Houlihan Lokey is pleased to announce that TRC Companies, Inc., (NYSE:TRR) has been acquired by New Mountain Capital in a transaction valued at approximately $640 million. TRC shareholders received $17.55 per share, representing a 47% premium to the share price on March 30, 2017, and a 106% premium over the 12-month average prior to the announcement. The transaction was announced on March 31, 2017, and closed on June 21, 2017.
TRC, headquartered in Windsor, Connecticut, is a national engineering, consulting, and construction management firm providing integrated services to the power, environmental, infrastructure, and oil & gas markets. It serves a broad range of clients in government and industry, implementing complex projects from initial concept to operations. TRC was incorporated in 1969 and now has over 4,100 technical professionals and support personnel at more than 120 offices throughout the U.S. and U.K.
Founded in 2000, New Mountain Capital, a New York-based investment firm, manages private equity, public equity, and credit capital with aggregate assets under management totaling more than $15 billion. New Mountain Capital has proactively developed particular research and operational expertise in the carefully selected "defensive growth" niches of education, healthcare, software, business services, logistics, specialty chemicals, federal services, media, consumer products, financial services and insurance, environmental services, infrastructure, and energy.