TRC expands presence across North America and bolsters its utility services capabilities.
LOWELL, Mass. – TRC Companies (“TRC”), a leading technology-enabled provider of end-to-end engineering, consulting and construction management solutions, has expanded its utility services capabilities with the close of the acquisition of Lockheed Martin Distributed Energy Solutions (“LM-DES”). TRC is supported by New Mountain Capital.
“LM-DES is a premier provider of distributed energy solutions, with a robust history of serving commercial and industrial clients along with many of the nation’s top utilities,” said TRC CEO Chris Vincze. “This acquisition positions us to capitalize on a fast-evolving energy market and continue to meet the growing needs of our clients. The move reinforces our strategic growth strategy and advances our ability to deliver innovative, fully integrated solutions for any Advanced Energy project.”
LM-DES is based in Rockville, Maryland, and currently serves many of the nation’s top electric and gas utilities. LM-DES prides itself on developing energy efficiency, IT outsourcing, beneficial electrification and demand response/DERMS solutions.
“TRC is a great strategic fit for LM-DES. TRC’s strong reputation in the utility industry and focus on supporting customers with integrated engineering and design solutions, including value-add technologies, fits well with LM-DES’s focus and capabilities,” said Roger Flanagan, who joins TRC from LM-DES as Senior Vice President, Advanced Energy.
With the acquisition of LM-DES, TRC adds just over 400 employees and increases its presence in California, Colorado, Maryland, Missouri, Oregon, New York, and several states in New England. The addition positions TRC as one of the leading players in the Advanced Energy market.
“LM-DES’s capabilities and technologies are a great strategic fit for TRC, enabling us to serve our power clients more broadly. This acquisition strengthens our already robust Advanced Energy offerings and further cements our team as a leading, full-service engineering and consulting partner,” said Jim Mayer, TRC’s President, Power Sector. “With a wide regional presence and outstanding relationships in the power market, the LM-DES acquisition is another positive development for our clients.”
Macquarie Capital acted as an exclusive financial advisor to TRC.
TRC was supported by its banking partners: UBS Securities LLC, Barclays, Citizens Bank N.A., and Macquarie Capital in this transaction.
A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a leading consulting, engineering and construction management firm that provides technology-enabled solutions to the power, infrastructure, environmental and energy markets. We serve a broad range of public and private clients, steering complex projects from concept to completion to help solve the toughest challenges. TRC is ranked #20 on ENR’s list of the Top 500 Design Firms in the United States.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.