Checking in on the 2024 M&A Movers and Shakers

Way back in January, Word on the Street made note of “Nine Movers and Shakers to Watch in 2024.” At the time, these were the nine most acquisitive AE firms in the U.S. Their combined 59 acquisitions represented a remarkable 14% of all domestic industry consolidation in 2023. Now, as we hurtle towards the end of this year, we thought we’d check in on the performance of the M&A programs of each of these movers and shakers.

Still influential, but different: As a group, their influence on industry consolidation has remained consistent with what it was last year. Their 57 domestic acquisitions represent just under 14% of all U.S. M&A activity year-to-date. However, some movers have cooled their acquisition jets this year, while other shakers have stepped on the deal-making gas pedal. And—spoiler alert—there are four other firms that legitimately can be viewed as new additions to the movers and shakers. (More on these later.)

Let’s take a look at the nine movers and shakers in descending order of their 2023 deal-making activity. We’ll see which firms have increased or kept up with last year’s pace and which ones have slowed down. Then we’ll take a quick look at the four additional firms that are shaking things up in the industry through M&A in 2024.

1. Bowman Consulting Group (Reston VA) (ENR #78) (NASDAQ: BWMN): Earlier this year, Bowman was presented with our 2024 Most Prolific and Proficient Acquirer Award for their industry-leading 12 acquisitions in calendar 2023. Year-to-date, the firm’s acquisition program has slowed somewhat, with just eight acquisition announcements. Bowman’s most recent addition was Exeltech Consulting (Lacey, WA) last month. (Morrissey Goodale initiated the transaction and advised Exeltech.) In 2024 Bowman has added almost 300 employees through acquisitions in VT, NE, MO, NJ, CO, WA, and FL. The firm improved its ENR ranking from #87 to #78.

2. UES (ENR #34) (Orlando, FL): Last year, this privately held engineering and consulting firm announced seven acquisitions. In 2024, the firm’s acquisition program has slowed to the point that year-to-date they have announced just one acquisition, that of Consulting Services, Inc. (Lexington, KY) in June. UES rose two places on the 2024 ENR Top 500 list to #34.

3. RMA Companies (Rancho Cucamonga, CA) (ENR #112): In 2023, this technology-enabled laboratory testing, inspection, and quality management services firm was the third-most acquisitive firm in the U.S. with seven acquisitions. Year-to-date, RMA’s deal count has slowed compared with 2023. The firm has announced just three acquisitions, with the most recent being that of Earth Engineers (Camas, WA) in July. In 2024, the firm has added almost 130 employees through acquisitions in NV, SC, and WA. RMA rose 34 places on the most recent ENR Top 500 Design Firm list.

4. Verdantas (Dublin, OH) (ENR #113): This fast-growing, private equity-backed environmental consulting, sustainable engineering, modeling, and digital technology firm made six acquisitions in 2023. Year-to-date, it has already eclipsed that number with nine deal announcements. The firm’s most recent acquisition was that of ASEC Engineers (Lakewood, CO) last month. In 2024 Verdantas has added nearly 700 employees through acquisitions in CA, FL, OH, MD, VA, and CO. The firm rose 36 places on this year’s ENR Top 500 Design Firm list.

5. SAM, LLC (Austin, TX) (ENR #86): One of the nation’s largest geospatial and inspections firms announced six acquisitions in calendar 2023. Year-to-date, it has already made five additions with the most recent being Xtensible Solutions (Orlando, FL) in October. In 2024, SAM has added over 300 employees through acquisitions in NC, NM, FL, IN, and NY. The firm rose two places on the 2024 ENR Top 500 Design Firms list.

6. IMEG (Rock Island, IL) (ENR #52): With a focus on the built environment, building optimization, infrastructure, planning, and construction engineering-related services, this national engineering and design firm—and recipient of the 2023 Morrissey Goodale Most Prolific and Proficient Acquirer Award—announced six acquisitions in 2023. Year-to-date, it has already almost doubled that count with 11 acquisitions, making it the joint top acquirer of design firms in the U.S. The firm’s most recent acquisition was of FHI Studio (Hartford, CT) last week. In 2024, IMEG has added almost 600 employees through acquisitions in TX, ID, NY, WA, NH, MI, MN, CO, NC, and CT. The firm rose five places on the 2024 ENR Top 500 Design Firms list.

7. Salas O’Brien (Irvine, CA) (ENR #39): With locations across North America, this engineering, construction management, technology, and commissioning firm made five acquisitions in 2023. Year-to-date, the firm has already surpassed that with seven acquisitions. The most recent addition was Hughes Engineering & Consulting (Raleigh, NC) in August. (Morrissey Goodale initiated the transaction and advised Hughes.) In 2024, Salas O’Brien has added almost 600 employees through acquisitions in WI, TN, AL, MO, TX, and NC. The firm jumped 15 places on this year’s ENR Top 500 list.

8. Atwell, LLC (Southfield, MI) (ENR #71): This fast-growing, privately held, full-service consulting, engineering, and construction services firm that serves the real estate and land development, power and energy, and oil and gas markets made five acquisitions last year. Year-to-date, it has acquired six firms, the most recent being Russell + Mills Studios in June through its portfolio firm RVi Planning and Landscape Architecture. (Morrissey Goodale initiated the transaction and advised RVi). In 2024, Atwell has added almost 250 employees through acquisitions in FL, DE, LA, CO, and AZ. Atwell rose three spots on the ENR Top 500.

9. NV5 (Hollywood, FL) (ENR #24) (NASDAQ: NVEE): Rounding out the top nine movers and shakers of 2023 was NV5. This publicly traded, leading provider of technology, conformity assessment, and consulting solutions for public- and private-sector clients supporting infrastructure, utility, and building assets and systems announced five acquisitions in 2023. Year-to-date, it has announced seven acquisitions in the U.S. (and one overseas) with the most recent being that of Senergy BCS (Salt Lake City, UT) last month. In 2024, NV5 has added over 150 employees in the U.S. through acquisitions in FL, NC, IL, CA, WA, and UT. The firm fell two places on this year’s ENR Top 500 list.

The 80/20 rule (sort of): Year-to-date, four other firms are as acquisitive (if not more so in some cases) as these nine movers and shakers. Indeed, each of these four rank among the top U.S. acquirers this year. They are Trilon (Denver, CO) (11 acquisitions year-to-date and joint leading acquirer of U.S. firms in 2024), LJA Engineering (Houston, TX) (ENR #67) (nine acquisitions year-to-date), Terracon (Olathe, KS) (ENR #18) (six acquisitions year-to-date), and The HFW Companies (St. Louis, MO) (ENR #242) (five acquisitions year-to-date). Between these four firms and the nine movers and shakers, these 13 firms have been responsible for over 20% of all U.S. acquisitions this year.

Meet the deal-makers that are changing the industry: Executives from the movers and shakers will be among the panelists and attendees at the 2025 Southeast M&A and Business Symposium in the Mandarin Oriental in sunny Miami this March 12 through 14. Join them and over 200 AE industry executives, investors, and experts to get a “first read” of how the industry is performing in 2025 and where it’s headed, to learn how industry M&A and valuations are playing out in the new year, and to do some power networking to help take your firm to the next level. Register today at the early bird rate to reserve your place.

To contact Mick Morrissey, email him at [email protected] or text him at 508.380.1868.