Word on the Street: Issue 291

Checking in on This Year’s Movers and Shakers

At the start of the year, we flagged the “Ten Movers and Shakers to Watch in 2026.” At the time, these were the ten most acquisitive AE and environmental consulting firms in the United States. Their combined 87 acquisitions in 2025 represented a significant share of domestic industry consolidation. Now, at the midpoint of 2026, we’re revisiting those Movers and Shakers to see how the year is playing out for each of them.

The headline is that the Movers and Shakers have moderated their collective deal-making pace relative to last year. Year-to-date, the group has collectively announced 17 confirmed deals. Meanwhile, a handful of highly active firms outside the list are making a strong case for consideration in 2027.

Let’s look at the Ten Movers and Shakers in descending order of their 2025 deal-making activity to see which firms are keeping pace, which are pausing to integrate, and which are quietly positioning for an accelerated second half.

The Ten Movers and Shakers

1. ZenaTech (Toronto, Canada) (Nasdaq: ZENA): The 2026 recipient of Morrissey Goodale’s Most Prolific and Proficient Acquirer Award, ZenaTech led the 2026 Movers and Shakers list with 16 acquisitions in 2025 and is continuing to move toward its stated target of 25 companies by mid-2026. Year-to-date, the firm has announced three U.S. deals: L.D. King (Ontario, CA), a land surveying firm serving government and commercial clients, in January; Andy Paris & Associates (Lake Oswego, OR) in April; and High Prairie Survey Company (Kiowa, CO) in June. ZenaTech has now completed 23 overall acquisitions since launching its Drone as a Service (DaaS) strategy and is also expanding into SaaS and other sectors internationally as it builds out its technology-enabled services platform.

2. Verdantas (Tampa, FL) (ENR #73): After climbing 32 places on the ENR Top 500 and completing 11 acquisitions in 2025, Verdantas has announced one deal so far in 2026: PACE Engineers (Kirkland, WA), a 100+ person engineering, surveying, and environmental consulting firm acquired in January. The addition expands the firm’s footprint into Washington State and deepens its capabilities in civil engineering and environmental services. Verdantas has climbed eight more places to ENR #73 in 2026. With the continued backing of Sterling Investment Partners and a maturing integration engine, Verdantas appears to be selectively building on its foundation as it targets the right additions to its national platform.

3. Consertus (Miami, FL): Launched just last October through the simultaneous acquisition and integration of 10 firms, Consertus has announced two additional deals in 2026, both in April: Airosmith Development (Saratoga Springs, NY), a 100+ person firm specializing in mission-critical telecom and renewable energy services, and CCS International (Oakbrook Terrace, IL)—a program management firm with a broad public-sector focus spanning education, government, aviation, and health care. Backed by RTC Partners, the firm now stands at 1,200+ employees and is methodically filling geographic and sector gaps in its portfolio. As one of the newest entrants to the Movers and Shakers list, Consertus represents a different model of acquisitive growth—one built on rapid platform assembly rather than steady tuck-in cadence—and 2026 will be a telling year for how it executes on that vision.

4. Salas O’Brien (Irvine, CA) (ENR #31): Recipient of a 2023 Best Post-Transaction Performance Award, Salas O’Brien announced nine acquisitions in 2025 and has matched that pace with five deals already in 2026—the most of any firm on the list year-to-date. Those additions include Rist-Frost-Shumway Engineering (Laconia, NH), a 100-person MEP firm serving commercial, education, health care, and mission-critical clients across New England, in January; TechSource (Los Alamos, NM), a 500-person nuclear engineering firm that significantly expands the firm’s capabilities in the power and energy sector, also in January; Rock Brook (Monroe Township, NJ), an MEP firm with a broad sector mix, in March; Axiom (Boise, ID), a structural firm, also in March; and Evolve Steel (Boise, ID), an innovator in Integrated Project Delivery, in June. The TechSource acquisition stands out as a landmark transaction—adding 500 employees in one deal and dramatically expanding Salas O’Brien’s nuclear engineering capabilities. The firm holds at ENR #31 in 2026.

5. Trinity Consultants (Dallas, TX) (ENR Top 200 Environmental #66): Employee-owned Trinity Consultants, the Oak Hill Capital Partners-backed firm that received Morrissey Goodale’s 2024 M&A Best Practices Award, announced eight acquisitions in 2025 and has continued its disciplined growth trajectory in 2026 with one deal year-to-date: Process Improvement Institute (Knoxville, TN), an environmental compliance and industrial safety consulting firm, acquired in March. With more than half of the firm’s current employees, clients, and revenue now derived from acquisitions, Trinity’s M&A engine is embedded in its DNA—and the firm is expected to remain active in the second half of the year.

6. LJA Engineering (Houston, TX) (ENR #52): LJA Engineering announced eight acquisitions in 2025 and has closed one deal so far in 2026: Sanchez-Salazar & Associates (San Antonio, TX)—a transportation engineering firm with expertise spanning bridges, tunnels, transit and rail, roadways, ports and harbors, and aviation—in April. The deal reinforces LJA’s position in its home state and adds depth to its transportation sector capabilities. The firm holds steady at ENR #52 in 2026.

7. Atwell (Southfield, MI) (ENR #70): Recipient of a 2025 Best Post-Transaction Performance Award, Atwell has announced zero new acquisitions so far in 2026. The reason is significant: Advent International, a global private equity firm, has announced a major investment in partnership with management, representing a significant ownership transition for the fast-growing firm. M&A activity has understandably paused as the deal closes and the new partnership takes shape. With Advent’s resources behind it, Atwell is widely expected to re-accelerate its acquisition program in the second half of 2026 and beyond. The firm holds at ENR #70 in 2026.

8. TIC Solutions (Hollywood, FL) (NYSE: TIC): Formed from the landmark merger of Acuren and NV5 in 2025, TIC Solutions has spent the first half of 2026 focused on integration rather than new deal-making and has not announced acquisitions year-to-date. However, the firm has signaled a clear return to growth through acquisition: At its inaugural 2026 Investor Day, TIC Solutions introduced its “3-18-85” long-term financial performance framework, targeting $3+ billion in revenue, 18%+ adjusted EBITDA margin, and 85%+ free cash flow conversion by 2029, with acquisitions as a core pillar. With 11,000 employees across 200 North American locations and a strong Q1 performance reported, TIC Solutions is building the integration foundation that will support an accelerated M&A program in the years ahead.

9. Pape-Dawson (San Antonio, TX) (ENR #63): Backed by Palm Beach Capital, Pape-Dawson has announced two deals year-to-date: the February acquisition of Prism Engineering (Louisville, KY)—a civil engineering firm serving commercial, industrial, and residential development markets—and the March acquisition of BHC (Overland Park, KS)—a 180-person multidisciplinary firm with expertise spanning telecom, transportation, government, multi-family, and power and energy. The BHC acquisition is particularly notable. At 180 employees, it is a substantial addition and further extends Pape-Dawson’s reach into the Midwest. The firm climbs six more spots to ENR #63 in 2026.

10. AKS Engineering & Forestry (Tualatin, OR): The Pacific Northwest firm that recapitalized with Align Capital Partners in early 2025 and completed six add-on acquisitions across Washington and Oregon last year has announced two deals in 2026: the May acquisition of MEC Electrical Engineering (Portland, OR)—an electrical engineering firm serving education, commercial, government, mission-critical, and water sectors—and the June acquisition of Lanktree Land Surveying (Kent, WA)—a surveying firm strengthening AKS’s Puget Sound presence. The firm continues to build its regional platform through targeted tuck-ins that deepen both service capabilities and geographic coverage. AKS is not yet ranked on the ENR Top 500, but its acquisition cadence suggests it is building toward that milestone.

2027 Contenders

Several firms outside the 2026 Movers and Shakers list have already completed three or more acquisitions in 2026, making them early contenders for the 2027 list.

Stratus Team (Coraopolis, PA) (ENR #126) has rocketed 88 places up the ENR Top 500 and has already announced three sizeable deals: 145-person Stewart (Raleigh, NC) in January, 140-employee Kestrel Engineering Group (Seattle, WA) in February, and 160-person PVEDI Engineering, Architecture & Geology (Sewickley, PA) in March. That’s 445 employees added in just the first quarter of 2026, representing an aggressive growth strategy with clear geographic ambition across the East and Pacific Northwest.

CannonDesign (Buffalo, NY) (ENR #80) has been active with three announced transactions: Scion Advisory Services (Chicago, IL) in January; Ennead Architects (New York, NY) in April, a major addition to its design capabilities; and smart cities and urban advisory consultancy Cityfi (Washington, DC) in May. The acquisitions reflect a deliberate strategy to expand both design talent and advisory depth.

SAM, LLC (Austin, TX) (ENR #92) has continued its steady consolidation of the surveying and mapping space with three acquisitions: Hyatt Survey Services (Bradenton, FL) in January, Inland Geodetics (Round Rock, TX) in February, and Donaldson, Garrett & Associates (Macon, GA) in May. The firm has slipped three places to ENR #92 in 2026 but remains a consistent and disciplined acquirer in the geospatial sector.

Galloway & Company (Greenwood Village, CO) (ENR #288) has emerged as an active acquirer with three announced deals: Wells + Associates (Tysons, VA) in February, Z Development Services (Orlando, FL) in May, and TDM Specialists (San Francisco, CA), also in May. The firm has climbed 30 places to ENR #288, reflecting the momentum from its growing acquisition program.

As we head into the second half of 2026, the Movers and Shakers story is one of deliberate pacing. Several list members are catching their breath after record-setting 2025 activity, while others are actively building. Keep an eye on Salas O’Brien—already at five deals with more expected—and the firms navigating ownership transitions, all of which could re-accelerate dramatically once deals close and new capital is deployed. And the 2027 Contenders are off to a fast start: Stratus Team, in particular, is making a compelling case for inclusion.

You can reach Mick Morrissey at [email protected].

9 Reasons Why Some Strategic Plans Change Firms and Others Change Nothing

Over the past three years, Morrissey Goodale strategic planning clients appearing on ENR’s Top 500 list collectively improved a net total of 214 positions. Nearly every firm moved up in the rankings. The average improvement was 15 spots, and one firm climbed 61 positions.

Those results are encouraging, but why the climb?

After working with AE firms of all types and sizes over many years, certain patterns become apparent. The firms that get the most value from strategic planning tend to approach the process differently. The differences are in the way leadership teams think, the questions they ask, and the discipline they bring to execution after the planning session is over.

Here’s the breakdown:

1. They start with an honest look in the mirror.

Many leadership teams are eager to begin talking about the future. They want to discuss growth opportunities, acquisitions, new markets, and long-term aspirations. Those conversations are important, but the most effective planning efforts begin with a clear understanding of their current reality.

The strongest teams spend time discussing where the firm truly stands today. They acknowledge strengths, but they are also willing to confront weaknesses. They talk openly about organizational challenges, market risks, leadership gaps, operational constraints, and opportunities that may have been overlooked. In many cases, these are issues everyone is aware of but that have never been discussed collectively and candidly.

Without alignment around the current reality, it is difficult to create meaningful alignment around the future. Strategic planning works best when leadership first agrees on where the firm is starting before deciding where it wants to go.

2. They reach beyond their grasp.

Some strategic plans are little more than forecasts disguised as strategy. Last year’s revenue is increased by a few percentage points, growth assumptions are extended for several years, and the resulting numbers are presented as a long-term vision.

That approach may satisfy a budgeting exercise, but it rarely creates meaningful change.

The firms that gain the most from strategic planning establish a vision that requires them to think differently, make different decisions, and develop new capabilities. Their aspirations are ambitious enough to create productive tension. The vision is achievable, but only if the organization evolves. If a firm’s future can be achieved simply by continuing to do what it has always done, there is little reason to dedicate significant time and energy to strategic planning in the first place.

The purpose of strategy is not to predict the future. It is to create one that would not otherwise occur.

3. They understand the difference between vision, objectives, and activities

One of the most common sources of confusion in strategic planning is the tendency to treat initiatives and actions as if they are the strategy itself.

The most successful firms understand the hierarchy. The vision describes the future state the organization is trying to create. Strategic objectives define what must be accomplished for that vision to become reality. Initiatives and actions are simply the current best ideas for achieving those objectives.

This distinction becomes particularly important during implementation. Many leadership teams become attached to specific initiatives and continue pursuing them even when the results aren’t there. Effective teams recognize that initiatives are not sacred. They’re just hypotheses.

An initiative may work exactly as intended, it may work partially, or it may fail entirely. In each case, the objective remains unchanged while the firm learns and adjusts its approach. The best organizations view initiatives as controlled experiments that help them learn their way toward larger goals.

4. They separate strategic thinking from operational thinking.

Successful firms understand that strategic thinking and operational thinking serve different purposes, and both are essential.

Operational thinking focuses on executing today’s business. Strategic thinking focuses on building tomorrow’s business. Problems arise when organizations confuse the two.

Leadership teams sometimes spend strategic planning sessions debating operational details that have little bearing on the firm’s long-term direction. At the same time, important strategic discussions often get squeezed into routine management meetings that are primarily designed to address short-term issues.

The firms that execute strategy well are disciplined about where conversations occur. Strategic planning sessions focus on market positioning, growth opportunities, leadership development, succession, acquisitions, technology investments, and other long-term issues. Operational meetings focus on execution, staffing, project performance, and day-to-day management.

Both conversations matter. The key is recognizing that they are different conversations requiring different perspectives and different time horizons.

5. They use KPIs as early warning signals.

Many strategic plans become unnecessarily complicated when it comes to measurement. Leadership teams identify dozens of metrics, build elaborate scorecards, and create reporting requirements that consume significant time and energy. Eventually the measurement system becomes more difficult to manage than the strategy itself.

The firms that execute effectively tend to take a simpler approach.

They identify a limited number of meaningful indicators that provide insight into whether the organization is moving in the right direction. They understand that KPIs are not intended to explain everything. Their purpose is to highlight areas that deserve attention.

The best KPIs are leading indicators whenever possible. They are measurable, practical, easy to understand, and relatively easy to maintain. Most importantly, they provide early warning signals that allow leadership to identify potential problems before those problems show up in financial results.

6. They ask useful questions during execution.

Many organizations review their strategic plans by focusing almost entirely on activity completion. The discussion centers on whether initiatives were launched, meetings were held, or milestones were reached. But while those questions are relevant, they are incomplete.

The firms that achieve the greatest results consistently ask a second set of questions. Did the initiative produce the intended outcome? If not, why not? What assumptions proved incorrect? What did the organization learn? What should be adjusted going forward? Those questions shift the conversation from compliance to learning.

Leadership teams that continuously evaluate outcomes rather than simply tracking activities are better positioned to adapt, improve, and make smarter decisions over time.

7. They create firmwide ownership.

One of the fastest ways to undermine a strategic plan is to allow it to remain confined to the planning committee or leadership team.

When employees view strategy as something being done by a small group of executives, implementation becomes difficult. The responsibility for moving the organization forward remains concentrated in the hands of a few individuals while everyone else continues operating as they always have.

The firms that make the greatest progress invest time helping employees understand how the strategy connects to their daily work. They communicate what the plan means for career opportunities, client relationships, professional development, organizational growth, and the future of the firm.

People do not need to understand every detail of the strategic plan. But they do need to understand where the organization is headed, why it matters, and how their contributions fit into the broader picture. When employees see that connection, engagement and accountability increase significantly.

8. They think like owners.

The most effective planning teams share a characteristic that extends beyond strategic planning itself. They think like owners.

That mindset often reveals itself in subtle ways. Discussions focus on what is best for the long-term health of the enterprise rather than what is most convenient for a particular office, department, practice area, or individual. Difficult decisions are evaluated through the lens of stewardship rather than individual agendas.

Strong leadership teams understand that the organization’s future depends on protecting and strengthening the business itself. They recognize that culture, profitability, client relationships, talent development, and financial strength are assets that must be continuously nurtured.

In many ways, strategic planning is an exercise in stewardship. The leaders who approach it that way tend to make better decisions because they remain focused on the long-term success of the organization rather than short-term interests.

9. They stay with the process.

Perhaps the greatest difference between successful firms and unsuccessful ones has little to do with what happens during the planning session itself.

The firms that outperform their peers don’t let the strategy that felt urgent and important during the planning process fade into the background. They review progress consistently, revisit assumptions, hold one another accountable, discuss obstacles openly, and adjust initiatives when circumstances change. Most importantly, they continue treating the strategic plan as a living management tool rather than a completed project.

The real value of strategic planning.

One of the most common misconceptions about strategic planning is that the finished plan is the primary deliverable, but it’s only the starting line. The real value comes from the conversations, decisions, alignment, discipline, and learning that occurs once you get your hands in the dough.

Market Snapshot: State Budget Outlook

Weekly market intelligence for AE and environmental industry leaders.

July 1 marks the start of a new fiscal year in 46 states, and state governments are grappling with their toughest budget climate in years. As lawmakers work to balance their books, AE and environmental consulting firms that depend on public-sector spending could feel the effects.

States are facing mounting fiscal challenges as inflation erodes purchasing power, population growth increases demand for public services, and federal funding cuts and economic uncertainty threaten to take a bite out of revenue. In Washington State, for example, the Office of Financial Management warned state agencies that, in addition to “significant” operating and transportation budget shortfalls, the capital budget “will also face challenges during the 2027-2029 biennium, and agencies must carefully calibrate requests for both reappropriations and new appropriations to align with their top priorities.”

According to the Fiscal Survey of the States, published by the National Association of State Budget Officers (NASBO), governors in 22 states proposed targeted spending cuts in their Fiscal Year 2027 budgets. Overall, Fiscal Year 2027 budgets proposed by governors call for a median 0.6% increase in general fund spending over Fiscal Year 2026. 

According to a report by Stateline last week, “NASBO expects more modest growth for state revenues in the coming years with a slower national economy, the impact of state tax cuts, and changes in federal tax policy.” The Fiscal Survey of the States did contain some good news, however, for state coffers. Twenty-nine states reported Fiscal Year 2026 revenues were exceeding original estimates at the time of data collection, and only 11 states reported collections running below original forecasts. 

For more insights on industry backlogs or questions about our market intelligence and research services, contact Rafael Barbosa.

Weekly M&A Round Up

Global deal activity picked up alongside steady U.S. M&A: Last week marked a globally active period for M&A, with 12 transactions across U.S. and international markets. Domestically, five deals took place in WA, TX, FL, CA, and VA, while international activity led the week with seven transactions across Sweden, Australia, Canada, Spain, and the UK. Check out all of the week’s M&A news here.