Oaktree-backed Montrose sets IPO pricing terms

Montrose Environmental Group Inc, an environmental services company, has priced its IPO of 10 million shares at a range between $15 and $17 per share.

Montrose Environmental Group Inc, an environmental services company, has priced its IPO of 10 million shares at a range between $15 and $17 per share. The stock will trade on the New York Stock Exchange under the ticker symbol “MEG.” BofA Securities and William Blair are the lead underwriters. Montrose is backed by Oaktree Capital Management.

PRESS RELEASE

IRVINE, Calif.–(BUSINESS WIRE)–Montrose Environmental Group, Inc. (the “Company” or “Montrose”) announced today that it has commenced an initial public offering of 10,000,000 shares of its common stock, all of which are being offered by the Company. The initial public offering price is expected to be between $15 and $17 per share. The Company expects to grant the underwriters an option to purchase up to an additional 1,500,000 shares of common stock. The Company has applied to list its common stock on the New York Stock Exchange under the symbol “MEG.”

The Company intends to use the net proceeds from the offering in connection with the redemption of all outstanding shares of its Series A-1 preferred stock and the remainder for general corporate purposes, including future investments in innovation and acquisitions in its highly fragmented industry.

BofA Securities and William Blair are acting as joint leading book-running managers and representatives of the underwriters for the offering. BNP PARIBAS, Capital One Securities and Stifel are acting as joint book-running managers, and Needham & Company is acting as co-manager for the offering.

The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering can be obtained from: BofA Securities, NC1-004-03-43; 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois, 60606, by phone at +1(800) 621-0687, or by email at prospectus@williamblair.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Montrose
Montrose is an environmental services company that supports government and commercial organizations with a range of services, from air measurement and laboratory services to regulatory compliance, permitting, engineering, and remediation.