Week of June 3, 2024
IIJA’s Transformative Impact: Over $128 Billion Distributed for Infrastructure Projects
The IIJA has distributed or announced over $128 billion for roads and bridges, supporting more than 70,000 new projects.
Senate lawmakers are concerned about the slow rollout of the IIJA’s $5 billion program for nationwide electric-vehicle charging stations.
There are about 183,000 charging ports in place, but only six or seven have been funded by the IIJA NEVI formula funds.
Maryland is seeking 100% federal funding for the replacement of the collapsed Francis Scott Key Bridge.
The FHWA is considering dropping its waiver from Buy America mandates for materials used on federal-aid highway projects.
Uncertainty Over $15 Billion Transit Funding as Manhattan Congestion Pricing is Halted
The state of New York has indefinitely paused a planned congestion pricing program that would have added tolls for vehicles in a wide swath of Manhattan. The tolls were scheduled to take effect on June 30.
The pause leaves questions about the $15 billion that the tolls had been expected to generate to fund transit projects. This could potentially impact the funding of various infrastructure projects in the city.
New York’s Metropolitan Transportation Authority (MTA) had already been planning to put money toward a variety of subway, bus and commuter train projects improving infrastructure and making stations more accessible. Larger projects included Phase 2 of the $7.7 billion Second Avenue subway extension.
The congestion pricing plan was facing several legal challenges and was reportedly unpopular, with a Siena College poll in April finding 63% of New Yorkers opposed the plan.
June 3, 2024
Apex Companies, LLC (Apex), a Maryland-based multidisciplinary consulting engineering services firm, backed by Sentinel Capital Partners, has acquired Storm Water Inspection & Maintenance Services, Inc. (SWIMS), a California-based stormwater inspection and management services firm. The acquisition brings SWIMS’ team of stormwater experts to Apex and bolsters their service offerings. Apex President and CEO David Fabianski commented, “The combined capabilities of SWIMS and Apex, along with our aligned values and culture, enable continued service delivery excellence to a broader client base, and growth and value creation for our collective employees and investors.”
June 3, 2024
Consor Holdings LLC (Consor), a Texas-based transportation and water infrastructure engineering and consulting services firm, previously backed by Keystone Capital Management (Keystone), announced a significant investment from New Mountain Capital, LLC (New Mountain), a New York-based growth-oriented investment firm. As part of the transaction, Keystone will fully sell its stake in the business. Chris Rayasam, CEO of Consor, commented, “New Mountain is our ideal partner. They believe in our long-term vision and bring extensive industry experience that will help us expand our potential. We’re excited about the many ways New Mountain will help support our growth through strategic planning, technology enablement, and operational efficiency. This partnership will cultivate more career opportunities for our team members and make an even greater impact on the communities we serve.”
June 5, 2024
EFCG is pleased to have served as a strategic advisory partner to Rockwood Equity Partners (Rockwood), an Ohio-based private equity firm, in its acquisition of Energy Renewal Partners, LLC (ERP), a Texas-based energy consulting services firm specializing in energy development and decommissioning projects across the United States. ERP will seek to partner with other U.S.-based environmental consultancies specializing in development projects for the energy, water, and natural resources sectors. Nils Holum, Principal at Rockwood, commented, “ERP is strategically positioned in the energy market, benefiting from strong long-term tailwinds and playing a crucial role in energy sustainability. The company is at a significant inflection point, with numerous opportunities to scale meaningfully.”
June 5, 2024
Montrose Environmental Group (Montrose), an Arkansas-based environmental solutions firm, has acquired Paragon Soil & Environmental Consulting, Inc. (Paragon), a Canada-based environmental consulting firm servicing clients in the oil sands, pipeline, mining, and power sectors. The acquisition bolsters Montrose’s current presence in Canada and adds additional environmental expertise in select soil and reclamation services, in particular. Lee Waterman, Paragon President, commented, “Preserving and protecting natural resources across western Canada by balancing responsible land stewardship with resource utilization is paramount for the Paragon team. We are excited to partner with Montrose to expand our capabilities and resources to serve clients with resources rooted in science, stewardship, and safety. We appreciate the strong technical reputation of the Montrose team in Canada and are thrilled to formally join the team.”
June 5, 2024
ALL4 LLC (ALL4), a Pennsylvania-based environmental, health, safety, sustainability, and digital consulting services firm, has acquired Capaccio Environmental Engineering (Capaccio), a Massachusetts-based consulting firm specializing in navigating complex environmental, health, and safety (EHS) regulatory landscapes, managing compliance risks, and achieving sustainability goals. The acquisition enhances ALL4’s digital solutions offerings and their overall value as a strategic business partner for current and future clients. William Straub, ALL4 CEO, commented, “We remain focused on finding companies who align with our core values and who provide technical excellence and thought leadership. The Capaccio team is a valuable addition to ALL4, enhancing our technical capabilities and extending our reach into new industrial sectors and end markets.”
Bohler's 8th annual Cornhole for a Cause event raised $77,000 for the United Way of Northern New Jersey. Held in Chester, New Jersey, the event attracted over 200 professionals from the architecture, engineering, and construction sectors for networking and community support. The fundraiser featured cornhole competitions, Cinco de Mayo-themed food, and various raffle activities. Since its inception, Cornhole for a Cause has raised over $450,000 for local charities. The event’s success is attributed to the generous support of sponsors and participants, emphasizing the industry's commitment to community service..
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