1、Q U A R T E R L Y S E C T O R R E V I E W | Q 3 2 0 2 1E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 1E&C QUARTERLY SECTOR REVIEW | Q3 2021 Construction / Project Management Civil Engineering Infrastructure Support Services Design & Installation Electrical Engineering & Services General & S

2、pecialty Contracting Building Services Forensic Engineering2017Drew SpitzerManaging DOffice: 804-915-0174Derek LewisManaging DOffice: 804-915-0118Harris Williams Engineering & Construction Sector Focus Areas Harris Williams Engineering & Construction ContactsSelect Recent Harris Williams Engineering

3、 & Construction TransactionsMatt WhiteManaging DOffice: 804-915-0131Greg WallerDOffice: 804-887-6138has acquired has been acquired by has been acquired byhas been acquired by has been acquired byhas been acquired byhas been acquired byhas been acquired byandhave been acquired byhas been acquired by

4、has been acquired byhas been acquired by has been acquired byhas been by acquiredE N G I N E E R I N G & C O N S T R U C T I O N PAGE | 2E&C QUARTERLY SECTOR REVIEW | Q3 2021Democrats Look for Way Forward on Infrastructure and ReconciliationThe Senate passed a $1.2 trillion bipartisan infrastructure

5、 package in early August that also enjoys wide support in the House. But liberals have insisted since June on holding that bill back until the broader economic package is agreed to out of fear that their moderate colleagues would be less likely to support it if the spending on roads, bridges and por

6、ts they favor is already signed into law. Congressional leaders got behind the idea of moving the bills together. That idea recently broke down as various lawmakers could not start mapping out a framework for the social spending bill without more details from Senators Manchin and Sinema on what poli

7、cies they could support. But moderates said they were still owed a vote on the infrastructure bill leading to a stalemate. Biden ultimately settled the dispute when he traveled to Capitol Hill on Friday to meet with House Democrats and came down on the side of the liberals, conceding that infrastruc

8、ture was not going to happen until we reach an agreement on the next piece of legislation. The Washington PostDigital Investment Can Enable E&C Firms to Differentiate ThemselvesDigital is becoming the core enabler of future success in the construction industry. In a Deloitte postelection poll, 76% o

9、f E&C executives indicate that they are likely to invest in at least one digital technology in 2021. Digital moves business decisions from reactive to predictive and could enable E&C firms to outpace their competition. For this reason, it is likely to be a priority on CIOs growth agendas in the comi

10、ng year. Building information management (BIM) can help enhance real-time project visibility, eliminate cost overruns, and accelerate the development timeline. Digital supply networks can help to calibrate demand and supply by ensuring constant material availability using machine learning and cognit

11、ive computing. Digital twin technologies can help make use of 3D data to generate building profiles and blueprints of building parts and components in real time, driving visibility and operational improvements. Autonomous rovers and drones can help conduct remote site inspections, improving worker s

12、afety and productivity. After project delivery, predictive maintenance technologies can help E&C firms better manage assets and equipment.DeloitteConnected Construction and Modularization Can Improve Cost Savings, Design, Quality Control, and Project SchedulingModular projects need different timelin

13、es, a different set of stakeholders, and therefore deserve a different process to be successful. Modular construction is a great opportunity to rework the process for more efficiency, for better teamwork, for more transparency, and ultimately for more effectiveness. It necessitates a clean slate and

14、 an overall different work culture. Culture change may seem like an exaggeration, but it isnt. Modular construction takes everything that a builder knows about building and changes it. The team is different, relationships, accounting, labor, design, process, organization the benefits to modular can

15、be measured in few to no change orders, less contingency financing needed and fewer difficulties in the project due to weather, crew retention and local inspectors demanding last minute changes that cost time and money in on-site construction.ForbesConstruction Industry Participants Can Benefit From

16、 Growing ESG Trends as Decarbonization Initiatives Gain MomentumConstruction is directly or indirectly responsible for almost 40% of global CO emissions from fuel combustion and 25% of GHG emissions overall and has a major impact on the environment through other channels as well, including the signi

17、ficant amount of waste generated, high water consumption, and air pollution. Design is the most important factor in determining GHG emissions over a buildings lifetime. By the time the construction process begins, the majority of decisions affecting the projects GHG emissions are locked in. If left

18、unaddressed, the construction ecosystems carbon output is expected to grow over the next 30 years as we seek to meet the demands of an expanding population and increased urbanization. On a positive note, this opens opportunities to optimize new builds, while a simultaneous shift toward renewable ene

19、rgy will help to mitigate emissions.McKinseyTBUE N G I N E E R I N G & C O N S T R U C T I O N PAGE | 3E&C QUARTERLY SECTOR REVIEW | Q3 2021Peak Rock Capital acquires SAM Companies Peak Rock Capital, an Austin, Texas-based middle-market private equity firm, announced that one of its affiliates has a

20、cquired SAM Companies, a provider of geospatial services to utility, transportation, and broader infrastructure clients, also based in Austin, Texas The investment will accelerate SAMs rapid growth by expanding its service capabilities and geographic footprint, and allow SAM to continue to invest in

21、 the industrys most advanced technologies and leading talentAnnounced September 2021EN Engineering acquires Spectrum Engineering EN Engineering, a leading national engineering, consulting, and automation services firm, acquired Indiana-based Spectrum Engineering Corporation The acquisition will buil

22、d upon ENs strong electric power and gas utility position with added presence throughout the Midwest and improve its communications engineering platform with the addition of Spectrums fiber optic, data center, and telecom servicesAnnounced August 2021Long Point Capital partners with privately held M

23、NS Engineers Long Point Capital, a Michigan- and New York-based middle-market private equity firm, announced it has acquired an interest in MNS Engineers, a Santa Barbara-based provider of construction management, civil engineering, and surveying services throughout California The strategic partners

24、hip will enable MNS to continue to build upon the history and collective expertise of the firm while deepening resources and specialties through acquisitionsAnnounced September 2021STV Group to acquire CP&Y STV Group announced its agreement to acquire Arlington, Texas-based CP&Y, an engineering, arc

25、hitectural, and field services consulting firm operating in Texas, Oklahoma, Colorado, Florida, and Virginia The acquisition will cement STVs presence in the Texas infrastructure market and expand its water and wastewater practices nationwideJensen Hughes acquires BCA Logic Jensen Hughes, a global l

26、eader in safety, security, and risk-based engineering and consulting, acquired BCA Logic, an Australia-based market leader in code consulting and performance-based design engineering Partnering with the largest fire engineering firm in the world will enable BCA Logic to expand expertise and service

27、offerings significantly in Australia and throughout the worldBDT Capital Partners announces long-term strategic partnership with Universal Engineering Services BDT Capital Partners, a U.S.-based merchant bank that provides family- and founder-led businesses with long-term differentiated capital, ann

28、ounced it will become the majority shareholder of UES, joining Palm Beach Capital and company founders/management The BDT investment will allow UES to pursue the goal of becoming the nations most sought after, respected, and successful geotechnical, construction materials testing, inspections, and e

29、nvironmental consulting businessAnnounced September 2021Announced August 2021Announced August 2021E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 4E&C QUARTERLY SECTOR REVIEW | Q3 20219/29/2021 Ambient Energy Colorado-based design firm specializing in commissioning, energy analysis, and susta

30、inable design. Mead & Hunt9/29/2021 SAM Companies U.S.-based leading provider of geospatial services to utility, transportation, and broader infrastructure clients. Peak Rock Capital9/28/2021 RMA Group of Companies U.S.-based provider of technology-enabled laboratory testing, inspection, and quality

31、 management services for critical infrastructure end markets. OceanSound Partners9/24/2021 CMA Engineering Austin, Texas-based environmental and civil engineering services firm that serves municipalities, utility districts, and developers in the state of Texas. Burgess & Niple9/21/2021 Bridging Solu

32、tions U.S.-based bridge and structural engineering specialist firm. KCI9/21/2021 MNS Engineers, Inc.U.S.-based provider of construction management, civil engineering, and surveying services throughout California. Long Point Capital9/20/2021 United Engineers & Constructors U.S.-based leading infrastr

33、ucture engineering, procurement, construction, and consulting company. Imperia Engineering Partners9/20/2021 Walker Projects Canada-based provider of project management services for a variety of construction projects. MBC Group9/16/2021 Enginuity; Fuller Industries assets U.S.-based design/build mec

34、hanical contractor and service provider. GDI Integrated9/15/2021 AAM Australia-based global geospatial services company that specializes in aerial mapping, surveying, GIS, and development of innovative geospatial processes / technologies. Woolpert9/13/2021 BCA Logic Australia-based provider of code

35、consulting and performance-based design engineering services. Jensen Hughes9/13/2021 Whitman & Bingham Associates Massachusetts-based surveying and civil engineering company serving clients throughout New England. Haley Ward9/8/2021 E&I Engineering U.S.-based provider of electrical switchgear and po

36、wer distribution systems. Vertiv Holdings9/7/2021 CP&Y, Inc. U.S.-based engineering, architectural, and field services consulting firm. STV Group; The Pritzker Organization9/7/2021 Rice & Gardner Texas-based provider of project management and building commissioning field services. Project Control9/3

37、/2021 L&S Mechanical U.S.-based tri-trade provider of plumbing, HVAC, and electrical installation services in the Texas residential market. The Sterling Group9/2/2021 Rochester & Associates Georgia-based provider of civil engineering, land surveying, project management, and infrastructure services t

38、o private and public entities. DCCM; White Wolf Capital9/1/2021 Dixon + Associates Utah-based niche architectural design firm focused on the healthcare and medical design industry. E4HAnnounced Date Target Target Description AcquirerE N G I N E E R I N G & C O N S T R U C T I O N PAGE | 5E&C QUARTER

39、LY SECTOR REVIEW | Q3 20219/1/2021 Perkins Engineering Consultants U.S.-based engineering firm specializing in water/wastewater services. Mead & Hunt9/1/2021 Rainforth Grau Architects U.S. based architecture firm with educational design leadership in Northern California. HMC Architects8/31/2021 Patt

40、erson Power Engineers U.S.-based consulting firm focused on power system protection, analysis, and design with large utilities. Qualus Power Services; New Mountain Capital8/27/2021 Allied Underground U.S.-based firm focused on underground water, wastewater, storm sewer construction, and other infras

41、tructure projects. Altos Partners8/27/2021 Horizon Engineering Canada-based provider of geotechnical assessments, laboratory testing, and engineering analyses. RAM Consulting8/26/2021 Wright McGraw Beyer Archtects U.S.-based education, performing arts, sports, and workplace design firm for public an

42、d private clients. DLR Group8/24/2021 Sage Renewable Energy Consulting U.S.-based sustainable energy planning and project management services provider. NV58/19/2021 Beam, Longest & Neff U.S.-based infrastructure engineering firm. McIntosh Perry8/19/2021 Bowie Gridley U.S.-based K-12 education, perfo

43、rming arts, museum, preservation, higher education, and hospitality master planning and design firm. DLR Group8/19/2021 Youngs Communications U.S.-based construction services provider serving telecommunications, utility, and power infrastructure customers. Grain Management8/16/2021 Johnson Surveying

44、 and Mapping U.S.-based land surveying company. SAM Companies8/16/2021 McGrattan and Kenny Ireland-based mechanical and electrical engineering services provider. CJK8/13/2021 Binkley & BarfieldU.S.-based multidisciplinary engineering consulting firm offering services for county and municipal clients

45、, regional and state surface transportation, public infrastructure, gas pipeline, telecom, and electrical distribution projects.DCCM; White Wolf Capital8/13/2021 Frazer-Nash Conultancy U.K.-based engineering consulting firm delivering technology solutions across a range of critical national infrastr

46、ucture. KBR, Inc.8/12/2021 A&M Communications U.S.-based provider of wireless telecommunications installation and maintenance services. Congruex; Crestview Partners8/12/2021 BakerNowicki U.S.-based education design firm. DLR Group8/12/2021 Gordon R. Archibald U.S.-based civil and environmental engin

47、eering firm. GM28/11/2021 Crescent Engineering U.S.-based multidisciplinary engineering firm offering a range of civil and mechanical engineering, architecture, and geomatics services. Wooten CompanyAnnounced Date Target Target Description AcquirerE N G I N E E R I N G & C O N S T R U C T I O N PAGE

48、 | 6E&C QUARTERLY SECTOR REVIEW | Q3 20218/11/2021 TWM Landscape Architects U.S.-based provider of education, park, waterfront, healthcare, streetscape, trail, and urban landscape architecture. Fisher Associates8/10/2021 ATM U.S.-based engineering and consulting firm focused on coastal, waterfront,

49、and water resources projects. Geosyntec8/10/2021 The Whiddon Group U.S.-based provider of utility engineering services. SAM Companies8/9/2021 Leap Environmental U.K.-based geotechnical and geo-environmental site investigation and consulting firm. RSK Group8/5/2021 CS2 U.K.-based surveying, project m

50、anagement, and construction firm. RSK Group8/5/2021 Quebe Holdings U.S.-based electrical services company providing preconstruction, construction, systems integration, and energy infrastructure in a variety of end markets. EMCOR Group8/5/2021 WRECO U.S.-based provider of transportation, water, and e

51、nvironmental infrastructure planning and design. HDR8/4/2021 Assets of McFarland-Dyer & Associates U.S.-based provider of civil engineering, land planning, land surveying, and landscape architecture. Bowman Consulting Group8/4/2021 ATI Engineers U.S.-based provider of structural, mechanical, and ele

52、ctrical engineering services. Miyamoto International8/4/2021 Drake EnvironmentalU.S.-based provider of environmental construction and compliance services, specializing in erosion and sedimentation control, stormwater management, and stormwater pollution services.Raba Kistner8/4/2021 Grecco Construct

53、ion Consultants U.S.-based provider of building consulting services. Envista Forensics8/4/2021 Paleo Solutions U.S.-based provider of natural resources and cultural resources management consulting. Stantec8/4/2021 RECON Services U.S.-based industrial services, soil stabilization, and envionmental re

54、mediation provider. Keller8/4/2021 Sullivan Engineering U.S.-based envelope restoration consulting firm. Rimkus Consulting Group; Century Equity Partners8/3/2021 Griffith Engineering U.S.-based provider of engineering services across energy infrastructure. TLC Engineering Solutions8/2/2021 Environme

55、ntal Partners Group U.S.-based engineering services provider across water/wastewater/stormwater, civil, transportation, environmental, and other markets. Apex Companies8/2/2021 LDSI U.S.-based provider of surveying and water resource engineering. GPI8/2/2021 Silkstone Environmental U.K.-based provid

56、er of minerals and waste consulting services to mines, quarries, waste management, new-build, commercial build, and civil engineering end markets. Construction Testing SolutionsAnnounced Date Target Target Description AcquirerE N G I N E E R I N G & C O N S T R U C T I O N PAGE | 7E&C QUARTERLY SECT

57、OR REVIEW | Q3 20218/2/2021 Spectrum Engineering U.S.-based engineering services provider for electric power and gas utility end markets. EN Engineering7/29/2021 Atlantic Environmental U.K.-based provider environmental health and safety consulting. PHASE Associates7/29/2021 Universal Engineering Ser

58、vices U.S.-based geotechnical engineering and construction materials testing and consulting company. BDT Capital Partners7/28/2021 Turner & Townsend U.K.-based provider of program, project, and cost management. CBRE7/27/2021 Hoare Lea U.K.-based engineering design consultancy services provider. Tetr

59、a Tech7/27/2021 Pacific Groundwater Group U.S.-based hydrogeology, groundwater/surface water interactions, modeling, soil, sediment, water chemistry, and regulatroy strategy services firm. Mott MacDonald7/26/2021 DPM Energy Canada-based power distribution engineering services provider. OEC7/26/2021

60、DuctTesters, SMC Systems U.S.-based providers of quality assurance and sustainability inspections. Quality Built7/26/2021 Milanowski & Englert U.S.-based professional engineering and surveying services provider. Abonmarche7/22/2021 Ambient Air Services U.S.-based provider of stack testing, ambient a

61、ir monitoring, and CEMS installation and maintenance services. Alliance Technical Group7/22/2021 Van Lente Systems Denmark-based engineering and maintenance services company for the power generation and renewables end markets. Van Doren Engineers7/20/2021 Alliance Technical Group U.S.-based provider

62、 of environmental testing and compliance services. Morgan Stanley Capital Partners7/20/2021 Bibb Engineers, Architects & Constructors U.S.-based engineering, procurement, and construction services provider. S&B7/20/2021 Environmental Management Alternatives U.S.-based provider of national hazardous

63、waste. HEPACO; Gryphon Investors7/19/2021 Horizon Engineering Group U.S.-based provider of transportation design services. GPI7/16/2021 CMTA, Building Systems HoldingsU.S.-based energy solutions, consulting, and engineering and performance contracting services provider. U.S.-based lifecycle facility

64、 solutions provider, assisting in planning, building, and operating of buildings. Therma Holdings; Blackstone Energy7/14/2021 Gausman & Moore U.S.-based mechanical, electrical, and plumbing design firm. Ayres7/14/2021 KirK Engineering & Natural Resources U.S.-based provider of civil engineering focu

65、sed on water and wastewater markets. WWC EngineeringAnnounced Date Target Target Description AcquirerE N G I N E E R I N G & C O N S T R U C T I O N PAGE | 8E&C QUARTERLY SECTOR REVIEW | Q3 20217/14/2021 Northern Rockies Engineering U.S.-based engineering and natural resource consulting firm. WWC En

66、gineering7/8/2021 Blackstone Consulting U.S.-based consultant for evaluating risks associated with real estate investments. Rimkus Consulting Group; Century Equity Partners7/8/2021 Environmental Intelligence U.S.-based environmental consulting company focusing on wildfire mitigation, biological asse

67、ssments, construction monitoring, and regulatory compliance services. Montrose Environmental Group7/8/2021 Erichsen & Horgen Norway-based engineering consultant for buildings construction, energy, environmental, and sustainability end-markets. Multiconsult7/8/2021 GeotechnologyU.S.-based provider of

68、 applied earth and environmental sciences, exploration, geotechnical engineering, underground consulting, nondestructive testing, and materials testing services.UES7/7/2021 Cocciardi and Associates U.S.-based provider of environmental, health, and safety services. Pennoni7/7/2021 Ecotone U.S.-based

69、ecological restoration-focused design, engineering, and construction services provider. L2 Capital7/7/2021 Enertis Spain-based solar photovoltaic and energy storage service provider. Applus+7/7/2021 ONeill Services Group U.S.-based construction quality assurance and environmental services firm. Atla

70、s Technical Consultants7/7/2021 Salas OBrien U.S.-based engineering and facility planning firm. Girard Engineering7/7/2021 Sunbelt Waterproofing & Restoration U.S.-based provider of commercial waterproofing and various engineered restoration services. Concentric Equity Partners, Northaven Capital Pa

71、rtners7/7/2021 Technik Ground Solutions U.K.-based engineering solutions provider for complex foundation and geotechnical applications. RSK7/2/2021 R.G. Miller Engineers U.S.-based infrastructure services provider for public and private sector clients. DCCM; White Wolf Capital7/1/2021 MEIS U.S.-base

72、d architecture, design, and planning firm focused on sports and entertainment markets. Perkins EastmanAnnounced Date Target Target Description AcquirerE N G I N E E R I N G & C O N S T R U C T I O N PAGE | 9E&C QUARTERLY SECTOR REVIEW | Q3 2021Trended EV / EBITDA Multiples Quarterly EV / EBITDA Mult

73、iples 5-Year Revenue CAGREngineering CompsConstruction CompsTrended EV / EBITDA Multiples Quarterly EV / EBITDA Multiples 5-Year Revenue CAGR6.2x8.5x10.4x11.5x11.4x14.8x16.7x10.7x12.8x13.9x14.1x19.4x19.4x20.5x3Q 2021 3Q 2020(5.3%)(0.9%)0.0%5.9%6.6%8.1%28.2%3.3x6.0 x5.9x12.1x3.0 x5.7x6.0 x8.5x3Q 2021

74、 3Q 2020(0.2%)1.1%1.7%17.6%8.0 x9.0 x10.0 x11.0 x12.0 x13.0 x14.0 x15.0 x16.0 x17.0 x18.0 x19.0 xJan-18May-18Sep-18Jan-19May-19Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Engineering Comps S&P5003.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 x11.0 x12.0 x13.0 x14.0 x15.0 x16.0 xJan-18May-18Sep-18Jan-19May-19

75、Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Construction Comps S&P500E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 10E&C QUARTERLY SECTOR REVIEW | Q3 2021Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector exp

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