- 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.
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.
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.