Warburg Pincus’ Acquisition of TRC Companies

Cleary Gottlieb Steen & Hamilton represented Warburg Pincus in the transaction. Kirkland & Ellis advised TRC and New Mountain Capital. 

Warburg Pincus LLC executed its acquisition of TRC Companies from New Mountain Capital. The transaction signed on October 10, 2021 and is expected to close later this year. The terms were not disclosed.  
 
TRC is a leading national engineering and consulting firm providing services across the environmental, power, infrastructure, and energy end markets. A white-collar professional services firm founded in 1969, TRC has over 5,000 employees and provides environmental consulting, design & engineering, project management, and a range of other services to a diversified customer base. TRC is headquartered in Lowell, Massachusetts.

Founded in 1966, Warburg Pincus LLC is a leading global growth investor. The firm has more than $67 billion in private equity assets under management. The firm’s active portfolio of more than 215 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value.

Houlihan Lokey served as lead financial advisor for TRC and New Mountain Capital, and Harris Williams and UBS served as co-advisors. 

The Cleary M&A team was partners David Leinwand (Picture) and Aaron Meyers, associates Nickolas Bogdanovich, Brennan Halloran, and Kate Ginsbern, and law clerks Brydne Slattery, Jia Anderson, and Nicholas Pokas. Partner Katherine Reaves and associates Christopher Reszczynski, and Elise Toscano advised on financing matters. Partner Michael Albano and associate Suzannah Golick advised on executive compensation and employee benefits matters. Partner Corey Goodman and associate Rémi Gagnon advised on tax matters. Partner Jeremy Calsyn and associate Tracey Zhang advised on antitrust matters. Partner Daniel Ilan and associate Samantha Simmons advised on IP matters. Counsels Rick Bidstrup and Beau Sterling and associate Madison Bush advised on environmental matters. Senior attorney Jim Corsiglia advised on anticorruption matters. Counsel Chase Kaniecki and associate William Dawley advised on sanctions and anti-bribery matters.

The Kirkland team was led by corporate partners Joshua Kogan and Megan Spelman and tax partners Sara Zablotney and Vivek Ratnam.

Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Rick Bidstrup – Cleary Gottlieb Steen & Hamilton; Nickolas Bogdanovich – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; William Dawley – Cleary Gottlieb Steen & Hamilton; Rémi Gagnon – Cleary Gottlieb Steen & Hamilton; Kate Ginsbern – Cleary Gottlieb Steen & Hamilton; Suzannah Golick – Cleary Gottlieb Steen & Hamilton; Corey Goodman – Cleary Gottlieb Steen & Hamilton; Brennan Halloran – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Chase Kaniecki – Cleary Gottlieb Steen & Hamilton; David Leinwand – Cleary Gottlieb Steen & Hamilton; Aaron Meyers – Cleary Gottlieb Steen & Hamilton; Katherine Reaves – Cleary Gottlieb Steen & Hamilton; Christopher Reszczynski – Cleary Gottlieb Steen & Hamilton; Samantha Simmons – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Elise Toscano – Cleary Gottlieb Steen & Hamilton; Joshua Kogan – Kirkland & Ellis; Vivek Ratnam – Kirkland & Ellis; Megan Ward Spelman – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis;

Law Firms: Cleary Gottlieb Steen & Hamilton; Kirkland & Ellis;

Clients: New Mountain Capital; TRC Companies Inc.; Warburg Pincus;