LOWELL, MASS. – TRC Companies, Inc. today announced that it has acquired the Environmental Business Unit of RMT, Inc., a subsidiary of Alliant Energy (NYSE: LNT), for $13.3 million in an all-cash transaction. Exclusive of any acquisition-related expenses, TRC expects the acquisition to be immediately accretive.
Headquartered in Madison, Wisconsin, RMT’s Environmental Business Unit specializes in consulting, development, engineering and construction through remediation and restoration; environmental, health and safety management; air pollution control; and solid waste management offerings.The Environmental Business Unit, which consists of approximately 200 consultants and 10 primary locations, has projected net service revenue for 2011 of approximately $27 million.
“The acquisition of RMT’s Environmental Business Unit aligns perfectly with TRC’s growth strategy,” said TRC Chairman and Chief Executive Officer Chris Vincze.“Through this transaction, we add depth and capability to our service portfolio and significantly expand our presence throughout the Midwest, while strengthening our position in Texas.Also, RMT’s Environmental Business Unit provides us access to a deep and attractive roster of industrial clients, which allows substantial cross-selling opportunities.”
“For more than 30 years, RMT has been a recognized leader in environmental services.Beyond the geographic match, this acquisition represents a natural cultural fit for TRC, as RMT’s approach to client service and commitment to quality closely mirrors our own.The acquisition brings to TRC a talented group of industry professionals, and we welcome them to the TRC team.We look forward to a rapid integration, which we expect to be fully completed in the first quarter of fiscal 2012.”
RMT President Steve Johannsen said, “When we made the strategic decision to divest our Environmental Business Unit, we aimed to find a respected peer that would maintain our corporate heritage—strong customer relationships, a commitment to the environment and an employee-centric organization. As a result, we believe TRC is the ideal match. In an industry where expertise and reputation for quality are critical, TRC is a firm with a long and distinguished track record. We expect that this transition will be seamless and beneficial for both our customers and employees.”