TRC Acquires Energy Efficiency Consulting Firm Heschong Mahone Group, Inc.
LOWELL, MA -- (Marketwire) -- 01/14/13 -- TRC Companies, Inc. (TRR) (NYSE: TRR), a recognized leader in engineering, consulting and construction management services to the energy, environmental and infrastructure markets, today announced that it has acquired Heschong Mahone Group, Inc. (HMG), a leader in building science, policy development and program management in energy efficiency. Financial terms of the agreement were not disclosed. The transaction is expected to be immediately accretive in the third quarter of fiscal 2013.
"Energy efficiency represents a core growth market for TRC, and HMG is a top provider of consulting services for that market," said TRC Chairman and Chief Executive Officer Chris Vincze . "As one of the most experienced energy efficiency firms on the West Coast and a long-term supplier to the three largest utilities in California, the addition of HMG to our team will greatly strengthen our presence in that geography. The acquisition also closely aligns with our strategy to grow our Energy and Environmental businesses, expand the capabilities of each practice and cross-sell our broad spectrum of services."
TRC's Energy Efficiency National Practice Leader Frank Reilly said, "HMG brings a valuable portfolio of clients to TRC, as well as new service offerings that include Program Measurement & Evaluation, Codes & Standards Development, and Emerging Technology Assessment. Over the past year, we have collaborated with the HMG team on several large projects including efficiency programs for NYSERDA. Led by Lisa Heschong and Douglas Mahone -- two nationally recognized pioneers in energy efficiency -- HMG's staff consists of approximately 40 highly skilled analysts with broad technical expertise and management experience. We look forward to their contributions to the growth of our energy efficiency business."
Lisa Heschong , Managing Principal at HMG, said, "By joining TRC, together we will strengthen our position at the forefront of the energy efficiency market. We believe this transaction will be beneficial for both our customers -- who will have access to expanded service capabilities and nation-wide experience -- and our employees -- who will have access to a larger organization with more resources and additional career growth opportunities."
Douglas Mahone , Managing Principal at HMG, said, "Since our founding in 1993, HMG has earned a reputation as a leader in energy efficiency. TRC is a respected peer and shares the same values and commitment to innovation and service excellence as HMG. We look forward to realizing the full potential of our combined organization."
The HESCHONG MAHONE GROUP, INC. (HMG) provides professional consulting services in the field of building energy efficiency. HMG specializes in applying its knowledge of building design, construction technology, program design and policy development to the problem of making populations of buildings more energy efficient. The firm offers direct, personal service to its clients. Broad experience with both utility and government clients allows HMG to provide customized, expert consulting services tailored to the needs of the project, its budget and schedule.
A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, consulting and construction management firm that provides integrated services to the energy, environmental and infrastructure markets. TRC serves a broad range of clients in government and industry, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world. For more information and updates from the Company, visit TRC's website at www.TRCsolutions.com and follow TRC on Twitter at @TRC_Companies and on LinkedIn.
Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC's future expectations, contain projections of the Company's future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the uncertainty of TRC's operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC's services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC's Annual Report on Form 10-K for the fiscal year ended June 30, 2012, Quarterly Reports on Form 10-Q, and other factors detailed from time to time in the Company's other filings with the Securities and Exchange Commission.
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Source: TRC Companies, Inc.