On February 18, 2025, AtkinsRéalis Group Inc. (TSX: ATRL), a global engineering and nuclear services firm based in Montreal, announced that it has entered into a definitive agreement to acquire a 70% stake in David Evans Enterprises, Inc., the parent company of David Evans and Associates, Inc., for approximately US$300 million in cash (equivalent to about C$405 million at the time). The transaction, expected to close in the first half of 2025, is subject to customary closing conditions and shareholder approvals. Based in Portland, Oregon, David Evans is an employee-owned engineering and staffing services firm operating across 34 offices in 10 U.S. states with approximately 1,250 employees. The firm generates about US$275 million (approximately C$371 million) in annual revenue, over half of which stems from the transportation sector.

This strategic acquisition supports AtkinsRéalis’ U.S. “Land and Expand” growth strategy by significantly enhancing its presence in the Western U.S. while expanding technical capabilities in infrastructure design, environmental services, and energy transition support. David Evans will continue to operate as a separate legal entity with its leadership and employee-shareholders retaining minority stakes, with a clear path defined for full ownership by AtkinsRéalis. The deal is expected to increase AtkinsRéalis’ total U.S. workforce by approximately 25%.

TD Securities is acting as exclusive financial advisor to AtkinsRéalis with Hogan Lovells providing legal counsel. AEC Advisors, through AEC Transaction Services LLC, is serving as exclusive financial advisor to David Evans Enterprises, Inc., with legal advice from Tonkon Torp LLP.