and clients as CPL. We’re committed to scaling our capabilities and preserving the creativity and agility that MPA provides.”


November 1, 2023

Greenbelt Capital Management L.P. (Greenbelt), a Texas-based private equity firm, has acquired Saber Power Services, LLC. (Saber), a Texas-based fully integrated substation and medium-to-high voltage infrastructure services platform, from Oaktree Capital Management, L.P. (Oaktree). The investment allows Saber to continue investing in the energy transition by facilitating the buildout of renewables and battery resources and enabling the ongoing electrification of the U.S. economy. Chris Murphy, Partner at Greenbelt, commented on the transaction, “Grid enablement and modernization is a key sector focus at Greenbelt. We believe Saber’s end-to-end service platform is critical to facilitate the growing penetration of distributed energy resources across the grid, as well as meet the increasing demands of mass-scale industrial electrification.”


November 1, 2023

Parsons Corporation (Parsons), a Virginia-based solutions provider to various end markets, has acquired I.S. Engineers, a Texas-based transportation engineering consulting firm. The transaction supports Parson’s strategy of completing accretive acquisitions of companies with revenue growth and over 10% EBITDA margins, while also adding critical infrastructure talent to Parson's team ahead of the nearly $30 billion in transportation funding from IIJA in Texas between now and 2026.


November 1, 2023

IMEG Corp. (IMEG), an Illinois-based consulting engineering services firm, has acquired Caprock Consulting Group (Caprock), a Texas-based security assessment, analysis, and engineering design firm serving sectors such as corporate office, higher education, mission critical, and government. The transaction brings Caprock’s security expertise to IMEG’s existing security consulting and design capabilities and supports the development of advanced security measure offerings.


November 1, 2023

Degenkolb Engineers (Degenkolb), a California-based structural engineering firm, has acquired Ruby+Associates (Ruby), a Michigan-based structural engineering firm. The acquisition expands Degenkolb’s presence beyond the western United States for the first time since its inception. Stacy Bartoletti, CEO of the new combined firm, said of the transaction, “I have known leaders at Ruby for more than a decade, and we have partnered in different aspects of our business for multiple years. Our cultures align around giving opportunities to our employees and providing exceptional client service. The combined firm will grow more together than each firm would have on its own.”


November 1, 2023

Psomas, a California-based surveying, engineering, construction management, and environmental services firm, has acquired Pfeiler and Associates (Pfeiler), a California-based land surveying firm. The acquisition brings Psomas’ employee count to 770, furthering their ability to serve clients across multiple regions including Arizona, California, Utah, and Washington. Steve Margaroni, CEO of Psomas, said of the partnership, “Both firms share a unique history rooted in family-owned land survey businesses, underpinned by a commitment to delivering exceptional quality and service. Our shared cultures, values, and deep expertise provide a rock-solid foundation upon which we will continue to build and succeed together.”


November 1, 2023

Cordogan, Clark & Associates (Cordogan), an Illinois-based architectural, planning, and engineering firm, has acquired Lesko Architecture (Lesko), an Ohio-based architectural firm. The acquisition expands the partnership’s geographic reach across Ohio, Illinois, Indiana, Missouri and Michigan and provides an enhanced set of capabilities for client services including architectural, engineering, design planning, construction management and sustainability consulting services. John Cordogan, Principal at Cordogan, said of the transaction, “The work that emerges from the designers who comprise this trusted, family-owned, Cleveland-based firm will continue to represent all sizes of clients and projects. Now, through Lesko’s partnership…we have greater capacity to land larger projects, increase our geographic footprint and acquire additional talent.”


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