Montrose Environmental Group Enters Into Agreement to Acquire Matrix Solutions Inc. of Canada
May 03 2023 - 8:00AM
Business Wire
- Transaction will expand Montrose’s support
for clients across North America
Montrose Environmental Group, Inc. (“Montrose” or the “Company”)
(NYSE: MEG) today announced it has entered into an arrangement
agreement to acquire all of the issued and outstanding shares of
Matrix Solutions Inc. (“Matrix”), one of Canada’s leading
environmental and engineering consulting companies. The
transaction, which is subject to, among other things, approval of
Matrix shareholders and the Court of King’s Bench of Alberta, is
expected to close in the second quarter of 2023. Terms of the
transaction were not disclosed.
Founded in 1984 and headquartered in Calgary, Alberta, Matrix is
employee-owned and broadly held with 570 employees, having grown
into one of Canada’s leading pure-play providers of environmental
solutions. The firm advises and supports more than 1100 private and
public sector clients from its three main service lines, which
include Contaminated Site Assessment, Remediation and Reclamation;
Environmental Sciences and Regulatory Planning; and Water Resources
Engineering and Management. From its 19 office locations, Matrix
serves clients throughout the Canadian provinces of British
Columbia, Alberta, Saskatchewan, Manitoba and Ontario.
“Matrix will form the platform for our consulting business in
Canada and, together, we will be able to expand our support for
clients across their full environmental engineering and service
needs in North America,” said Doug Matthys, President of Montrose’s
Consulting & Engineering division. “Within Canada, Matrix is
recognized as a leading pure-play environmental solutions platform,
offering a wide-range of services to compete against large-scale
competitors, while having the regional expertise and personal touch
to compete with local niche players. We’re excited about the
opportunity to enhance our ability to address our clients’
increasingly complex environmental challenges and look forward to
welcoming our new colleagues to the Montrose family.”
Matrix President and Chief Executive Officer Holly Elrick
commented: “We’re excited to join Montrose, creating a company with
complementary skillsets, a greater depth of expertise and an
ability to work seamlessly across borders for large multinational
clients. Our companies also hold the same values and focus on
environmental stewardship, which was critical in our consideration.
We look forward to finalizing our transaction and starting to
collaborate with our new colleagues across a strengthened global
platform.”
Blake, Cassels & Graydon LLP acted as Montrose’s legal
advisor. AEC Advisors, LLC acted as financial advisor to Matrix,
and Borden Ladner Gervais, LLP acted as its legal advisor.
About Montrose
Montrose is a leading environmental solutions company focused on
supporting commercial and government organizations as they deal
with the challenges of today, and prepare for what’s coming
tomorrow. With 2,800+ employees across more than 80 locations
around the world, Montrose combines deep local knowledge with an
integrated approach to design, engineering, and operations,
enabling the Company to respond effectively and efficiently to the
unique requirements of each project. From comprehensive air
measurement and laboratory services to regulatory compliance,
emergency response, permitting, engineering, and remediation,
Montrose delivers innovative and practical solutions that keep its
clients on top of their immediate needs – and well ahead of the
strategic curve. For more information, visit
www.montrose-env.com.
About Matrix Solutions
Matrix Solutions is one of Canada’s leading environmental
consulting and engineering services companies. Known for a
client-focused approach, Matrix’s 550+ employees, based in 19
locations across Canada, collaborate across diverse fields of
expertise and geographies on projects where environmental
stewardship matters. With a proud history of nearly 40 years,
Matrix has built its reputation by delivering innovative,
pragmatic, and sustainable solutions for public and private sector
clients. Core markets include infrastructure, renewable energy, oil
and gas, midstream, and mining. Visit matrix-solutions.com to learn
more.
Forward‐Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements may be identified by the use of
words such as “intend,” “expect”, and “may”, and other similar
expressions that predict or indicate future events or that are not
statements of historical matters. Forward-looking statements are
based on current information available at the time the statements
are made and on management’s reasonable belief or expectations with
respect to future events, and are subject to risks and
uncertainties, many of which are beyond the Company’s control, that
could cause actual performance or results to differ materially from
the belief or expectations expressed in or suggested by the
forward-looking statements. Additional factors or events that could
cause actual results to differ may also emerge from time to time,
and it is not possible for the Company to predict all of them.
Forward-looking statements speak only as of the date on which they
are made, and the Company undertakes no obligation to update any
forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors
are referred to the Company’s filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2022, for additional information
regarding the risks and uncertainties that may cause actual results
to differ materially from those expressed in any forward-looking
statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005217/en/
Montrose Contacts
Investor Relations: Rodny Nacier (949) 988-3383
ir@montrose-env.com
Media Relations: Doug Donsky (646) 677-1844
Montrose@icrinc.com
Matrix Contacts
Greg Sandy, Communications Manager Phone: 403-261-5219 Email:
communications@matrix-solutions.com
Montrose Environmental (NYSE:MEG)
Historical Stock Chart
From Apr 2024 to May 2024
Montrose Environmental (NYSE:MEG)
Historical Stock Chart
From May 2023 to May 2024