1

EATON CONGRATULATES THE 2022 MEP GIANTS WINNERS

It brings us great pride to recognize the best of the best across the engineering
community. And, as a longtime supporter of the Consulting-Specifying Engineer MEP
Giants program, we applaud every engineering firm working to transform our world’s
infrastructure for a brighter and more sustainable tomorrow.

Today, it is an extraordinarily exciting time to be an engineer. The most substantial

changes to energy systems in more than a century are occurring now. At the same
time, some of the largest U.S. infrastructure investments in decades are creating a
generational opportunity for the engineering community. Work is underway to build
a more sustainable and resilient future that capitalizes on trends in digitalization,
system reliability and safety.
Chris M. Finen, P.E.
Manager
Achieving this sustainable and resilient future will require electrical systems that are
National Application
far more flexible and intelligent than ever before. At Eaton, we are investing heavily
Engineers
in resources to help you design critical infrastructure that is ready for whatever comes
next. We are innovating construction management programs that will help simplify
and expedite projects. We are continuing to develop industry-leading training and
educational programs to provide you the technical know-how needed to navigate
this rapidly changing industry. You can be sure we will continue to lead the way with
product innovation that supports safer, more reliable and efficient building systems.

On behalf of everyone at Eaton, we thank Consulting-Specifying Engineer for the

opportunity to help recognize the 2022 MEP Giants and congratulate all of you on
the work you are doing to build a stronger future.

Chris M. Finen, P.E.

Manager, National Application Engineers
Eaton

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 BY THE NUMBERS
$70,580,595,944
Grand total gross revenue

$11,011,819,895
PERCENTAGE OF MEP DESIGN BILLINGS Grand total MEP design revenue

75,218
Total engineers employed

8,746
LEED APs on staff

88%
Of MEP design revenue came from projects
within the U.S.

28%
Of expenditures are allocated to new tools,
such as software or hardware, on average

24%
Cite COVID-19 concerns and issues as their
biggest corporate challenge

31%
Provided engineering services to the
Middle East in 2021

19%
Of engineering staff are female

16%
of 2021 MEP design revenue was earned
from hospital or health care facility projects

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2022 MEP GIANTS INDEX

RANK FIRM NAME RANK FIRM NAME RANK FIRM NAME

2 AECOM 69 GPI/Greenman-Pedersen Inc. 18 NV5 Global Inc.
15 Affiliated Engineers Inc. 72 H.F. Lenz Co. 84 Osborn Engineering
30 AKF Group 47 H2M architects + engineers 34 P2S Inc.
5 AlfaTech Consulting Engineers Inc. 8 HDR 26 Page
61 Arora Engineers Inc. 49 HEAPY 93 PBS Engineers Inc.
14 Arup 100 HED 92 Peter Basso Associates Inc.
43 Bala Consulting Engineers 16 Henderson Engineers 99 Pond
62 Bernhard 55 HGA
71 Power Design Inc.
88 Bowman Consulting Group Ltd. 75 Highland Associates
81 Professional Engineering Consultants PA
85 Bridgers & Paxton Consulting Engineers Inc. 40 I. C. Thomasson Associates Inc.
70 Re:Build Optimation Technology LLC
64 BRPH Architects Engineers Inc. 17 IMEG Corp.
42 RMF Engineering Inc.
97 BSA LifeStructures 11 IPS-Integrated Project Services LLC
60 RTM Engineering Consultants LLC
3 Burns & McDonnell 1 Jacobs
95 Rushing
31 Burns Engineering 36 Jaros, Baum & Bolles
9 Jensen Hughes 13 Salas O'Brien
28 CannonDesign
66 Johnson, Mirmiran & Thompson Inc. 98 Sazan Group
50 CDM Smith Inc.
67 CJL Engineering 38 Jordan & Skala Engineers 74 SETTY
82 Clark Nexsen 89 Karpinski Engineering 41 Smith Seckman Reid Inc.
20 CMTA Inc. 83 Kohrs Lonnemann Heil Engineers Inc. 32 SmithGroup
87 Colliers Engineering & Design 65 LaBella Associates 25 Southland Industries
77 Concord Engineering Group Inc. 68 Lilker Associates Consulting Engineers PC 79 Spectrum Engineers Inc.
73 Core States Group 96 LiRo Engineers Inc. 23 SSOE Group
22 CRB 39 Stanley Consultants
58 Loring Consulting Engineers Inc.
59 Cushing Terrell 10 Stantec Inc.
62 M/E Engineering PC
27 Dewberry 78 STV
91 Matrix Technologies Inc.
37 DLR Group 19 Syska Hennessy Group
56 Dunham Associates
57 Mazzetti
Tetra Tech's High Performance
94 McKim & Creed 7 Buildings Group
86 EEA Consulting Engineers
24 ESD 28 McKinstry 53 ThermalTech Engineering Inc.
46 EwingCole 33 ME Engineers 35 TLC Engineering Solutions
12 EXP 52 MG Engineering DPC 21 Vanderweil Engineers
44 Gannett Fleming 80 Michaud Cooley Erickson 51 WB Engineers+Consultants
48 Ghafari Associates LLC 45 Morrison Hershfield 76 Wiley|Wilson
90 GHT Limited 6 Mott MacDonald 4 WSP
54 Newcomb & Boyd

4
2022 MEP GIANTS INDEX

RANK FIRM NAME RANK FIRM NAME RANK FIRM NAME

2 AECOM 69 GPI/Greenman-Pedersen Inc. 18 NV5 Global Inc.
15 Affiliated Engineers Inc. 72 H.F. Lenz Co. 84 Osborn Engineering
30 AKF Group 47 H2M architects + engineers 34 P2S Inc.
5 AlfaTech Consulting Engineers Inc. 8 HDR 26 Page
61 Arora Engineers Inc. 49 HEAPY 93 PBS Engineers Inc.
14 Arup 100 HED 92 Peter Basso Associates Inc.
43 Bala Consulting Engineers 16 Henderson Engineers 99 Pond
62 Bernhard 55 HGA
71 Power Design Inc.
88 Bowman Consulting Group Ltd. 75 Highland Associates
81 Professional Engineering Consultants PA
85 Bridgers & Paxton Consulting Engineers Inc. 40 I. C. Thomasson Associates Inc.
70 Re:Build Optimation Technology LLC
64 BRPH Architects Engineers Inc. 17 IMEG Corp.
42 RMF Engineering Inc.
97 BSA LifeStructures 11 IPS-Integrated Project Services LLC
60 RTM Engineering Consultants LLC
3 Burns & McDonnell 1 Jacobs
95 Rushing
31 Burns Engineering 36 Jaros, Baum & Bolles
9 Jensen Hughes 13 Salas O'Brien
28 CannonDesign
66 Johnson, Mirmiran & Thompson Inc. 98 Sazan Group
50 CDM Smith Inc.
67 CJL Engineering 38 Jordan & Skala Engineers 74 SETTY
82 Clark Nexsen 89 Karpinski Engineering 41 Smith Seckman Reid Inc.
20 CMTA Inc. 83 Kohrs Lonnemann Heil Engineers Inc. 32 SmithGroup
87 Colliers Engineering & Design 65 LaBella Associates 25 Southland Industries
77 Concord Engineering Group Inc. 68 Lilker Associates Consulting Engineers PC 79 Spectrum Engineers Inc.
73 Core States Group 96 LiRo Engineers Inc. 23 SSOE Group
22 CRB 39 Stanley Consultants
58 Loring Consulting Engineers Inc.
59 Cushing Terrell 10 Stantec Inc.
62 M/E Engineering PC
27 Dewberry 78 STV
91 Matrix Technologies Inc.
37 DLR Group 19 Syska Hennessy Group
56 Dunham Associates
57 Mazzetti
Tetra Tech's High Performance
86 EEA Consulting Engineers 94 McKim & Creed 7
Buildings Group
24 ESD 28 McKinstry
53 ThermalTech Engineering Inc.
46 EwingCole 33 ME Engineers
35 TLC Engineering Solutions
12 EXP 52 MG Engineering DPC
21 Vanderweil Engineers
44 Gannett Fleming 80 Michaud Cooley Erickson
51 WB Engineers+Consultants
48 Ghafari Associates LLC 45 Morrison Hershfield
76 Wiley|Wilson
90 GHT Limited 6 Mott MacDonald
4 WSP
54 Newcomb & Boyd

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 2022 MEP GIANTS
TOTAL GROSS REVENUE TOTAL MEP DESIGN PERCENT MEP MEP REVENUE,
RANK FIRM NAME LOCATION
FOR FISCAL YEAR ($ US) REVENUE ($ US) REVENUE U.S. PROJECTS
1 Jacobs Dallas, TX, U.S. $14,092,632,000 $1,890,000,000 13% 8%
2 AECOM Dallas, TX, U.S. $13,341,000,000 $1,212,600,000 9% 12%
3 Burns & McDonnell Kansas City, MO, U.S. $4,620,000,000 $907,252,426 20% 98%
4 WSP New York, NY, U.S. $8,100,000,000 $605,000,000 7% 20%
5 AlfaTech Consulting Engineers Inc. San Jose, CA, U.S. $1,500,000,000 $600,000,000 40% 10%
6 Mott MacDonald Iselin, NJ, U.S. $2,453,206,000 $536,026,953 22% 22%
7 Tetra Tech's High Performance Buildings Group Pasadena, CA, U.S. $3,200,000,000 $350,000,000 11% 40%
8 HDR Omaha, NE, U.S. $2,081,300,000 $285,931,928 14% 65%
9 Jensen Hughes Baltimore, MD, U.S. $296,000,000 $274,000,000 93% 77%
10 Stantec Inc. Edmonton, AB, Canada $3,650,600,000 $273,338,374 7% 33%
11 IPS-Integrated Project Services LLC Blue Bell, PA, U.S. $886,284,045 $199,879,574 23% 73%
12 EXP Brampton, ON, Canada $749,991,000 $163,042,230 22% 75%
13 Salas O'Brien Irvine, CA, U.S. $254,199,997 $160,227,047 63% 99%
14 Arup New York, NY, U.S. $463,777,714 $154,689,007 33% 40%
15 Affiliated Engineers Inc. Madison, WI, U.S. $165,576,000 $151,578,000 92% 92%
16 Henderson Engineers Lenexa, KS, U.S. $186,470,882 $148,674,227 80% 99%
17 IMEG Corp. Rock Island, IL, U.S. $271,750,000 $136,800,000 50% 99%
18 NV5 Global Inc. Hollywood, FL, U.S. $777,300,000 $105,535,234 14% 81%
19 Syska Hennessy Group New York, NY, U.S. $110,148,123 $100,770,848 91% 95%
20 CMTA Inc. Prospect, KY, U.S. $210,664,990 $99,244,645 47% 100%
21 Vanderweil Engineers Boston, MA, U.S. $99,380,300 $83,686,400 84% 99%
22 CRB Kansas City, MO, U.S. $242,781,525 $80,140,795 33% 88%
23 SSOE Group Toledo, OH, U.S. $203,748,000 $70,450,000 35% 50%
24 ESD Chicago, IL, U.S. $89,437,031 $68,219,448 76% 94%
25 Southland Industries Garden Grove, CA, U.S. $1,058,706,126 $65,554,120 6% 100%
26 Page Austin, TX, U.S. $226,739,866 $63,487,162 28% 80%
27 Dewberry Fairfax, VA, U.S. $488,000,000 $61,308,806 13% 95%
28 CannonDesign New York, NY, U.S. $345,000,000 $60,000,000 17% 100%
29 McKinstry Seattle, WA, U.S. $720,000,000 $60,000,000 8% 100%
30 AKF Group New York, NY, U.S. $60,000,000 $59,000,000 98% 99%
31 Burns Engineering Philadelphia, PA, U.S. $71,000,000 $56,800,000 80% 100%
32 SmithGroup Detroit, MI, U.S. $301,588,780 $55,790,683 18% 19%
33 ME Engineers Golden, CO, U.S. $55,500,000 $55,500,000 100% 82%

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 2022 MEP GIANTS
TOTAL GROSS REVENUE TOTAL MEP DESIGN PERCENT MEP MEP REVENUE,
RANK FIRM NAME LOCATION
FOR FISCAL YEAR ($ US) REVENUE ($ US) REVENUE U.S. PROJECTS
34 P2S Inc. Long Beach, CA, U.S. $62,401,501 $54,762,037 88% 100%
35 TLC Engineering Solutions Orlando, FL, U.S. $70,403,634 $53,765,558 76% 98%
36 Jaros, Baum & Bolles New York, NY, U.S. $64,357,800 $52,157,542 81% 99%
37 DLR Group Minneapolis, MN, U.S. $268,669,432 $48,131,150 18% 99%
38 Jordan & Skala Engineers Norcross, GA, U.S. $49,823,000 $46,000,000 92% 100%
38 Stanley Consultants Muscatine, IA, U.S. $184,917,765 $45,576,266 25% 81%
40 I. C. Thomasson Associates Inc. Nashville, TN, U.S. $45,238,335 $45,238,335 100% 100%
41 Smith Seckman Reid Inc. Nashville, TN, U.S. $87,135,871 $44,928,096 52% 99%
42 RMF Engineering Inc. Baltimore, MD, U.S. $55,034,672 $44,446,592 81% 100%
43 Bala Consulting Engineers King of Prussia, PA, U.S. $46,100,000 $43,400,000 94% 100%
44 Gannett Fleming Camp Hill, PA, U.S. $605,610,000 $43,000,000 7% 100%
45 Morrison Hershfield Markham, ON, Canada $151,318,219 $40,506,389 27% 49%
46 EwingCole Philadelphia, PA, U.S. $100,000,000 $40,000,000 40% 100%
47 H2M architects + engineers Melville, NY, U.S. $86,902,667 $38,805,903 45% 100%
48 Ghafari Associates LLC Dearborn, MI, U.S. $121,500,000 $35,000,000 29% 91%
49 HEAPY Dayton, OH, U.S. $46,041,160 $33,866,000 74% 99%
50 CDM Smith Inc. Boston, MA, U.S. $1,370,852,818 $33,607,691 2% 2%
51 WB Engineers+Consultants New York, NY, U.S. $39,489,000 $33,150,000 84% 100%
52 MG Engineering DPC New York, NY, U.S. $33,100,000 $33,100,000 100% 90%
53 ThermalTech Engineering Inc. Cincinnati, OH, U.S. $147,207,000 $32,977,000 22% 100%
54 Newcomb & Boyd Atlanta, GA, U.S. $36,608,491 $32,135,733 88% 98%
55 HGA Minneapolis, MN, U.S. $222,813,268 $31,295,983 14% 99%
56 Dunham Associates Minneapolis, MN, U.S. $31,266,000 $31,266,000 100% 98%
57 Mazzetti San Francisco, CA, U.S. $38,488,181 $30,879,641 80% 100%
58 Loring Consulting Engineers Inc. New York, NY, U.S. $31,500,000 $30,500,000 97% 95%
59 Cushing Terrell Billings, MT, U.S. $79,757,972 $26,876,814 34% 99%
60 RTM Engineering Consultants LLC Schaumburg, IL, U.S. $31,100,000 $26,603,000 86% 100%
61 Arora Engineers Inc. Chadds Ford, PA, U.S. $29,338,235 $26,013,803 89% 100%
62 Bernhard Metairie, LA, U.S. $709,000,000 $25,000,000 4% 100%
63 M/E Engineering PC Rochester, NY, U.S. $26,571,000 $25,000,000 94% 100%
64 BRPH Architects Engineers Inc. Melbourne, FL, U.S. $65,896,832 $23,877,911 36% 99%
65 LaBella Associates Rochester, NY, U.S. $194,873,693 $23,830,672 12% 100%
66 Johnson, Mirmiran & Thompson Inc. Hunt Valley, MD, U.S. $328,730,000 $23,279,794 7% 100%

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 2022 MEP GIANTS
TOTAL GROSS REVENUE TOTAL MEP DESIGN PERCENT MEP MEP REVENUE,
RANK FIRM NAME LOCATION
FOR FISCAL YEAR ($ US) REVENUE ($ US) REVENUE U.S. PROJECTS
67 CJL Engineering Moon Township, PA, U.S. $22,552,000 $22,552,000 100% 100%
68 Lilker Associates Consulting Engineers PC New York, NY, U.S. $24,100,000 $22,500,000 93% 100%
69 GPI/Greenman-Pedersen Inc. Babylon, NY, U.S. $306,000,000 $22,460,000 7% 100%
70 Re:Build Optimation Technology LLC Rush, NY, U.S. $35,540,000 $22,350,000 63% 90%
71 Power Design Inc. St. Petersburg, FL, U.S. $875,000,000 $22,200,000 3% 100%
72 H.F. Lenz Co. Johnstown, PA, U.S. $26,414,000 $22,054,000 83% 100%
73 Core States Group Duluth, GA, U.S. $144,214,841 $21,684,196 15% 99%
74 SETTY Washington, DC, U.S. $22,804,697 $21,233,009 93% 100%
75 Highland Associates New York, NY, U.S. $34,600,000 $21,200,000 61% 100%
76 Wiley|Wilson Lynchburg, VA, U.S. $47,100,000 $21,195,000 45% 100%
77 Concord Engineering Group Inc. Voorhees, NJ, U.S. $25,000,000 $21,000,000 84% 100%
78 STV New York, NY, U.S. $631,074,000 $20,261,565 3% 100%
79 Spectrum Engineers Inc. Salt Lake City, UT, U.S. $19,670,683 $19,670,683 100% 100%
80 Michaud Cooley Erickson Minneapolis, MN, U.S. $19,450,000 $19,450,000 100% 100%
81 Professional Engineering Consultants PA Wichita, KS, U.S. $47,308,000 $18,832,347 40% 100%
82 Clark Nexsen Virginia Beach, VA, U.S. $86,500,000 $18,832,000 22% 95%
83 Kohrs Lonnemann Heil Engineers Inc. Ft. Thomas, KY, U.S. $17,304,685 $17,199,654 99% 100%
84 Osborn Engineering Cleveland, OH, U.S. $37,200,000 $17,061,954 46% 98%
85 Bridgers & Paxton Consulting Engineers Inc. Albuquerque, NM, U.S. $17,007,229 $17,007,229 100% 100%
86 EEA Consulting Engineers Austin, TX, U.S. $22,587,022 $16,917,985 75% 100%
87 Colliers Engineering & Design Red Bank, NJ, U.S. $236,000,000 $16,337,540 7% 99%
88 Bowman Consulting Group Ltd. Reston, VA, U.S. $170,100,000 $16,250,000 10% 100%
89 Karpinski Engineering Cleveland, OH, U.S. $16,758,377 $16,200,000 97% 100%
90 GHT Limited Arlington, VA, U.S. $15,920,123 $15,920,123 100% 100%
91 Matrix Technologies Inc. Maumee, OH, U.S. $55,614,493 $15,847,878 28% 99%
92 Peter Basso Associates Inc. Troy, MI, U.S. $16,700,000 $15,600,000 93% 100%
93 PBS Engineers Inc. Glendora, CA, U.S. $15,300,000 $15,300,000 100% 100%
94 McKim & Creed Raleigh, NC, U.S. $111,480,205 $15,212,263 14% 100%
95 Rushing Seattle, WA, U.S. $14,989,242 $14,989,242 100% 100%
96 LiRo Engineers Inc. Syosset, NY, U.S. $319,000,000 $14,875,000 5% 100%
97 BSA LifeStructures Indianapolis, IN, U.S. $45,130,076 $14,454,294 32% 100%
98 Sazan Group Seattle, WA, U.S. $14,969,448 $14,295,545 95% 100%
99 Pond Peachtree Corners, GA, U.S. $166,862,898 $13,690,571 8% 98%
100 HED Southfield, MI, U.S. $85,515,000 $13,680,000 16% 100%

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EATON’S ARECIBO MICROGRID PROJECT

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Eaton’s Arecibo microgrid project
This video shows the benefits and plan for a microgrid at Eaton’s
Arecibo plant in Puerto Rico.
Learn more at Eaton.com/MicrogridProjects.

8
 2022 MEP GIANTS SPECIAL REPORT
By Amara Rozgus, Editor-in-Chief, and Amanda Pelliccione, Director of Research, Consulting-Specifying Engineer, Downers Grove, Ill.

MEP Giants design revenue

is up dramatically
The 2022 MEP Giants reported an 18% increase in MEP design revenue,
and gross revenue has increased 13%

T
he 2022 MEP Giants generated $11 billion in me- Figure 1: The top two areas in which 2022 MEP Giants earned
chanical, electrical, plumbing and fire protection revenue — HVAC and electrical/power projects — varies very little
year over year. Courtesy: Consulting-Specifying Engineer
engineering design revenue, an increase over last
year’s MEP Giants’ revenue of $9.3 billion. This year, the
2022 MEP Giants earned approximately $70.5 billion in
gross annual revenue during the previous fiscal year, an
increase of about $8.3 billion. Gross revenue was up, and
MEP design revenue rose 18% over last year’s numbers.
Figure 1 shows the various building specialties in which
MEP Giants earned revenue.

A couple of changes occurred within the top 10 firms

on the MEP Giants list — Mott MacDonald and Jensen
Hughes were added. There were also some newcomers
to the total of 100 companies. Several companies either
joined the list for the first time or returned after time
away from reporting data (in alphabetical order): Bowman
Consulting Group Ltd., Colliers Engineering & Design,
Jensen Hughes, Loring Consulting Engineers Inc., McKim

9
2022 MEP GIANTS SPECIAL REPORT
Table 1: Top 10 firms are listed by MEP design revenue. Jacobs
Table 1: Top 10 firms by MEP design revenue
topped the list yet again — as it has since 2013 — with $1.8 billion
in MEP design revenue, a 26% increase from last year. Courtesy: Rank Firm MEP design revenue
Consulting-Specifying Engineer 1 Jacobs $1,890,000,000
2 AECOM $1,212,600,000
& Creed, MG Engineering DPC, Mott MacDonald, PBS 3 Burns & McDonnell $907,252,426

Engineers Inc., Re:Build Optimation Technology LLC (a 4 WSP $605,000,000

5 AlfaTech Consulting Engineers Inc. $600,000,000
rebranding of Optimation Technology Inc.) and Spectrum
6 Mott MacDonald $536,026,953
Engineers Inc. Tetra Tech’s High Performance
7 $350,000,000
Buildings Group
8 HDR $285,931,928
Absent from the 2022 MEP Giants, as compared to 2021: 9 Jensen Hughes $274,000,000
Advanced Engineering Consultants, AMA Group, BR_+A 10 Stantec Inc. $273,338,374
Consulting Engineers, Integral Group, LEO A DALY, PAE
Consulting Engineers Inc., Ross & Baruzzini Inc., tk1sc and Last year, 30,304 MEP/FP engineers were employed by
VBFA. Some of this is due to mergers and acquisitions, the MEP Giants. On average, each 2022 MEP Giants firm
some from the inability to submit information at this time. has 155 mechanical engineers (up from 145 in 2021), 139
The list this year comprises 59% private companies (down electrical engineers (up from 127), 20 plumbing engineers
from 62% in 2021), 28% employee-owned companies, 7% (no change), 15 fire protection engineers (up from 12) and
public companies and 6% limited-liability companies. The 35 environmental engineers (up from 33).
2022 MEP Giants are made up of consulting engineering
firms (60%, up from 59% last year) and architectural engi- This year’s MEP Giants employ 210,866 people, including
neering firms (29%, down from 31% last year). all types of administrative staff and job titles (an increase
of 8.9% over last year’s staffing total of 193,630 people).
Several mergers and acquisitions occurred in the past For the 2022 MEP Giants, firms averaged 2,109 staff mem-
year; 29% of the firms reporting acquired another compa- bers, both engineering and nonengineering staff (up from
ny, a big jump from last year’s 21% acquisition rate (see 1,936 in the previous reporting period).
page 23 for the article “MEP Giants smash M&A records
in 2021”). The engineering staffs of this year’s firms are made up
of 19% females, an increase from last year’s 17%. When
Table 1 shows the top firms based on MEP design reve- asked “What percentage of your firm’s engineering staff
nue, which is how the MEP Giants are ranked. are female?” 65% of respondents said 20% or less.

Human resources On average, firms had 87 LEED Accredited Professionals

The 2022 MEP Giants firms employ 32,871 MEP/FP en- (at any level) on their team and 9 commissioning agents or
gineers, with an average of 328 engineers at each firm. professionals (CxAs or CxPs) on the team.
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2022 MEP GIANTS SPECIAL REPORT
Table 2: This shows the top MEP Giants firms by gross annual revenue. Table 2: Top 10 firms by gross annual revenue
Courtesy: Consulting-Specifying Engineer
Rank Firm Gross annual revenue
1 Jacobs $14,092,632,000
2 AECOM $13,341,000,000
In 2022, the MEP Giants earned 88% of their MEP design
4 WSP $8,100,000,000
revenue for U.S.-based projects, a small decrease from 3 Burns & McDonnell $4,620,000,000
last year (90%). Several opportunities are open to MEP 10 Stantec Inc. $3,650,600,000
Giants outside the United States. Engineering services are 7
Tetra Tech’s High Performance
$3,200,000,000
Buildings Group
provided in North America (Mexico, Canada) 47% of the 6 Mott MacDonald $2,453,206,000
time. Other areas of international revenue include Asia 8 HDR $2,081,300,000
(33%, steady), the European Union (29%, slight decrease), 5 AlfaTech Consulting Engineers Inc. $1,500,000,000
50 CDM Smith Inc. $1,370,852,818
the Middle East (31%, slight decrease) and the Caribbean
(28%, a decrease).

When it comes to sustainable engineering, the number of As shown in Figure 2, MEP Giants indicated that they split
U.S. Green Building Council LEED projects increased for their time between new construction (43%, down from
this reporting period; 1,423 projects were submitted for 44% last year) and retrofit/renovation (39%, no change).
LEED certification in the past fiscal year, whereas 1,668 These numbers have deviated only slightly year over
projects were submitted for the previous reporting period. year, with a percent or two of change each year based
The number of projects submitted in the past fiscal year on economic conditions. Rounding out the projects are
to the U.S. Environmental Protection Agency’s Energy Star maintenance, repair and operations (9%); commissioning
Buildings Label decreased to 533 projects, with an aver- or retro-commissioning (6%); and “other” (3%). For a more
age of five projects completed by each of the 2022 MEP in-depth report on commissioning, read the October 2022
Giants, a decrease from six projects in the previous year. article on the Commissioning Giants.

Project types The average 2022 MEP Giants firm continues to work on
The 100 firms listed here don’t handle all aspects of several projects in hospitals and health care facilities,
engineering. Many subcontract specialty services includ- industrial or manufacturing facilities/warehouses and
ing acoustics (67%, down from 70% the previous year), utilities, public works, transportation. Falling out of the
computational fluid dynamics modeling (28%, down from top three spots were office buildings and government or
30%), construction management (21%, down from 23%) military facilities. Figure 3 breaks down the various build-
and fire/smoke systems design (14%, down from 15%) and ing types in which the average MEP Giants firm works; the
commissioning (14%, down from 15%). Lighting controls, health care market was at the top for this reporting peri-
subcontract out at only 6% last year, is up to 10% in 2022. od, as it was the past six years.
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2022 MEP GIANTS SPECIAL REPORT
Figure 2: Very small shifts occur between new construction and
retrofit/renovation each year; the 2022 MEP Giants data remains
consistent, even during COVID-19. Courtesy: Consulting-
Specifying Engineer

Also interesting was the number of firms that earned MEP

design revenue for various building types. The top five:

• Colleges or universities (92%).

• Office buildings (89%).

• Hospitals/health care facilities (88%).

• Government or military facilities (84%).

• Industrial or manufacturing facilities/warehouses (79%).

• Provided more/less retrofit/renovation services: 27%.
Read about several project profiles at www.csemag.com/
giants. • Began work in some markets (building types or geo-
graphic locations): 25%.
COVID-19
The biggest corporate challenge during this reporting pe- • Provided more/less new construction services: 21%.
riod was COVID-19 concerns and issues, with 24% of MEP
Giants firms indicating it was the largest. The major ways Temporary layoffs, at 29% last year, dropped to just 12%
in which firms were affected were: during this reporting period.

• Backlog of work: 47%.

• Additional new hires: 46%, a dramatic increase from 30%.

Figure 3: For the 2022 MEP Giants, the top five buildings in which
the average firms earned revenue did not change, but the order
did slightly. For this reporting period, other building types included
engineered multidwelling buildings (8%), colleges and universities
(8%), K-12 schools (6%), data centers (5%) and research laboratories
(4%). Courtesy: Consulting-Specifying Engineer

12
2022 MEP GIANTS SPECIAL REPORT

Survey methodology
At the beginning of 2022, the Consulting-Specifying Engi- In 2022, more than 100 engineering firms provided their
neer staff collected and analyzed data from several con- information for the MEP Giants program, with some
sulting and engineering firms. Some of the top mechan- newcomers or firms reentering the program. Data and
ical, electrical, plumbing and fire protection engineering percentages are based on the top 100 companies that re-
firms submitted their firms’ profiles to Consulting-Specify- sponded to the request for information; the results do not
ing Engineer; however, not all consulting firms were will- fully represent the construction and engineering market
ing or able to participate in this year’s MEP Giants survey. as a whole. However, with nearly identical questions asked
The smallest amount of MEP design revenue reported this in previous years and more than 100 engineering firms
year was more than $13.6 million. Some firms were unable participating this year, we present a qualified portrait of
to report final data. where the top engineering firms stand in 2022.

13
 #43

In the electrical industry, safety, efficiency,

ELECTRICAL
DATA
sustainability and reliability are critical. But people
matter most.
175A

We’re powering what matters by preparing the next

3P

generation of industry leaders through education

and training initiatives, at all levels. We shape
curricula in partnership with top-tier universities.
Our Experience Centers give new and seasoned
professionals hands-on opportunities with the
latest equipment and techniques. And our experts
What matters: regularly share their unique insights through
webinars, podcasts, presentations and more.
bridging the gap between Because brighter leaders build a brighter future.
industry and education.
Eaton.com/Electricalinsights

We make what matters work.

Engineering is the foundation
for a more resilient, sustainable future

I
t’s an extraordinarily exciting time to be an engineer.
The most substantial changes to energy systems in more
than a century are occurring now, and infrastructure will
work and function differently moving forward. Everything
is electrifying. Adoption of renewables is on the rise. And
digitalization is delivering new data and insights that is
transformative—both for energy systems and how they’re The energy transition is driving fundamental changes
constructed. to electrical infrastructure. At Eaton, we’ve taken the
Everything as a Grid approach to the energy transition
and are unlocking a low-carbon energy future by
At the same time, some of the largest U.S. infrastructure
helping customers safely add more renewables, storage
investments in decades are underway. The bipartisan
and electric vehicle infrastructure to their energy mix—
Infrastructure Investment and Jobs Act (IIJA) will make to become more sustainable and resilient while lowering
$1.2 trillion in funding available over the next five years— energy costs.
creating vast new opportunities to rebuild and expand
infrastructure. With $47 billion in funding for resilience How can you and your organization help make the
and another $7.5 billion to build a nationwide network most of current resources while addressing the massive
of electric vehicle (EV) chargers, new projects enabling changes on the horizon? We believe you can start by:
microgrids and EV charging infrastructure (EVCI) are
1. Prioritizing education and training programs essential
coming fast.
to far more complex engineering environments

There’s a generational opportunity to build a more sustain- 2. Embracing digital tools that can help speed up
able and resilient future that capitalizes on trends in digita- project construction to keep infrastructure
lization, system reliability and safety. Achieving this sustain- projects moving
able and resilient future requires energy systems that are far
more flexible than in the past. Additionally, new intelligent 3. Understanding how to build microgrid systems and
approaches to managing construction projects and contin- electrical vehicle charging infrastructure (EVCI) as
investments in the U.S. and around the world take off
uous investments in training and education are needed for
the next generation of consultants.

15
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

person (transformers are a lot more complicated than the

squiggly lines shown in a typical drawing). How do you get
the hands-on training and experience you need to perform
successfully in the field?

For generations, new engineers worked side by side with

experienced professionals, getting on-the-job training and
mentorship through personal and in-person interactions.
Remote work environments are no longer atypical. Addi-
tionally, engineer retirements are outpacing new engineers
coming into field. This can make critical early-career train-
ing and mentorship increasingly hard to come by.
Eaton xStorage 440 energy storage system and Eaton Green Motion DC fast
chargers provide safe, reliable and efficient power management to support Eaton has a long history of providing training for the
electric vehicle charging.
electrical industry—from new job entrants to indus-
Education programs matter—a lot try-seasoned pros—to support long and successful ca-
With electrical codes and standards evolving all the time, reers and the design of safe and reliable power systems.
education and training programs have always been important
for new and experienced engineers alike. Today, they are even
more important as energy systems become more complicated.

Whereas power once flowed in a single direction away

from centralized sources, today’s power flows bi-direc-
tionally and between an increasing number of distributed
energy resources and electrical loads to provide more
reliable power across the world. More technical expertise
is needed to support the reliability, resilience and safety of
these energy systems.

Further, new engineers entering the workforce need to

know how electrical equipment is constructed and func-
tions. Out of college, engineers typically know what a
More than 150,000 customers from around the world have attended Eaton
piece of electrical equipment looks like in a one-line draw- Experience Center training programs. Today, Eaton offers one of the broadest
ing but may not ever seen actual electrical equipment in ranges of virtual and in-person industry education.

16
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

Our decades of power management experience, deep Construction digitalization can help
investments in specialized learning environments and pro- accelerate infrastructure projects
grams uniquely position us as a trusted, valued resource For years, day-to-day construction management has worked
for industry education. pretty much the same. Information is siloed. There is a lot of
waiting for input. And key stakeholders—consultants, con-
Through Eaton Experience Centers, you can access tractors, manufacturers and distributors—rarely are working
real-world experiential learning in a safe training environ- together in real-time and collaboratively across teams.
ment with multiple application areas. Hands-on education
programs conducted here in person and remotely provide
insights into industry best practices and the latest innova-
tions. This capability allows industry veterans to stay up to
date on emerging technologies while providing new power
industry professionals the opportunity to access the practi-
cal, hands-on experiences they need to be successful.

For example, programs like Power Up provide immersive

training for engineers new to the industry. And we’ve also
developed a consultant-focused training program, enabling
new people to the industry to better understand the physi-
cal qualities of equipment in a safe training environment.
Construction digitalization lags other industries. And more
For both experienced and early professionals who need than ever, there is a vast opportunity to increase construc-
to better understand how to apply newer technologies, tion productivity through digitalization.
programs like Power in Focus bring access to essential
industry training online and on-demand—addressing a The Eaton Project Center digital platform is improving the
range of topics including how to connect renewables, mi- day-to-day construction management through real-time
crogrids, and energy storage systems to distribution and collaboration tools, a dashboard view and alerts that help
transmission networks. ensure everyone on a project is on the same page. It al-
lows contractors to coordinate schedules and will bring
Once you understand how power systems work, you can engineers directly into the approval process—so everyone
apply that knowledge for the duration of your career. spends less time waiting and more time driving projects
While technologies will certainly change and advance, forward. This is increasingly important as the industry sup-
knowing how things work can be applied to transform en- ports many new infrastructure projects and energy systems
ergy systems and projects the days and years ahead. increase in complexity.

17
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

New capabilities will help speed up the pre-design pro- ience increase with the IIJA, more microgrids are likely to
cess, providing digital access to project estimates and come online. It’s important that the equipment supporting
Building Information Modeling (BIM). This way you can microgrids is installed to perform reliably and safely no
get a sense of what the project will cost quickly, so you matter how disastrous the weather may be.
know when you may need to pivot or look for alternative
design approaches. Based on years of field experience, here are the four most
common challenges to preparing microgrids for resilience
Once the specification is developed, the process from during severe weather:
there will be streamlined in Eaton Project Center. Typical-
ly, this part of the process, when the equipment details 1. Protecting microgrid assets against
are hammered out, involves a lot of back and forth. The extreme temperatures
process can be error prone with details overlooked in the
flurry of emails to get the final submittal. The Eaton Proj- Peak site conditions act individually or in concert to in-
ect Center platform will help reduce errors and simplify crease the internal operating temperatures in PV system
this process by providing a single source of truth for the enclosures and can stress components well beyond their
drawings and modifications. So digital drawings can be UL design ratings. Common peak conditions include am-
annotated and marked up and shared in real-time rather bient operating temperatures approaching or exceeding
than sent over email. 40°C, internal heat gain due to direct solar radiance on the
enclosure or reflected from the terrain, and geographical
The Eaton approach to project construction digitalization elevations above 3,300 feet.
brings all the project stakeholders together—consulting
engineers, contractors, distributors and manufacturing—and These issues can be addressed by estimating the expect-
this multi-stakeholder approach is a critical differentiator. As ed internal heating of the enclosure from solar radiance.
infrastructure investments continue to increase and projects To start, study local weather data, including record, daily
need to speed up, enabling collaboration with all the proj- and average monthly temperatures. PV system design-
ect stakeholders is key to spending less time waiting and ers often use 2% high or 0.4% high weather tempera-
more time driving projects forward. ture data as the basis for system design and size the PV
system ampacities to minimum National Electrical Code
Preparing for around-the-clock resilience – (NEC) requirements without taking additional thermal
no matter what rating factors into consideration.
In the U.S. and around the world, extreme weather is
impacting millions of people with increasing frequency. On the cold side of the spectrum, electronic equipment
Microgrids are progressively being used in the face of such as inverters and controllers typically found in micro-
extreme weather. As infrastructure investments for resil- grid systems are commonly listed for a minimum ambient

18
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

temperature of -40°C (-40°F). In environments where winter recombiner box for multiple solar panels, and at the AC
temperatures could drop below -40°C (-40°F), equipment is output of the inverter.
best located in heated indoor locations that maintain tem-
peratures above -40°C. • 12.4.2.3 requires additional surge protection devices
at the DC input of the inverter if the system inverter
2. Ensure resilience in high winds is more than 30 meters from the closest combiner or
recombiner box.
Wind is common yet complex to understand and plan for,
and it varies greatly depending on the type of storm. It Further, if the microgrid is connected to the utility grid
is vital to ensure the foundation and support structures when a lightning-induced fault occurs, there will be fault
used for any microgrid component are rated for the currents from the utility grid and the microgrid system. In
intended load and potential environmental conditions. accordance with NEC Article 705, the primary interconnec-
Oftentimes, this can be a challenge when attempting to tion equipment must include a circuit breaker supervised
retrofit an existing rooftop with solar PV modules and by redundant protection relays.
racking. Structurally reinforcing an existing rooftop is
often cost-prohibitive, so ground-mounted PV installa- 4. Addressing rain, water ingress and flooding
tions on a reinforced concrete pad designed for the local
environment are common. Like protecting against high winds, it’s a critical first step
to understand the environment a microgrid is placed in.
3. Provisions for lightning Planning is essential and needs to address the following
(at a minimum):
Lightning strikes can damage structures, while the surge
generated can harm sensitive electronic equipment. Several • Historical rainfall averages
codes and standards exist to help protect microgrid systems
against the various types of lightning damage. • Proximity to 100-year flood plain

NFPA 780 provides lightning protection system installation • Local building codes
requirements to safeguard people and property from fire
risk and related hazards associated with lightning expo- • Drainage solutions
sure. For example:
• Potential exposure to corrosive saltwater
• 12.4.2.1 dictates that surge protection shall be provid-
ed on the DC output of the solar panel from positive to Aside from protecting physical building structures from wa-
ground and negative to ground, at the combiner and ter, sensitive electronic components need appropriate

19
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

5. Intelligent controls maintain microgrid

system stability

The brain of the microgrid system is the microgrid con-

troller with standardized communications that enables
easy system configuration, commissioning and future
adaptability to changing system assets.

When disaster strikes, these controllers can quickly and

accurately react to changing conditions to maintain pow-
er to critical loads. Once the controller is properly pro-
grammed, it can adjust energy production, storage and
consumption to maintain overall system stability, shave
At Eaton’s Experience Center in Pittsburgh, a full-scale demonstration and peak demand, shift loads, maximize renewable energy
testing facility, you can get a hands-on look at how microgrids support resilience. contribution and more.
The controlled environment has a fully functioning building microgrid that
interconnects with multiple onsite sources.
In all, microgrids
enclosures for the environment. For instance, most com- have emerged as
ponents commonly found within a microgrid system have an ideal solution
enclosures that are rated NEMA 3R—indicating they will to support resil-
resist a degree of wind-blown rain. These enclosures ience and counter
include ventilation and drainage holes to allow for proper the risk of weath-
temperature control and allow any internal condensation er-related power
to escape. They also will remain undamaged by the ex- disruptions by
ternal formation of ice on the enclosure. Installations that bolstering opera-
could potentially be exposed to saltwater require stainless tional resilience.
steel enclosures, which provide an additional level of pro- And the function-
tection against corrosion. ality of a micro-
grid relies upon
In more extreme environments, NEMA 4 and 4X enclosures the success of its
may be required to provide a dust- and water-tight seal to design.
protect against windblown particles, rain, splashing water
and hose-directed water. The Evolute is a smart panel system, collaboratively developed between EVdirect
and Eaton, to achieve dynamic load management for electric vehicle charging.

20
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

Engineering safe EVCI to support the

future of low-carbon transportation
The federal IIJA includes $7.5 billion to build a nationwide
network of 500,000 electric vehicle chargers over the next
five years. It’s important to understand that EVCI will have
a cascading impact on electrical infrastructure due to the
incremental energy loads created by chargers. The ability to
charge electric vehicles efficiently and economically without
overloading the power system is critical and depends on
reliable infrastructure.

This increased energy consumption for EV charging can

impact incoming utility service, power distribution system
Energy storage systems can reduce operating expenses and enable peak demand
design and even necessitate distributed energy resources shaving, stretching the ability of existing infrastructure.
(DER) like solar and battery storage to offset utility demand
and time-of-use rates.
AC charging is typically used to charge where you park
Eaton is working with customers to provide a delivery- for work, school, shopping, entertainment or hotel stays.
of-power system, not just EV charging. This smart control Level 1 charging takes eight hours or more to fully charge
panel provides dynamic load management. Learn more an electric vehicle and is where you park overnight to
about this case study project with EVdirect. charge. Level 2 charging typically takes around four hours
to charge.
Charging options at the ready
Strategies to increase electrical capacity
Both AC and DC charging options have their place, and each
comes with business and installation considerations. It is expect- When upgrading or designing building systems, planning
ed that AC charging will represent the largest global public in- for future EVCI capacity needs can help avoid significant
stalls in the next few years, and DC charging will provide critical changes and costs later. Electrical architecture needs to
network support on long travel routes like interstate highways. be future-proof and plan for what’s to come. How many
chargers will be required? How much additional power do
DC charging is preferred in some applications and for spe- you need to accommodate for growth? It is critical that
cific needs, depending on the vehicle routes and dwell time. incoming utility electrical service and power distribution
This type of charging involves more power and delivers a feeders are sized appropriately to be able to power EV
charge in as little as 30 minutes. charging safely and reliably.

21
ENGINEERING IS THE FOUNDATION FOR A MORE RESILIENT, SUSTAINABLE FUTURE

Optimizing EVCI with load management technology will Electrifying engineering to power a more
enable more installed chargers that deliver the optimal sustainable future
amount of power that the chargers need. Further, when There’s never been a more electrifying time to be an engi-
available capacity is reached, load management software neer. We’re at the tipping point of a global energy transi-
limits energy consumption and reduces the available power. tion that will transform the world as we shift towards renew-
This integral approach to load management enables load ables and unlock a low-carbon future. And, extraordinary
shedding and avoids exceeding the incoming service ca- engineering opportunities feel like they are everywhere,
pacity. However, if current electrical capacity simply cannot especially as federal infrastructure funding opens up.
meet expected demand, electrical capacity must be in-
creased at the utility service. Creating a stronger future with resilient and sustainable
energy systems relies on building more flexible energy
An alternative to increasing service entrance upgrades is systems, education programs that provide resources and
to incorporate onsite renewables and energy storage. This mentorship opportunities, and leveraging digitalization that
strategy enables owners and building managers to avoid make projects easier. Know that at Eaton, we’ll be here to-
expensive electrical capacity additions while supporting a day and in all the days ahead to support you with the train-
more sustainable, low-carbon future. ing support you need, the technologies to make it happen
and the digital tools to make the process better.
There’s an enormous opportunity to manage power far
more effectively, taking advantage of a power paradigm Visit us at Eaton.com/consultants for valuable tools and
that is decentralized, electrified and decarbonized. Learn resources for engineers, designers and consultants.
more about the codes and standards impacting EVCI and
microgrid design, visit the For Safety’s Sake blog.

22
 2022 MEP GIANTS SPECIAL REPORT
By Nick Belitz, CVA, Morrissey Goodale LLC, Denver

MEP Giants smash M&A records in 2021

Publicly traded, privately held and private-equity-backed firms all vied for deals,
combining for the hottest year ever

D
riven by the energy of economic expansion fol- In 2021, those 70 transactions were made by 29 of the MEP
lowing the first pandemic year of 2020, Consult- Giants or nearly one-third of all firms ranked, which qualifies
ing-Specifying Engineer’s MEP Giants stepped as an all-time high. By comparison, only 21 of the MEP Gi-
up deal-making to never before seen levels in 2021. As a ants reported a transaction in 2020, down from 28 in 2019
group, the largest mechanical, electrical, plumbing and fire and 25 in 2018. Without a doubt, more MEP Giants closing
protection engineering firms recorded 70 transactions, a more deals was the theme of 2021.
tally amounting to more than double the 33 transactions
made in all of 2020 and up Activity by MEP
more than one-third (35%) Giants mirrors rise
from pre-pandemic 2019, in deals globally
during which 52 deals were Looking around the wider
consummated. world, we see the rising
acquisition activity of the
The past year also saw the MEP Giants reflected in the
highest number of MEP broader consolidation of
Giants getting, well, gianter. the industry at large. Glob-
ally, the engineering and
Figure 1: The number of deals architecture industry closed
made by the MEP Giants firms 637 deals in 2021, a stun-
in 2021 rose significantly as the ning 47% increase over the
group recorded 70 transactions,
434 deals notched in 2020
a 112% increase from the 33
deals made by the firms in 2020.
and a 37% increase from the
Courtesy: Morrissey Goodale previous record set in 2019.

23
2022 MEP GIANTS SPECIAL REPORT
Figure 2: After a dip in 2020, equity backed engineering
29% of the MEP Giants reported firms have made significant
a transaction in 2021. Courtesy:
inroads in the industry in re-
Morrissey Goodale
cent years on the strength of
ready access to capital and
Critically, two-thirds of the ability to swiftly evalu-
the transactions last year ate, aggressively price and
occurred with sellers based quickly close deals.
in the U.S. as acquirers
sought to expand domes- But a closer look at the
tic market positions and 2021 data reveals some-
take advantage of the thing different. In fact, the
post-pandemic economic most prolific acquirers of
boom. With flush balance the MEP Giants in 2021
sheets and record back- were publicly traded NV5
logs, buyers in the overall (Hollywood, Florida, eight
engineering industry announced 426 U.S. transactions deals), Bowman Consulting Group (Reston, Virginia, seven
over the course of the year. The number of announced deals) and Stantec (Edmonton, Canada, six deals), with an
transactions exceeded prior year activity by more than honorable mention for WSP (Montreal, Canada, five deals).
100 deals and also smashed 2019’s pre-pandemic record Rounding out the top five most active MEP Giants, only
levels by a whopping 34%. Salas O’Brien (Santa Ana, California, six deals) counts as
private equity-backed.
What drove all the wheeling and dealing? In a word: great
expectations. Anticipating public spending on infrastruc- In a historical context, this makes sense because big, pub-
ture and the private sector investment that traditionally licly traded firms have traditionally constituted the most
follows it, industry acquirers, including the MEP Giants, reliable group of buyers for the past 20-plus years, account-
aggressively used mergers and acquisitions as a means of ing for between one-quarter and one-fifth of all transactions
getting in front of spending on design services. in a given year. But in view of the total engineering M&A
market in the past one to two years, which has seen private
Bucking the private equity trend, publicly equity firms account for 40% of all transactions (and climb-
traded buyers lead the pack ing!), it comes as a bit of a surprise.
With all the deals being made, even a casual observer of
industry M&A may quickly assume private equity firms drove Overall, publicly traded MEP Giants accounted for 27
most of the transactions. Private equity firms and private transactions in 2021, while their private equity-backed
24
2022 MEP GIANTS SPECIAL REPORT
of directors. Third, Morrissey Goodale data indicates that
publicly traded firms, all else equal, pay slightly more for
deals than even the PE firms, thus making offers more at-
tractive to potential sellers.

With interest in the MEP sector high in 2021, no doubt the

publicly traded buyers used their capital to jump on the
deals most critical to achieving their strategic plans and
reporting growth to Wall Street analysts.

In 2022, we fully expect the acquisitive dynamic to remain

in play as MEP Giants of all capital structures seek growth,
but we also expect the rise of private equity to continue
unabated. For that reason, we anticipate next year’s results
to show private equity firms take the top spot for number
of transactions among the MEP Giants.
Figure 3: Global merger and acquisition activity in the engineering
and architecture industry recognized a record-setting number of
transactions in 2021. Courtesy: Morrissey Goodale
Nick Belitz is a principal with Mor-
rissey Goodale LLC, a management
peers accounted for “only” 14 deals. Why did this happen? consulting and research firm that ex-
First, publicly traded firms in general have even easier clusively serves the architecture, engi-
access to growth capital than private equity firms — that’s neering and environmental consulting
why a firm goes public. Second, public buyers often self-fi- industries. Morrissey Goodale is a CFE
nance transactions, with no need to borrow money or Media content partner.
solicit lender or anybody else’s approval beyond the board

25
Thank you for downloading the
2022 MEP Giants eBook!
Direct questions about MEP Giants to:
Amara Rozgus, Editor in Chief
[email protected]