Word on the street > The Recipient of This Year’s Most Prolific and Proficient Acquirer Award Is…; Acquire and Recap—All in One Strategic Plan
Word on the Street: Issue 226
Weekly real-time market and industry intelligence from Morrissey Goodale firm leaders.

The Recipient of This Year’s Most Prolific and Proficient Acquirer Award Is…
We’re delighted to announce that Trilon Group (Denver, CO) is the recipient of this year’s Most Prolific and Proficient Acquirer Award. This is the first of the three Awards that will be announced in 2025 as part of our Excellence in Acquisitive Growth Awards series.
Any way you look at it, The Trilon Group (“Trilon”) story is a most remarkable one for the AE industry. Founded in 2022 (yes, you read that correctly—just three years ago) “with a vision to build the next top 20 design firm in North America,” the firm has grown to over $1 billion, with 5,000+ employees and 13 partner firms (more on that later).
In calendar 2024, Trilon—either directly or through one of its partner firms—made 11 acquisitions, strengthening its position in its target market of North American community infrastructure including water, transportation, utilities, and municipal.
Not surprisingly, the firm has a strong financial backer in Alpine Investors. Alpine is committed to the Trilon growth strategy and provides access to capital to help accelerate the firm’s expansion. Alpine Investors is a certified B Corporation (“B Corp”), meeting one of the highest verified standards of social and environmental performance, transparency, and accountability.
This week I caught up with the firm’s CEO, Michael “Mick” Renshaw, to discuss Trilon’s approach to acquisitions and their importance to his firm’s success.
Trilon is a relatively new name in our industry with what appears to be a different business model. Can you explain the vision and strategy?
Trilon launched just under three years ago with a bold goal: to become a top 10-20 firm in the infrastructure consulting industry within five years. Beginning with our first partnership with Waggoner, a 120-person firm in Jackson, Mississippi, we have grown rapidly. Today, Trilon would collectively rank #21 on the most recent ENR Top 500 list.
Our vision is to become a recognized industry leader in delivering sustainable infrastructure solutions that empower our clients to improve the communities where we live, work, and play.
Our business model is unique. Trilon is proud to be a family of companies, uniting some of the best infrastructure consulting firms across North America. Our mission is to harness and amplify the entrepreneurial spirit within these firms by fostering collaboration and innovation. We focus on serving recession-resilient end markets, including transportation, water, environment, and community infrastructure.
We support our partner firms to grow faster than they could independently by investing in the 3 T’s: Talent, Technology, and Targeted M&A.
Congratulations on your continued success. How important have acquisitions been to that success? Do you target a certain balance between acquisitive and organic growth? Do you view one type of growth as “better” than the other?
We believe organic growth provides the greatest opportunity to help advance our people’s careers. While mergers and acquisitions (M&A) are integral to our strategy, they serve as a catalyst to accelerate organic expansion. Our approach is to partner with firms that provide at least two (if not all) of the following strategic benefits: (1) Access to a new set of clients; (2) Expansion into new geographic markets; and/or (3) Addition of new services to our portfolio.
When we started, M&A accounted for a larger share of our growth. However, 2024 marked a pivotal year where organic growth equaled M&A in driving our expansion. Looking forward to 2025 and beyond, we expect organic growth to contribute the majority of our overall growth trajectory.
The results in leveraging M&A to accelerate organic growth speak for themselves. Firms that have been part of Trilon for 12 months or more have seen tremendous growth across a variety of KPIs including backlog (38%), net revenue (25%), headcount (19%), and earnings (27%).
This accelerated growth has created many opportunities for our people to take on more challenging projects, work across regional boundaries, participate in collaboration workgroups, and—where applicable—pursue internal promotions and become shareholders in the combined business.
I know that your “family of firms” business model is important for your success. Can you describe the concept for our readers and why it’s so critical to Trilon?
Over the past three years, we have welcomed thirteen platform partner firms into the Trilon family, all of which have strong regional or market brands, exceptional leadership, and an unwavering commitment to growth. Unlike traditional models, Trilon allows partner firms to retain their individual brands, leadership structures, and autonomy while benefiting from shared resources, investments, and opportunities for growth.
Together, we invest in talent and implement common systems and processes to support our partner firms to more than double in size over the next three years. While M&A can be distracting to most firms, our investment in their back-office functions, common systems, and a dedicated M&A team allows each partner firm to now execute between one and three add-on acquisitions per year.
Our approach has attracted prestigious firms into Trilon that would not have considered more traditional acquirers. The average age of our 13 partner firms is 50+ years—illustrating the collective horsepower or “swagger” that we can now bring to our clients.
Like a functional family, Trilon emphasizes a culture of collaboration, best-practice sharing, and resource alignment, ensuring the only competition exists outside the family. While partner firms maintain their distinct identities, our “Aspen Tree” approach integrates them on common systems, processes, and benefits, enabling seamless talent sharing and unified client support. Our partner firms work hard to ensure our people do not feel like a number. Each partner firm operates as a “first family,” where employees have direct access to their president and local decision-makers who shape their career paths. Beyond this, employees benefit from being part of the larger Trilon family, with access to the resources, talent, and programs of a top-20 firm. This balance of autonomy and shared resources has been instrumental in retaining and attracting top talent.
Lastly, our model allows for scalable growth. In 2024, Trilon added one new partner, Rinker Design Associates, to the family and supported nine existing partner firms in completing ten add-on acquisitions. While executing 11 acquisitions in a year might seem daunting in this industry, our scalable business model ensures that each partner firm handles growth seamlessly. This level of activity represents just one acquisition per partner firm annually—achieved without compromising operational excellence.
You’ve grown remarkably quickly to achieve north of $1 billion in revenue with over 5,100 employees and 13 partner firms. You have a vision to be one of the next Top 20 Design Firms in North America. What does the next five years of growth look like for you?
Since Trilon’s founding, our goal has been clear: to create an enduring firm with a scalable business model capable of operating for decades. We see a path to collectively becoming a top 5-10 firm in each of our target end markets and geographies in the near to medium term. Looking ahead, we see opportunities to expand into new end markets such as energy, education, health care, and federal programs. Similarly, we envision extending our footprint into new geographies, including Canada and other international markets.
While our expansion over the past three years has been strong, we are most proud of the foundation that we have put into place in terms of our corporate leadership, quality partners, and integrated systems and processes that can now support a firm of more than three times our current size.
Closing 11 acquisitions in a year is a remarkable achievement. In your experience, what’s the lifecycle of an acquisition—from the time you initially connect with a firm’s leadership to the closing of a transaction? How many firms at any given time are in your “pipeline”?
The timeline for a partnership with Trilon varies based on the unique circumstances and readiness of each firm. For leadership teams that are eager to move forward, our streamlined systems and processes enable us to transition from an introductory call to closing in 90 days or less. In other cases, firms may approach the process as a learning exercise, taking months or even years of interactions—virtual calls, in-person meetings, and joint initiatives—to determine whether Trilon is the right fit for their team. We pride ourselves on being able to accommodate all potential partners and tailor our process to suit their individual needs.
Trilon sets a high bar when it comes to assessing the business and cultural fit of potential partners. Our family of companies model is best suited to firms that are already highly collaborative, have strong repeat client relationships, have deep and long-tenured talent, and have a desire to grow faster than their existing model allows. We are in regular contact with many firms in our industry, often in discussions with 5-10 firms per week, explaining our model and assessing potential alignment. However, we respect the time of potential partners and quickly indicate whether there is mutual fit—avoiding prolonged or unproductive discussions. Interestingly, some firms take our feedback to heart, addressing specific areas of their business before returning to forge a partnership with Trilon.
Let’s talk integration. I know every CEO who is reading this and considering selling their firm is asking themselves, “What is life like after the deal for myself, my employees, and my clients?” Can you share some insights as to what integration looks like for the firms that you acquire? Is it a one-size-fits-all approach? How do you define success in this regard?
Integration differs depending on whether a firm is joining Trilon as a partner or if they are joining one of our partner firms as an add-on. From the outside looking in, for partner firms not much appears to change: Firms retain the same brand, the same EIN (wherever possible), the same executive team, the same project managers, the same website, the same e-mail address, etc. For clients, this is an easy sell: They continue to work with the same quality firm and same points of contact, but now with access to 5,100 additional resources. We know this works as we have not lost a client, and the backlog of firms that joins us has grown by more than 50%. For staff, we spend significant time explaining the model and the approach. Similar to clients, staff continue to be employed by their firm, report to the same manager, and keep the same titles and contact details with the one difference being they will move onto the Trilon-wide benefits package.
However, in order to leverage the collective horsepower of the wide family, all firms must adopt common systems, processes, and reporting, and this spans ERP, HRIS, knowledge management, risk management, safety, insurance, and banking. Trilon defines these systems and processes, but execution and reporting remain within the corporate teams of the partner firm. This decentralized approach ensures partner firms retain control of their back-office functions, avoiding the disruption associated with centralization. For smaller firms joining a partner firm in Trilon, these firms integrate into that partner and ultimately adopt their brand and leverage many of the resources that they did not have in-house given their size.
Can you talk about the corporate development team at Trilon that works to make your acquisitions happen? What are the key functions within the team, and how do they work together? How do they work with the firm’s line management and technical functions?
Our corporate development team plays a key role in identifying and securing the right partnerships including associated due diligence. Our partner firms work closely with our corporate team to develop a playbook for business collaboration, growth, and stakeholder communications. Our integration team supports our partner firms, and add-ons transition efficiently onto common systems, processes, and benefits either at time of close or within 60 days.
The benefits of treating M&A as a full-time function with dedicated resources results in many benefits to firms joining Trilon such as certainty and speed of close, dedicated resources, enhanced staff and client retention, and more streamlined integration. The success of our M&A approach is reflected in the satisfaction of our partner firms, who are our strongest advocates for why other firms should choose Trilon as their partner for growth.
In our research for the Excellence in Acquisitive Growth Awards series, we found that skilled acquirers in the industry can create some impressive business results through their acquisitions. How do you look to improve the performance of the firms that you acquire? Earlier, you mentioned KPIs of backlog, net revenue, headcount, and earnings. What else do you measure and track to measure success?
As noted earlier, organic growth is the most important driver of sustainable, long-term success. To ensure every partnership is positioned for accelerated growth of both top and bottom lines, we adhere to a critical rule: If we do not have an agreed playbook for growth with a new partner, we will not proceed with the partnership. As each partner firm is unique, so are the strategies we employ to accelerate growth. Our “plays” are tailored to their specific needs. However, we typically focus on three to six areas of strategic importance. Some of the more consistent areas include hiring and retention, attracting and retaining talent, rates and fee types, cross-selling and insourcing, and non-labor economies of scale.
We regularly review our progress against our goals and constantly revise and improve our approach based on lessons learned from earlier partnerships. We track progress and measure success through a clear set of KPIs, such as hiring and retention, employee net promoter, backlog and revenue expansion, profitability, and cash generation.
2024 was a remarkably busy year for Trilon Group in terms of acquisitive growth. How is 2025 shaping up? Do you have any specific types of firms or geographies that you will be prioritizing?
We anticipate 2025 to be a year of continued expansion, driven by both organic growth and M&A activity. As of now, we are on track to welcome up to five new firms into the Trilon family during Q1, with additional discussions ongoing for future partnerships.
Our primary focus for the year is to support our existing partner firms in augmenting their client markets, services, and geographic reach through targeted M&A. In parallel, we are actively pursuing larger partner firms to serve as growth platforms in under-represented markets and geographies, including water/wastewater, environmental, Pacific Northwest, Northeast, Texas and Gulf, and California.
Thanks, Mick. Some things that stand out for me from our discussion today are: (a) the importance of a bold, clear vision for the future; (b) the commitment to gather and continually improve the team and resources required to make that vision a reality; and (c) the importance of having access to capital that “gets” the vision and is all-in to support the leadership and management team in its pursuit. Congratulations again on being the recipient of this year’s Most Prolific and Proficient Acquirer Award and your continued success!
The Most Prolific and Proficient Acquirer Award will be presented to the Trilon team at the Southeast M&A and Business Symposium in Miami this March. In recognition of Trilon’s commitment to excellence in acquisitive growth, Morrissey Goodale will be making a donation of $1,000 to Engineers Without Borders on the firm’s behalf.
If you’d like to know more about Trilon Group and meet with their executive team, you can do so at the Southeast M&A and Business Symposium in Miami this March. Mick Renshaw himself will feature on a panel composed of ENR 500 CEOs about the future of the AE and environmental consulting industry.
To connect with Mick Morrissey, email him at [email protected] or text him at 508.380.1868.
Acquire and Recap—All in One Strategic Plan
Strategic planning for AE firms isn’t just about mapping out the future; it’s about juggling big aspirations, real-world goals, and market realities. Add acquisitive growth and the potential for external recapitalization to the mix, and things get even trickier. Now you’ve got to navigate a path that keeps your options open without tipping your hand too early—especially if you’re not ready to talk recapitalization with the broader team just yet.
The dilemma—growth meets recapitalization
If you’re eyeing acquisitions, chances are you’re thinking about growing capabilities, expanding into new markets, or grabbing more market share. At the same time, you might be considering external recapitalization—whether it’s bringing in private equity, merging with a larger player, or selling a stake in your firm. Recapitalization can fund growth, reward stakeholders, or tackle succession planning.
The challenge? These two strategies can pull you in opposite directions. Acquisitive growth calls for investments in integration, culture-building, and operational scalability. Recapitalization, on the other hand, requires rock-solid financials, stability, and a compelling value proposition. The key is finding a way to tackle both without losing focus—or letting the team know too much too soon.
Why curb appeal matters
Think of your firm like a house you’re prepping to sell. Curb appeal—the first impression—is what draws potential buyers in. For an AE firm, curb appeal is all about your operational performance, financial health, leadership strength, and market positioning. Strategic planning is your chance to boost that curb appeal, ensuring your firm looks its best to both investors and acquisition targets. And you can do it without spilling the beans about recapitalization, should you end up taking that path.
The steps to seamlessly blending acquisitive growth and recapitalization in your strategic planning process include:
1. Getting clear on your long-term vision
Start with the big picture. Investors and acquirers want a firm with a sense of purpose, clear goals, and a sustainable growth plan. Lay it out in your strategic plan:
- What markets and services do you dominate?
- Where are you headed—new geographies, bigger clients, market leadership?
- How do innovation and client focus drive your future?
By tying acquisitions to this vision, you’re showing a cohesive plan that resonates with both your team and potential investors.
2. Sharpen your financial health
Curb appeal starts with strong numbers. Build financial health into your plan by:
- Boosting profit margins and cash flow
- Trimming inefficiencies and optimizing operations
- Diversifying your portfolio to avoid over-reliance on one sector or client
Not only does this prep you for recapitalization, but it also creates the runway you’ll need for acquisitions.
3. Strengthen leadership and culture
Let’s face it: Acquisitions live or die on culture and leadership. Make sure your plan emphasizes:
- Building a strong, cohesive leadership team
- Promoting a culture that can absorb and integrate acquisitions
- Investing in leadership development to show you’ve got stability and depth
This approach gives both your team and outside investors confidence in your ability to manage growth.
4. Create a killer M&A playbook
Acquisitive growth works best with a solid playbook. Outline:
- Criteria for acquisitions—size, geography, market fit
- Integration frameworks to blend culture, operations, and finances
- Metrics to track acquisition success over time
Having this recipe in place not only speeds up your growth but also signals discipline to potential investors.
5. Differentiate with innovation
Stand out in the market by showing off your unique strengths. Your plan should highlight:
- What makes you different—expertise, processes, or tech
- How you’re embracing trends such as sustainability or digital transformation
- Investments in proprietary tools or intellectual property
These differentiators set you apart from rivals, making you more attractive for both acquisitions and recapitalization.
6. Double down on client relationships
Your clients and reputation drive value. Build your plan around:
- Deepening key client relationships
- Expanding services for existing clients to increase revenue
- Securing high-value, long-term projects to anchor your pipeline
These steps position you as a leader in your markets and reassure investors about stability.
Keeping recapitalization plans under wraps
Not ready to announce recapitalization? No problem. Focus your strategic goals on what’s universal:
- Scalability: Build systems, processes, and teams that support growth.
- Resilience: Strengthen financial stability and risk management.
- Value creation: Invest in operational excellence, client satisfaction, and differentiation.
Frame these as part of your growth strategy—nobody needs to know the rest yet.
Measure and adjust as you go
Strategic planning isn’t static. It’s fluid. Use metrics to stay on track and pivot when needed. Consider tracking:
- Revenue growth and client diversification
- Profitability (EBITDA margins, cash flow)
- Employee engagement and leadership development
- Acquisition integration success rates
Regular reviews will keep you focused and flexible.
Build flexibility into your plan
Life happens, markets shift, and strategies evolve. Your plan should, too. Stay agile by:
- Exploring multiple scenarios for growth and recapitalization
- Leaning on trusted advisors to refine and pursue your options
- Sharing high-level priorities with your team while keeping sensitive details close to the vest until the time is right
Strategic planning with vision
Balancing growth and recapitalization isn’t easy, but it’s doable. Focus on universal value drivers such as financial strength, leadership, and differentiation. Use strategic planning to boost your firm’s curb appeal, paving the way for acquisitions or recapitalization—whichever you choose.
In the end, it’s about positioning your firm for long-term success while keeping your options open. And that’s what great leadership is all about.
Are you getting ready to start your firm’s strategic planning process? Call/Text Mark Goodale at 508.254.3914 or email [email protected].
Market Snapshot: Maryland
50 states in 50 weeks – The new series leverages our vast market intelligence database to bring you powerful AE industry insights. Next up is Maryland.
Maryland Economic Performance and Outlook Grade: C+
- Economy: C+
- Population: C+
- Workforce: A-
- Financial/Fiscal Health: D
Maryland’s economy is stable, with strong contributions from the engineering, biotech, and IT sectors. The state has one of the highest levels of revenue from engineering services and is home to key transportation hubs, such as the Port of Baltimore and major highway and rail systems. Slower GDP and population growth, along with tax-competitiveness concerns, pose challenges to long-term economic expansion. Nonetheless, the outlook for AE and environmental services in the state remains positive. Investments are being made in transit-oriented developments and highway modernization projects as there is room for significant upgrades and expansions. Preconstruction of the Francis Scott Key Bridge has started. The project’s estimated value is $2 billion and is expected to be completed in 2028. See additional highlights for Maryland below:
- Strategic regions: Columbia Gateway and Prince George’s County
- Frederick: Residential and commercial growth due to proximity to Washington, D.C.
- Columbia: Increasing demand for mixed-use developments and data center expansion
- Baltimore City: Urban revitalization projects focusing on affordable housing and green buildings
- Montgomery County: Hub for biotech labs and FDA-related real estate
For sector-specific insights in Maryland or questions about our market intelligence and research services, call or text Rafael Barbosa at 972-266-4955 or email [email protected].
For more market insights and a comprehensive outlook for 2025, don’t miss the 2025 AE Market Intelligence Webinar on January 28. Click here for details.
Weekly M&A Round Up

Congratulations to J-U-B Engineers (Meridian, ID) (ENR #235): The employee-owned civil engineering and planning firm expanded its water resources engineering capabilities with the acquisition of Anderson Consulting Engineers (Fort Collins, CO), a water resources engineering firm specializing in hydrologic and hydraulic engineering. We’re thankful that the J-U-B Engineers team trusted us to advise them on this transaction.
Busy week for M&A with a total of 15 domestic transactions announced: With four deals in the Southeast last week, consolidation in the AE and environmental consulting industry is now up 2% over the past 12 months. Last week, domestic deals were announced in CO, GA, NC, VA, CA, OR, WA, MN, IN, TX, MA, MD, and KS. We also reported two international transactions in Canada and India. You can check all the week’s M&A news here.
March 12-14, 2025 Miami, FL
Southeast M&A and Business Symposium
Over two-plus information-packed days, come together to discuss strategy, innovation, and M&A trends while networking with AE industry executives.
Join Waitlist

webinar
2025 AE Market Intelligence Webinar
Unlock key insights for success in 2025. Explore emerging AE market trends, uncover how election outcomes shape infrastructure, and learn expert strategies to tackle challenges ahead. Don’t miss this opportunity to gain a competitive edge!
Keep Up to Date with
Industry Insights
Stay up-to-date in real-time.
The 2024 Word on the Street Collection
Your go-to source for real-time market and industry intelligence.