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Montrose Environmental Group, Inc. (MEG) is a leading provider of environmental services, helping clients and communities address environmental challenges and meet regulatory requirements. The company offers a comprehensive suite of solutions, including consulting, testing, and remediation services, to manage environmental risks and promote sustainability. MEG operates globally, serving diverse industries through its specialized product lines.
- Assessment, Permitting and Response - Provides scientific advisory and consulting services for environmental assessments, emergency response, regulatory compliance, and permitting for projects such as facility upgrades and decommissioning.
- Remediation and Reuse - Delivers engineering, design, and implementation services to address contamination and resource recovery, including water treatment, soil decontamination, and biogas creation from waste.
- Measurement and Analysis - Offers environmental testing and laboratory services, including air, water, and soil analysis, toxicological assessments, and leak detection to monitor and manage environmental impacts.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vijay Manthripragada ExecutiveBoard | President, CEO, and Board Member | None | Joined MEG in 2015 as President, became CEO in 2016. Previously CEO of PetCareRx and held roles at Goldman Sachs. Holds an MBA from Wharton and a B.S. in Biology from Duke University. | View Report → |
Allan Dicks Executive | Chief Financial Officer (CFO) | None | CFO since 2016. Previously held senior finance roles at Convalo Health, Universal Services of America, and Dole Food Company. Chartered Accountant (South Africa) and CPA (inactive). | |
Jose M. Revuelta Executive | Chief Strategy Officer | None | Joined MEG in 2014, became Chief Strategy Officer in 2017. Previously VP at UBS Global Asset Management and member of UBS Investment Banking. Holds an MBA from Columbia and an M.S./B.S. in Industrial Engineering from Universidad Pontificia Comillas. | |
Nasym Afsari Executive | General Counsel and Secretary | None | Joined MEG in 2014 as General Counsel, became Secretary in 2015. Former attorney at Paul Hastings LLP. Holds a J.D. from UCLA and a B.A. in Economics and Psychology from UC Berkeley. | |
J. Miguel Fernandez de Castro Board | Director | Co-CEO and CFO of ExamWorks Group | Director since 2013. Extensive financial expertise, including roles at TurboChef and PracticeWorks. CPA in Georgia. Holds a B.A. and M.A. in Accounting from UNC Chapel Hill. | |
J. Thomas Presby Board | Director | None | Director since 2016. Former Global Deputy Chairman at Deloitte. Extensive board experience, including Tiffany & Co. and First Solar. Holds a B.S. in Electrical Engineering and an M.S. in Industrial Administration. | |
James K. Price Board | Director | Co-Executive Chairman of ExamWorks Group | Director since 2013. Co-founder of multiple companies, including ExamWorks and AMICAS. Extensive experience in corporate strategy and governance. | |
Janet Risi Field Board | Director | Founder of Independent Purchasing Cooperative | Director since 2021. Founder of an international supply chain management organization. Expertise in executive leadership and corporate governance. | |
Peter M. Graham Board | Director | Partner at One Better Ventures LLC | Director since 2017. Extensive board experience, including Thrive Acquisition Corporation and Seventh Generation. Expertise in ESG, financial strategy, and M&A. | |
Richard E. Perlman Board | Chairman of the Board | Co-Executive Chairman of ExamWorks Group, Chairman of Compass Partners, LLC | Chairman of MEG since 2019. Extensive experience in corporate strategy and governance. Founder of Compass Partners and Co-Executive Chairman of ExamWorks. Holds roles in non-profits and academia. | |
Robin L. Newmark Board | Director | None | Director since 2020. Former Executive Director at NREL. Expert in energy and environmental innovation. Holds five patents and has authored over 100 papers. |
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With your decision to temporarily deemphasize acquisitions and focus on balance sheet simplification, is there a risk that you might miss out on strategic M&A opportunities, potentially hindering your growth, especially given that acquisitions have been a key part of your strategy?
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Given the potential changes in environmental regulations under the new Trump administration, particularly regarding PFAS rules and EPA policies, how do you anticipate these shifts will impact your business, and what steps are you taking to mitigate any negative effects?
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You mentioned temporary delays in treatment technology projects affecting your revenue; can you elaborate on the causes of these delays, and how they might impact your financial performance in the coming quarters?
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Despite reporting improvements in Matrix margins to mid-teens levels, what measures are in place to sustain or further improve these margins, and are there any risks that could cause margins to deteriorate?
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With the announced stepping down of your COO, how are you managing this leadership transition, and what impact might this have on your operations and execution of strategic priorities?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Origins Laboratory, LLC (Origins) | 2024 | Acquired in September 2024 for a total of $35.4 million (with $27.4 million in cash and $8.0 million contingent) to enhance Montrose’s Measurement and Analysis capabilities by adding a NELAP-certified laboratory in Denver that supports cross‐selling and innovative solutions. |
Spirit Environmental, LLC (Spirit) | 2024 | Completed on July 1, 2024 for $27.4 million (comprising cash, common stock, and contingent consideration) to expand geographic reach and bolster Montrose’s air permitting and compliance services across the central U.S.. |
Paragon Soil and Environmental Consulting Inc. (Paragon) | 2024 | Completed in May 2024 for $13.433 million (a mix of cash, common stock, and adjustments) to broaden Montrose’s Remediation & Reuse segment with expanded environmental consulting services in western Canada. |
Engineering & Technical Associates, Inc. (ETA) | 2024 | Completed in April 2024 for $2.0 million (including $1.6 million in cash and $0.4 million deferred in stock) to strengthen Montrose’s Assessment, Permitting & Response segment by integrating specialized process safety and hazardous analysis expertise. |
Two Dot Consulting, LLC (2DOT) | 2024 | Completed in February 2024 with a total purchase price of $65.877 million (through cash, common stock, and significant contingent consideration) to add leading regulatory services for oil, gas, and renewable sectors within the Remediation and Reuse segment. |
Epic Environmental Pty Ltd (EPIC) | 2024 | Acquired in January 2024 for $36.45 million (including cash, common stock, and contingent components) to expand Montrose’s environmental consulting footprint in Australia as part of its Remediation and Reuse segment. |
Vandrensning ApS | 2023 | Completed on July 31, 2023 for $4.73 million (with cash, other obligations, and contingent earn-out) to complement Montrose’s Scandinavian efforts in water treatment and address PFAS challenges, enhancing its technology-driven environmental solutions strategy. |
Matrix Solutions, Inc. | 2023 | Completed in June 2023 for $48.6 million (allocated among customer relationships, trade names, covenants not to compete, and goodwill) to expand Montrose’s environmental consulting and engineering capabilities in Canada, with noted contributions to revenue and margin normalization plans. |
GreenPath Energy LTD | 2023 | Completed in May 2023 for CAD 20.1 million (financed by CAD 16.58 million in cash and CAD 3.52 million in stock, with stock issuance to former owners) to boost Montrose’s Measurement and Analysis segment by adding optical gas imaging and fugitive emissions management services. |
Environmental Alliance, Inc. (EAI) | 2023 | Completed in February 2023 with the acquisition of 100% of common stock for $5,073,000 (including cash and liabilities assumed) to strengthen the Remediation and Reuse segment with enhanced environmental remediation and consulting services, contributing to quarterly revenues. |
Frontier Analytical Laboratories | 2023 | Completed in January 2023 for a cash payment of $1,146,000 plus recognition of $844,000 in goodwill to add high-resolution gas chromatography mass spectrometry capabilities in El Dorado Hills, CA, under the Measurement and Analysis segment. |
AirKinetics, Inc. | 2022 | Completed in September 2022 with 100% common stock acquired via cash on hand to add emissions testing services from its Anaheim, CA base into Montrose’s Measurement and Analysis segment. |
TriAD Environmental Consultants, Inc. (TriAD) | 2022 | Completed on August 1, 2022 for $3.0 million in cash to expand Montrose’s Assessment, Permitting & Response segment in the Southeast U.S. via the acquisition of a well-established environmental consulting firm based in Nashville, TN. |
Environmental Standards, Inc. (EnvStd) | 2022 | Completed in January 2022 for $16,160,000 (funded through cash on hand with detailed allocation among assets and goodwill) to integrate a nationwide environmental consulting provider based in Valley Forge, PA, into the Assessment, Permitting and Response segment. |
Industrial Automation Group, Inc. (IAG) | 2022 | Completed in January 2022 for a total of $200,000 (comprising an upfront cash payment and contingent consideration, with recognized goodwill) to bring on specialized SCADA systems expertise and covenant not to compete for integration into the Remediation and Reuse segment, based in Atlanta, GA. |
Recent developments and announcements about MEG.
Earnings
New Earnings (Q4 2024)
·Feb 27, 2025, 9:12 PMView full earnings summary →MEG’s Q4 shows 14% revenue growth, with cross-selling now contributing over 50% of 2024 revenue. Management forecasts operating cash flow conversion rebounding above 50% in 2025, after temporary timing issues in 2024. However, flat EBITDA margins raise efficiency concerns.
8-K Filings
8-K Filing
·Feb 20, 2025, 9:36 PMLeadership ChangesView full 8-K filing →Montrose Environmental Group’s board increased to 10 members with the appointment of Vincent Colman as an independent Class III director, serving until the 2026 Annual Meeting and joining the Audit Committee.