1、QUARTERLY SECTOR UPDATE|Q4 2022E N G I N E E R I N G&C O N S T R U C T I O NPAGE|1E&C QUARTERLY SECTOR REVIEW|Q4 2022Construction Tech and the Future of Workers in the Industry“Across all the skilled trades,a shortage of tech-focused workers is emerging alongside advancements in digitization.Leading

2、 construction companies are quickly introducing new roles that emphasize the need for workers with a mix of computational knowledge,project management skills and real-world understanding of the needs,challenges and realities of the construction site.”“The adoption of building information management

3、and construction management software such as ProCore and AutoDesk has quickly become the standard for leading construction firms as it offers impressive benefits in the form of improved cost estimation,better project coordination and increased communication.”“Construction tech offers opportunities t

4、o shift labor-intensive jobs into digitally centered roles.Construction developers and GCs can benefit from adopting ready-made,vendor-supplied technologies as they become more valuable,user-friendly and industry-relevant.”ForbesLack of Construction Workers Threatens Infrastructure Efforts“Construct

5、ion firms are struggling to find workers to such a degree that its threatening the success of federal investment in infrastructure and manufacturing projects.”“Our projects encounter much longer hours worked than we would have in the past because we dont have people to relieve others,Simpkins said,d

6、escribing the domino effect of fewer breaks for workers due to fewer people being on each job.This year in particular was a real struggle to man all of our projects and do it in a way that keeps everybody safe.We havent seen any infrastructure projects be canceled,but we certainly have seen extended

7、 durations as a result of lack of labor.”“The challenge is that as these projects could take longer to build and become more expensive,communities that may have thought they were going to build ten new roads are going to build seven.”Construction DiveInflation Reduction Act:U.S.Needs to Double Grid

8、Building Pace for Climate Change Law Benefits“Failing to accelerate transmission expansion beyond the recent historical pace of about 1%per year increases 2030 U.S.greenhouse emissions by about 800 million tons per yearresearchers say transmission expansion must reach an average of about 2.3%per yea

9、r.”“Supply chain challenges such as wait times for upwards of two years for grid transformers have coincided with an increase in climate-fueled disasters,such as hurricanes and wildfires,that threaten grid reliability.”“No one can credibly argue that we can timely make the changes to our energy infr

10、astructure necessary to complete our transition to renewable energy without streamlining the permitting of energy infrastructure projects.”ENRThe Property Industry Has a Huge Carbon Footprint.Heres How to Reduce It“Only a tiny fraction of properties are carbon neutral,and on the current trajectory i

11、t will take nearly a century to decarbonize the rest.As the world urbanizes,a dirty building boom beckons:by one estimate,cities will need to add 13,000 buildings every day until 2050,just to keep up with global population growth.”“What can be done?The problem can be divided into three parts.The fir

12、st goal is to incentivize owners to make existing properties more energy-efficient.In the long run,as electricity generation shifts towards renewables,the emissions arising from air-conditioning and day-to-day power use will fall.”“The second goal is to facilitate more rational decisions about when

13、to retrofit buildings and when to demolish them and rebuild,which generates waste and pollution but in some cases can reduce emissions overall.Regulations and tax codes are often skewed arbitrarily and can be reformed.”“The final goal should be to ensure that the construction of new buildings that d

14、oes take place is far cleaner than it has been in the past.”The EconomistE N G I N E E R I N G&C O N S T R U C T I O NPAGE|2E&C QUARTERLY SECTOR REVIEW|Q4 2022Bernhard Capital Partners Acquires Grace Herbert Curtis ArchitectureBernhard Capital announced the launch of its architecture,engineering,and

15、 construction(AEC)platform with an investment in Grace Herbert Curtis Architecture(GHC)Bernhard Capital will build upon GHCs recent momentum,leveraging its critical infrastructure expertise with this platform to support ongoing growth and the growing demand for more modern,sustainable infrastructure

16、Announced September 7,2022Announced July 12,2022Enercon Acquires Ardent EnvironmentalEnercon Services Inc.,a multidisciplinary engineering and environmental services firm supporting safe and efficient production,delivery,and use of energy,has acquired Ardent Environmental Group,Inc.,an environmental

17、 consulting firmThe acquisition deepens Enercons existing capabilities,strengthens its reputation within a variety of industries,and expands its footprint in the Western U.S.Announced July 7,2022Universal Engineering Sciences Acquires Speedie and AssociatesUniversal Engineering Sciences(UES),a leadi

18、ng geotechnical engineering,testing,compliance,inspection,and environmental services provider,acquired Arizona-based Speedie and AssociatesThe acquisition will expand UESs presence in the West,serving as another example of the companys strategic approach to partner with best-in-class engineering fir

19、ms in key,high-growth marketsTranSystems Acquires SEPI Engineering&Construction National transportation engineering and construction firm TranSystems has acquired SEPI Engineering&Construction,Inc.,a multidisciplinary engineering firm offering infrastructure solutions and designThe addition of SEPIs

20、 330-person team strengthens TranSystems ability to support clients in the Southeastern United States and bolsters the companys ability to deliver on its growth strategy through acquisitionsAnnounced September 24,2022TRC Acquires Enzo AdvisorsGlobal environmentally focused engineering,consulting,and

21、 construction management company TRC has acquired Enzo Advisors,aNew York-based environmental,social,and governance(ESG)consulting firmThe acquisition enables TRC to bolster its Climate Solutions offering and ESG capabilities through the addition of numerous key Enzo Advisors employeesAnnounced Sept

22、ember 27,2022E N G I N E E R I N G&C O N S T R U C T I O NPAGE|3E&C QUARTERLY SECTOR REVIEW|Q4 2022Announced DateTargetTarget DescriptionAcquirer9/29/2022Dynamix Energy ServicesU.S.-based design engineering and systems assessments provider for healthcare,education,government,transportation,recreatio

23、n,and other marketsIMEG9/29/2022Bono ConsultingU.S.-based civil engineering firm focused on stormwater,surveying,and construction oversight servicesSevee&Maher Engineers9/27/2022IBI GroupCanada-based engineering firm supporting intelligent systems,sustainable buildings,and efficient infrastructureAr

24、cadis9/27/2022Lenard EngineeringU.S.-based,multidisciplinary engineering and environmental services firmHaley Ward9/27/2022Enzo AdvisorsU.S.-based provider of sustainability consulting servicesTRC Companies9/24/2022SepiUS-based engineering firm providing infrastructure solutions and design for the b

25、uilt environmentTranSystems9/23/2022PanatrolU.S.-based provider of engineering and technical services and systems for the food andchemical processing,pharmaceutical,paper,railroad,and automation sectorsPreston Refrigeration9/21/2022Boundary PointsU.S.-based provider of land surveying servicesMain-La

26、nd Development Consultants9/20/2022Mitigation SolutionsU.S.-based provider of restoration services catering to commercial as well as residentialWestern Sierra Resource9/14/2022292 Design GroupU.S.-based operator of an architecture and planning company based in Minneapolis,MinnesotaJLG Architects9/12

27、/2022T-O EngineersU.S-based full-service engineering firm focused on specially aviation,transportation,public works,and water/wastewaterArdurra Group9/9/2022SRT AluminumU.S.-based company specializing in aluminum melting,casting,and recycling servicesMetalX9/7/2022Grace Herbert Curtis ArchitectureU.

28、S.-based architecture,engineering,and construction platformBernhard Capital Partners9/6/2022Lake Superior ConsultingU.S.-based engineering and consulting services company serving the energy infrastructure industryShawcor Ltd.8/29/2022Anchor ConsultantsU.S.-based provider of engineering services for

29、the infrastructure that forms the waterfront of U.S.inland waterwaysBowman Consulting8/29/2022Marco Surveying&MappingU.S.-based provider of surveying and mapping services,offering surveying services to residential,commercial,land development,and public infrastructure projectsJohnson Engineering Inc.

30、8/26/2022L&D ElectricU.S.-based electrical contractor specializing in commercial and residential wiring for new construction and remodelingSeries 1 Acquisitions8/23/2022Next Level EnvironmentalU.S.-based provider of engineering services catering to the utility sectorInsituform Linings8/22/2022LaFata

31、 Contract ServicesU.S.-based utility project and construction management firmAnser AdvisoryE N G I N E E R I N G&C O N S T R U C T I O NPAGE|4E&C QUARTERLY SECTOR REVIEW|Q4 2022Announced DateTargetTarget DescriptionAcquirer8/19/2022123 ExteriorsU.S.-based provider of storm restoration,residential re

32、storation,commercial restoration,and commercial roofing services to replace exterior materials damaged by weather eventsElite Construction Solutions8/16/2022Hill InternationalNYSE:HIL,a U.S.-based provider of project management and site supervision servicesGlobal Infrastructure Solutions8/16/2022Ima

33、ge Engineering GroupU.S.-based provider of innovative MEP design and engineering solutionsHuckabee Architects8/11/2022Ryan Energy ServicesU.S.-based provider of construction and environmental services catering to midstream producers,gas utilities,and industrial clientsEnergy Services of America8/11/

34、2022BGM Electronic ServicesU.S.-based provider of engineering design services intended to execute complex designs and projects work for the automotive,industrial,IoT,and medical industriesExponential Technology Group8/9/2022Gaston ElectricalU.S.-based provider of electrical contracting and low-volta

35、ge services catering to commercial,institutional,life-sciences,hospitality,and retail marketsEmcor Group8/2/2022Cypress Civil DevelopmentU.S.-based civil engineering firm supporting review and permitting processes,site design,project management,budget/cost control,and construction surveillanceGlenn

36、A Rick Engineering&Development8/2/2022ACI Asphalt&ConcreteU.S.-based provider of asphalt and concrete servicesSoundcore Capital8/1/2022FulcrumU.S.-based construction management consulting services firmThe Vertex Companies8/1/2022TSK ArchitectsU.S.-based architecture,planning,and interior design firm

37、Huckabee Architects7/26/2022LJB Inc.U.S.-based provider of civil and structural engineering and consulting for fall protection,transportation and traffic safety,and geospatial and water resourcesCopley Equity Partners7/25/2022Christopher ConsultantsU.S.-based civil engineering firm,providing service

38、s such as surveying,planning,landscape architecture,environmental,and sustainable designIMEG7/22/2022Kuhlmann Design GroupU.S.-based provider of architectural design services intended to serve the governmental,commercial,industrial,retail,and hospitality industriesShive-Hattery7/20/2022Contour Envir

39、onmentalU.S-based environmental services firm providing a diverse range of scientific and engineering expertise for clients in the Southeastern U.S.Rimkus Consulting Group7/18/2022Project Design ConsultantsU.S.-based provider of consulting services for private land developers and homebuilders,as wel

40、l as public agenciesBowman Consulting7/18/2022Shield EngineeringU.S.-based engineering firm providing design,environmental,geotechnical,and construction-related servicesCDG Inc.7/18/2022Drilling EngineersU.S.-based subsurface drilling services firm serving public and private-sector clientsTerracon C

41、onsultants Inc.7/14/2022Realsearch Of TexasU.S.-based company providing surveying services for residential,retail,or other commercial site developments and planning assistance for utility,paving,and drainageManhard Consulting7/12/2022Ardent Environmental GroupU.S.-based environmental consulting firm

42、 providing high-quality technical expertise to clients in support of real estate acquisitions,sales,and managementEnercon ServicesE N G I N E E R I N G&C O N S T R U C T I O NPAGE|5E&C QUARTERLY SECTOR REVIEW|Q4 2022Announced DateTargetTarget DescriptionAcquirer7/12/2022Blue Oak EnergyU.S.-based fir

43、m that specializes in engineering for commercial and utility-scale photovoltaic,commonly known as solar,and solar energy storage projectsTRC Companies7/7/2022Speedie and AssociatesU.S.-based company offering geotechnical,environmental,and construction materials testing,and inspection servicesUnivers

44、al Engineering Sciences7/6/2022EYP Architecture&EngineeringU.S.-based engineering and architectural services provider for higher education,healthcare,government,and science and technology marketsPage Southerland Page7/6/2022Information Security and TrainingU.S.-based provider of general construction

45、 servicesTPT Global Tech7/5/2022Farr West EngineeringU.S.-based engineering consulting and design firm for aesthetically pleasing and functional construction projectsDowl7/5/2022RQAWU.S.-based full-service engineering and architecture firmDCCM7/1/2022Austin Master ServicesU.S.-based provider of engi

46、neering and environmental services serving commercial clients and government agencies nationwideAmerican Energy PartnersE N G I N E E R I N G&C O N S T R U C T I O NPAGE|6E&C QUARTERLY SECTOR REVIEW|Q4 2022Trended EV/EBITDA Multiples Quarterly EV/EBITDA Multiples 5-Year Revenue CAGREngineering Comps

47、Construction CompsTrended EV/EBITDA Multiples Quarterly EV/EBITDA Multiples 5-Year Revenue CAGR3.0 x5.8x6.0 x11.1x5.8x6.0 x7.4x9.2x3Q 20223Q 20212.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 xSep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Construction CompsS&P500(4.0%)0.1%0.5%1

48、8.2%8.0 x9.0 x10.0 x11.0 x12.0 x13.0 x14.0 x15.0 x16.0 x17.0 x18.0 x19.0 xSep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Engineering CompsS&P50012.6x10.8x12.7x15.4x14.1x13.9x19.0 x20.3x9.5x10.9x11.7x12.1x14.1x14.6x15.3x15.7x18.1x3Q 20223Q 2021(5.8%)(1.6%)0.0%1.6%3.1%6.

49、7%7.9%10.5%23.1%40.3xE N G I N E E R I N G&C O N S T R U C T I O NPAGE|7E&C QUARTERLY SECTOR REVIEW|Q4 2022Construction/Project ManagementCivil EngineeringInfrastructure Support ServicesDesign&InstallationElectrical Engineering&ServicesGeneral&Specialty ContractingBuilding ServicesForensic Engineeri

50、ng2017Drew SpitzerManaging DirectorEnergy,Power&IOffice:804-915-0174Derek LewisManaging DirectorBusiness SOffice:804-915-0118Harris Williams Engineering&Construction Sector Focus AreasHarris Williams Engineering&Construction ContactsSelect Recent Harris Williams Engineering&Construction Transactions

51、Matt WhiteManaging DirectorEnergy,Power&IOffice:804-915-0131Greg WallerDirectorEnergy,Power&IOffice:804-887-6138has been acquired byhas been acquired byhas been acquired byhas been acquired byhas acquiredhas acquiredhas been acquired byhas been acquired byhas been acquired by has been acquired byhas

52、 acquiredhas been acquired bySpecialtyEngineeringCompany AIn ProcessInfrastructure ContractingCompany BIn Processhas been acquired byhas been acquired byE N G I N E E R I N G&C O N S T R U C T I O NPAGE|8E&C QUARTERLY SECTOR REVIEW|Q4 2022Harris Williams has a broad range of industry expertise,which

53、 creates powerful opportunities.Our clients benefit from our deep-sector experience,integrated industry intelligence,and collaboration across the firm,and our commitment to learning what makes them unique.For more information,visit our website at .UNITED STATESEUROPEBostonOne International PlaceSuit

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