blog > Ten Movers and Shakers to Watch in 2025
Ten Movers and Shakers to Watch in 2025…
by Mick Morrissey
A closer look at the 10 AE industry firms that made the most acquisitions in 2024

Ten Movers and Shakers to Watch in 2025
Last year was the second-most active on record for industry consolidation, with 464 design and environmental consulting firm acquisitions announced. That was an increase of almost 3% over the prior year but still lagged the record year of 2022 when there were 487 deal announcements. We expect industry M&A to return to record levels this year, driven on the supply side by a wave of baby-boomer and Gen-X sellers seeking capital for growth and ownership transition and on the demand side by strategic buyers and investors looking for both growth and superior returns on investment.
Amid all the consolidation noise last year, there were 10 fast-growing firms that really stood out. Today we look at these 10 Movers and Shakers that announced the most acquisitions in 2024. Among them, they announced 85 “amalgamations” (as some of our overseas friends refer to transactions) last year. Collectively they were responsible for a whopping 18% of the industry consolidation that took place in 2024. Let’s take a closer look at these 10 industry Movers and Shakers.
1. Trilon Group (Denver, CO): This year’s recipient of the Most Prolific and Proficient Acquirer Award announced 12 acquisitions in 2024. These came either directly through Trilon or via nine of its thirteen “partner” firms. Since its founding just three years ago with a vision to “build the next top 20 design firm in North America,” Trilon has grown to over $1 billion with more than 5,000 employees. On the relative importance of acquisitions for the firm’s success, CEO Mick Renshaw said in my recent interview with him, “We believe organic growth provides the greatest opportunity to help advance our people’s careers. While mergers and acquisitions are integral to our strategy, they serve as a catalyst to accelerate organic expansion.” Last year, the firm added over 800 employees through its announced acquisitions of firms headquartered in CT, GA, VA, IL, TN, MA, NV, NJ, OH, PA, and UT.
2. IMEG (Rock Island, IL) (ENR #52): Employee-owned industry leader and recipient of the 2023 Most Prolific and Proficient Acquirer Award, IMEG announced 12 acquisitions in 2024. The firm’s most recent acquisition of specialized engineering and energy management consultancy Optimized Systems (Omaha, NE) was part of its continued growth to more than 2,800 team members, 100-plus offices, and revenues of over $500 million. Last year, IMEG climbed five places on the ENR Top 500 Design Firms list and added over 500 employees through announced acquisitions of firms headquartered in TX, ID, NY, WA, NH, MI, MN, CO, NC, CT, and NE.
3. Verdantas (Tampa, FL) (ENR #113): Backed by private equity firm Sterling Investment Partners, this integrated environmental science, engineering, and consulting firm with over 1,750 employees and 80 offices announced 10 acquisitions last year. The firm’s April acquisition of Project Navigator (Tustin, CA) allowed it to add strategic management and project coordination services for federal (CERCLA) and state Superfund sites. Over the course of 2024, Verdantas added over 700 employees from its announced acquisitions of firms in CA, FL, OH, MD, VA, CO, and PA. Verdantas jumped 36 places on last year’s ENR Top 500 Design Firms list.
4. LJA Engineering (Houston, TX) (ENR #67): This employee-owned, full-service, multi-disciplinary engineering and infrastructure solutions firm with over 2,500 employee-owners located in over 65 offices nationwide announced 10 acquisitions last year. Four of these—Lonestar Program Controls Group LLC (New Braunfels, TX), Delta Land Surveying (Lubbock, TX), McDonough Engineering (Houston, TX), and Quest Utility Construction (San Antonio, TX)—were in LJA’s home state of Texas. The firm added almost 400 employees through its announced acquisitions of firms headquartered in AZ, FL, SC, TX, GA, and AL. LJA fell three positions on the 2024 ENR Top 500 Design Firms list.
5. NV5 (Hollywood, FL) (ENR #24) (NASDAQ: NVEE): This leading provider of technology, conformity assessment, and consulting solutions for public- and private-sector clients supporting infrastructure, utility, and building assets and systems announced nine acquisitions last year. The most recent of these was Global Fire Protection Group (Chadds Falls, PA). In 2024, NV5 added almost 200 employees through its announced acquisitions of firms headquartered in FL, NC, IL, CA, WA, UT, CT, and PA. The firm fell two places on last year’s ENR Top 500 list.
6. Bowman Consulting Group (Reston VA) (ENR #78) (NASDAQ: BWMN): Last year’s recipient of the Most Prolific and Proficient Acquirer Award announced eight acquisitions in calendar 2024, including that of bridge designer Exeltech (Lacey, WA) in October. Bowman added close to 300 employees in VT, NE, MO, NJ, CO, WA, and FL through the acquisitions it announced in 2024. The firm rose nine places on the ENR Top 500 Design Firms list.
7. Salas O’Brien (Irvine, CA) (ENR #39): This employee-owned industry leader and recipient of a 2023 Best Post-Transaction Performance Award announced seven acquisitions last year, adding close to 600 employees in firms headquartered in WI, TN, AL, MO, TX, and NC. The largest of its seven acquisitions was that of 250-person I.C. Thomasson (Nashville, TN) (ENR #276) in March. With 90-plus locations across North America and over 3,800 employees, the firm also announced a strategic minority investment by Blackstone to help accelerate its continued expansion. Salas O’Brien jumped 15 places on the ENR Top 500 list.
8. Terracon Consultants (Olathe, KS) (ENR #18): Now celebrating its 60th year in business, this $1 billion plus, employee-owned industry leader with over 6,000 employees announced six acquisitions last year. Two of these acquisitions—Flat Earth Archeology (Cabot, AR) and Metcalf Archeological Consultants (Golden, CO)—further strengthened its thriving archeological business. Terracon, the recipient of the 2023 Most Innovative Acquirer Award, added over 160 employees through these acquisitions of firms headquartered in TX, RI, AR, and CO. The firm rose two places on the ENR Top 500 list.
9. 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 announced six acquisitions last year. Two of these—90-employee Banks Engineering (Fort Myers, FL) and 50-employee Biscayne Engineering (Miami, FL)—further strengthened the firm’s presence in Florida. The firm added over 250 employees in FL, DE, AZ, LA, and CO and climbed three spots on the ENR Top 500.
10. True Environmental (New York, NY): Founded in late 2022 and backed by Halle Capital, this industry platform for environmental consulting and engineering companies grew rapidly in 2024 with five announced transactions. With a stated vision to grow to be a high-performing, best-in-class company with $400-$500 million in annual revenues through a combination of acquisitions and robust organic growth within five years of its founding, the firm added close to 200 employees through its 2024 announced acquisitions in ID, CT, TX, CA, and VA.
Why the focus on employee count? It’s no secret that one of the biggest challenges that our clients and the industry face heading into 2025 continues to be finding and keeping good talent. (If you feel like you’ve been hearing this same story for over a decade, you’re not wrong.) Over 56% of the attendees already registered for our upcoming Southeast M&A and Business Symposium this March cite hiring and retention as their #1 business issue. However, these 10 Movers and Shakers are skillfully using acquisitions to find talent (as well as open up new markets and geographies and shore up service capabilities). Among them, they added over 4,000 new employees in 2024. This is a testament to their human resources teams and systems. Equally important, as skilled acquirers they are also driving down their annual staff turnover rates. Our Excellence in Acquisitive Growth research shows that skilled acquirers see voluntary turnover rates cut by almost one-fifth a year into their transactions. One reason for this is that these 10 firms are creating more opportunities for the new employees post-transaction. Another is that these firms are bringing improved benefits to employees at a lower cost to them as individuals.
Just how good are these 10 firms? These 10 leading industry firms are not only really good at serving their clients and creating opportunities for their employees, they are also extraordinarily skilled at acquiring and integrating firms. One of the most remarkable features of these firms is the cadence of their acquisitions. To illustrate that point, prior to 2018, the most active acquirers in the industry each made an average of two (yes, two) acquisitions a year. Each of these 10 firms is sourcing and onboarding acquisitions at a markedly higher pace. It’s a testament to the competency of their corporate development teams.
What’s missing? Last year there was a notable absence of any single Mover and Shaker from overseas. We’ve a hunch that may change over the next year.
Want to know more? At the 11th annual Southeast M&A and Business Symposium in Miami this March you’ll hear C-suite executives from Movers and Shakers Trilon, IMEG, and Terracon share their perspectives on both the future of the industry and integration best practices. You’ll also have the opportunity to network with executives from Movers and Shakers Atwell, LJA Engineering, Salas O’Brien, and True Environmental as well as hundreds more from North American and regional firms.
To connect with Mick Morrissey, email him at [email protected] or text him at 508.380.1868.
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