LITTLE ROCK, Ark. & BRISBANE, Australia - Montrose Environmental Group, Inc. (NYSE: MEG), a prominent environmental services company, has expanded its global footprint with the acquisition of Epic Environmental Pty Ltd, an Australian environmental consultancy. This move brings Epic Environmental's senior leadership, including founders Mark Breitfuss and Brad May, into Montrose's Consulting and Engineering division, part of the Remediation and Reuse segment. The financial terms of the deal have not been disclosed.
Epic Environmental, headquartered in Brisbane and with additional offices across Australia, offers a broad range of services, including environmental planning, contaminated land management, and waste management. The company's client base spans various industries, with many top industrial, resource, and energy services companies in Australia.
Vijay Mathripragada, President and CEO of Montrose, expressed enthusiasm for the acquisition, stating that Epic Environmental's integration will accelerate Montrose's growth in Australia and enhance their service capabilities. Montrose, which began its operations in Australia in 2019, aims to create a more comprehensive environmental solutions platform in the region.
The founders of Epic Environmental, Mark Breitfuss and Brad May, shared their excitement about joining forces with Montrose, saying "We are thrilled that together we will be able to provide clients with more expansive environmental solutions, leveraging a deeper reservoir of talent and expertise, as well as learnings from across the world."
Montrose, with over 3,500 employees in more than 90 locations worldwide, delivers a wide array of environmental services, from air measurement and laboratory services to regulatory compliance and remediation.
The information in this article is based on a press release.
InvestingPro Insights
As Montrose Environmental Group, Inc. (NYSE: MEG) solidifies its presence in Australia with the acquisition of Epic Environmental Pty Ltd, current and prospective investors may find the following insights from InvestingPro valuable. With a market capitalization of 937.04 million USD, Montrose operates with a moderate level of debt and its liquid assets surpass short-term obligations, indicating a stable financial position. Despite not being profitable over the last twelve months, analysts are optimistic, predicting profitability this year. Montrose's stock has experienced a strong return over the last three months, with a 26.4% price total return, showcasing investor confidence.
InvestingPro Tips suggest that while the company's net income is expected to grow, caution may be advised as two analysts have revised their earnings downwards for the upcoming period. The stock's price movements have been quite volatile, which could be a point of consideration for risk-averse investors. For those interested in deeper analysis and more InvestingPro Tips, a subscription to InvestingPro+ is now on a special New Year sale with a discount of up to 50%. Use coupon code SFY24 for an additional 10% off a 2-year subscription, or SFY241 for an additional 10% off a 1-year subscription. There are 9 additional InvestingPro Tips available for Montrose, offering more nuanced guidance for investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.