Montrose Environmental Group Inc has agreed to acquire Target Emission Services Inc, a Calgary-based provider of fugitive emission management services to the oil and gas and petrochemical industries.
No financial terms were disclosed.
Established in 2007, Target uses infrared optical thermal imaging to locate hydrocarbon gas leaks and vents. Led by Managing Director Terence Trefiak, it has its U.S. headquarters in Houston.
Montrose, an Irvine, California-based environmental services company, said the deal will enhance its leak detection and repair business and expand its geographic footprint.
Last year, Montrose secured an investment from U.S. alternative investment firm Oaktree Capital Management.
Montrose Environmental Group Acquires Target Emission Services and Expands into International Markets
May 14, 2019
IRVINE, Calif.–(BUSINESS WIRE)–Montrose Environmental Group, Inc. (“Montrose”), a high-growth environmental services company, and Target Emission Services, Inc. (“TARGET”), a market leader in fugitive emission detection in the U.S. and Canada, today announced they have entered into a definitive agreement under which Montrose will acquire TARGET. Terms of the transaction were not disclosed.
“TARGET’s unparalleled expertise in the growing market of leak detection and repair (LDAR) will accelerate our growth and facilitate our expansion into international markets,” said Erick Mirabella, Senior Vice President of Montrose Air Quality Services. “With TARGET, Montrose gains a complementary capability that will enhance our existing LDAR business, increase our geographic footprint, and expand our capabilities for our clients in North America.”
TARGET’s innovative approach has enabled it to capitalize on industry growth in the potentially $5.5 billion addressable market for LDAR services. Along with their specialized expertise in optical gas imaging, which is transforming the industry, TARGET brings extensive program development experience, regulatory support, and measurement capabilities. For more than 12 years, TARGET has partnered with many of the world’s largest oil and gas producers to deliver accurate, safe, and cost-effective detection and measurement of hydrocarbon fugitive emissions.
Terence Trefiak, Managing Director of TARGET, said, “We are excited to join forces with Montrose, one of the leading environmental services companies. This transaction will enable us to achieve our next stage of development and expand our capabilities and platform for the benefit of our employees and customers.”
About Target Emission Services, Inc.
TARGET provides an innovative approach to fugitive emission management focused on the use of modern equipment and technology. The company’s clients benefit from an unmatched level of experience and quality throughout its portfolio of services. This quality translates to the high level of confidence clients enjoy knowing their emission compliance needs are being met accurately, efficiently, and safely. TARGET’s proven process consistently transforms LDAR and FEMP programs from a perceived financial burden into a valued facility investment. TARGET has U.S. locations in Pittsburgh, PA, Houston, TX, as well as in Calgary, Canada. For more information, please visit: http://www.targetemission.com/.
About Montrose Environmental Group, Inc.
Montrose Environmental Group, Inc. (“Montrose”) is an environmental services provider offering planning and permitting services, measurement and analytical services as well as environmental resiliency and sustainability solutions to clients across a wide array of sectors. Montrose’s qualified engineers, scientists, technicians, associates, and policy experts are proud of their collective expertise and the collaborative nature of our approach to helping clients. Montrose strives to optimize environmental resiliency in a way that effectively complements its clients’ decision-making and operations and efficiently fulfills their project requirements. Headquartered in Orange County, California, Montrose has over 50 offices across the country and over 1,200 employees nationwide. For more information, visit www.montrose-env.com.
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