Kleinfelder Partners with Lindsay Goldberg to Strengthen Committed Strategy to M&A and Organic Growth
Environmental Business Journal® Mergers & Acquisitions 2023
Kleinfelder was recently featured in Environmental Business Journal’s Mergers & Acquisitions 2023 issue, highlighting Kleinfelder’s partnership with Lindsay Goldberg and its successful acquisition and integration of six companies since 2019.
The following content is courtesy of Environmental Business Journal® Mergers & Acquisitions 2023.
Kleinfelder is a leading engineering, design, construction management, construction materials inspection and testing, and environmental professional services firm. Founded in 1961, Kleinfelder’s multinational team of engineers, scientists, and construction professionals provide solutions that improve their clients’ transportation, water, energy, and other private infrastructure. Kleinfelder is currently comprised of over 3,100 talented professionals from over 100 offices in the U.S., Canada, and Australia. The firm remains committed to driving a strategic plan centered around organic growth that is bolstered by acquisitive expansion. Since 2019, Kleinfelder has successfully acquired and integrated six companies, each with complementary employee-focused cultures and a trusted commitment to clients.
EBJ: Congratulations for this big milestone of being acquired by Lindsay Goldberg. Can you walk us through the initial stages of the acquisition process and how the initial contact was made?
Kleinfelder: Our company’s leadership team worked with our trusted business partners to develop a targeted list of prospective buyers who shared our vision for Kleinfelder’s continued growth. We sought buyers who would be committed to supporting our leadership team’s strategic initiatives for expanding Kleinfelder’s client and service portfolio. We met with several prospective buyers before ultimately selecting Lindsay Goldberg.
EBJ: What were the key factors that made your company an attractive acquisition target for Lindsay Goldberg?
Kleinfelder: Lindsay Goldberg expressed confidence in Kleinfelder’s robust capabilities, diversified market presence, and resilience within various market and service sectors. They valued the seasoned leadership team, operational acumen, and the company’s reputation as a trusted provider of high-quality solutions. Additionally, Lindsay Goldberg viewed Kleinfelder’s business model, proven track record, and alignment with their expertise in the infrastructure, power, and government markets as highly advantageous.
EBJ: What have been the most significant changes in your company’s strategy since the acquisition?
Kleinfelder: We do not anticipate any changes to our strategic direction. The acquisition simply reinforces our continued focus on organic and acquisitive growth. Kleinfelder remains deeply committed to providing value and support for our employees, clients, and shareholders. This commitment is the foundation upon which we have built our success, and it will continue to guide us as we pursue future opportunities.
EBJ: How does this acquisition position your company within the industry?
Kleinfelder: The acquisition perfectly aligns with Kleinfelder’s strategic direction. Kleinfelder continues to provide project lifecycle services in diversified end markets. Lindsay Goldberg is excited to support Kleinfelder’s ongoing commitment to employees, clients, and communities.
EBJ: What benefits will this acquisition bring to Kleinfelder beyond financial investment?
Kleinfelder: The acquisition supports the leadership team in fulfilling Kleinfelder’s commitment to providing value and support for our employees, clients, and shareholders. This commitment is the foundation upon which we have built our success, and it will continue to guide us as we pursue future opportunities. Thus, the benefit can be simply stated as Lindsay Goldberg fully supports the Kleinfelder leadership team in executing our strategic growth plan in alignment with our culture and operating principles.
EBJ: How did the investor’s expertise in the environmental sector contribute to the success of the transaction?
Kleinfelder: Lindsay Goldberg’s extensive expertise and market understanding in the professional services industry has provided a solid foundation for understanding Kleinfelder. This has led to certainty in the transaction process, as well as greater speed to enhance operational commitments to clients and business partners.
EBJ: Can you tell us about the acquisition of Doucet & Associates? What has this acquisition brought to Kleinfelder and why was it so important to grow your presence in Texas?
Kleinfelder: The Doucet & Associates acquisition (which closed on May 31, 2023) brought a compatible culture and skilled group of employees which strengthened Kleinfelder’s existing diverse client portfolio in the large and growing Texas market. Doucet provides civil engineering, environmental permitting, surveying, and construction management services to clients throughout Texas. Doucet delivers these services to public and private sector clients in the land development, commercial, education, healthcare, industrial, municipal, transportation, and water resources markets.
The Doucet acquisition created revenue synergy opportunities (1+1=3) for the firm. The combination of the firms is entirely complementary from the standpoint of locations, services, and end markets. For example, amongst our full suite of services, Doucet uniquely provides surveying and Kleinfelder uniquely provides construction materials testing. The combined resources of the firms allow us to win and execute larger programs and provide more value to our clients, better career development opportunities for our employees, and a superior return for our shareholders.
Kleinfelder Acquires Doucet and Associates
SAN DIEGO, California, June 1, 2023 – The Kleinfelder Group, Inc. (“Kleinfelder”), a leading engineering, design, construction management, construction materials inspection and testing, and environmental professional services firm, announced today that it has acquired Doucet & Associates, Inc.
EBJ: What other M&A trends within the environmental industry have you noticed recently?
Kleinfelder: The water and environmental industries continue to be of strong interest to strategic acquirers like Kleinfelder. We view environmental services to be an integral component of providing services throughout the entire lifecycle of a project/asset, which results in providing greater value to our clients and strengthening our position as a trusted advisor. Environmental planning and permitting, climate change resiliency, and ecosystem restoration services are more niche and/or local in nature, thereby driving up demand from an M&A perspective. We believe there will be a continuing trend toward acquisitive pursuit of high-quality firms offering these services.
Jay Clare
EVP, Strategic Growth Director
Responsible for working across the organization to drive strategic direction, organic growth, and acquisitions.
Dustin Esposito
VP, Communications Manager
Responsible for all internal and external communications, including social media and public relations, graphic and media assets, as well as acquisition communications and integration.
In the News
Previous Acquisitions
Kleinfelder Acquires Century Engineering
SAN DIEGO, California (November 16, 2021) – “The Century acquisition fortifies Kleinfelder’s business in the mid-Atlantic,” said Kleinfelder President and CEO Louis Armstrong. “This transaction aligns with our strategic direction and will accelerate growth across multiple market sectors and technical service lines. Century has decades of project success with portfolio clients, as well as the specialized capabilities that perfectly complement Kleinfelder’s service offerings.”
Kleinfelder Acquires Gas Transmission Systems
SAN DIEGO, California (October 20, 2020) – “As a well-established gas utilities and pipeline services firm, GTS is a strong addition to Kleinfelder,” said Kleinfelder President and CEO Louis Armstrong. “This transaction aligns with our strategic direction and strengthens Kleinfelder’s service capabilities to utilities across the U.S. The specialized experience GTS brings will accelerate Kleinfelder’s growth in the power/utilities market and position the firm for expansion.”
Kleinfelder Acquires Poggemeyer Design Group
SAN DIEGO, California (October 14, 2020) – “We are excited to expand our business in the Midwest and strengthen our existing operations in Nevada with the acquisition of PDG,” said Kleinfelder President and CEO Louis Armstrong. “In addition to adding expertise to core Kleinfelder services such as design, engineering, and construction management, PDG’s client relationships will accelerate Kleinfelder’s growth.”
About Kleinfelder
Leadership Team
Kleinfelder’s leadership has built an environment to support our employees and serve our clients.
Our Markets
With more than 100 office locations and 3,000 employees, Kleinfelder excels in many markets.
Our Services
Our experienced technical staff brings years of experience in all areas of engineering consulting.
In The News
Check out what Kleinfelder’s bright people have been doing to change the future of engineering.
Kleinfelder. Bright People. Right Solutions. Founded in 1961, Kleinfelder is a leading engineering, design, construction management, construction materials inspection and testing, and environmental professional services firm. Kleinfelder employs over 3,100 professionals and operates from over 100 office locations in the United States, Canada, and Australia. The company is headquartered in San Diego, California. Poised for growth, Kleinfelder continues to provide high-quality solutions for our diverse client base.