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Industry Focus

Critical Infrastructure

Water, wastewater, environmental and utility services companies serving municipal and industrial owners.

Overview

Critical Infrastructure

Water and environmental M&A has stayed disciplined through broader market volatility, with buyers prioritizing regulatory tailwinds, recurring revenue and technology differentiation.

Our Water & Environmental group has advised treatment technology manufacturers, utility services businesses and environmental consultancies through sales to strategics and sponsor-backed platforms.

With a focus on Water, Waste Water and Environmental Services our team assists clients in every stage of their business

The McLean Group’s Critical Infrastructure group provides both sell-side and buy-side M&A advisory and corporate finance services to lower middle market companies. The businesses that comprise the CI include water and wastewater, food security & supply, energy infrastructure, critical communications, first responders and emergency services and fintech.

Seasoned executives with over 50 years of executive-level operating and investment banking experience lead the CI group. Our team understands the unique qualitative and quantitative value drivers that impact these businesses, resulting in optimal client success.

Coverage

The infrastructure subsectors we cover

Water & Wastewater

Treatment technology
Utility operations
Components and equipment
Testing and instrumentation
Distribution and metering

Environmental Services

Consulting and permitting
Remediation
Waste and recycling
Air and emissions
Site assessment

Engineering & Utility Services

Engineering and design
Program management
Pipeline and underground
Energy and grid services
Inspection and condition assessment
Senior Coverage

Leadership

Meet the Full Team →
Ryan Berry
Ryan BerryManaging DirectorValuation Advisory · Tysons Corner, VArberry@mcleanllc.com703.827.0091
Mark Bertler
Mark BertlerManaging DirectorInvestment Banking · Chicago, ILmbertler@mcleanllc.com847.226.0793
Andy Smith
Andy SmithManaging DirectorInvestment Banking · Tysons Corner, VAasmith@mcleanllc.com703.827.0233
Track Record

Engagements

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Sell-Side M&ASouth Central Water Companyhas been acquired by H2O America (NASDAQ: HTO)2025
Sell-Side M&ASimply Clean Air & Waterhas been acquired by Xylem2025
Sell-Side M&ACHEMetricshas been acquired by AquaPhoenix, an Incline Equity portfolio company2022
Sell-Side M&ACompass Water Solutionshas been acquired by CECO Environmental2023
Perspective

Insights

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Market Report · Jun 2026Monthly Middle Market M&A Insider Report (May 2026)The McLean Group's May 2026 M&A Insider Report tracks deal activity across Defense & Government, Physical & Cyber Security, Critical Infrastructure, and Maritime. This month's edition highlights notable transactions including Parker Hannifin's announced $2.55B acquisition of CIRCOR's Commercial and Defense Aerospace business from KKR, VSE Corporation's $2.15B closing of Precision Aviation Group to build a 61-location aviation aftermarket platform, and Rocket Lab's $60M acquisition of Motiv Space Systems, adding Mars-proven robotics to its portfolio. The report also includes public company trading comps and EBITDA valuation multiples across all four sectors. Public market multiples are provided for reference purposes and reflect traded equity values, which may differ materially from private company transaction pricing.Read More →Market Report · May 2026Monthly Middle Market M&A Insider Report (April 2026)The McLean Group's April 2026 M&A Insider Report tracks deal activity across Defense & Government, Physical & Cyber Security, Critical Infrastructure, and Maritime. This month's edition highlights notable transactions including York Space Systems' $355M acquisition of satellite communications firm ALL.SPACE, Scale AI's acquisition of defense data analytics firm ICG Solutions, and Ondas' two-deal sprint adding World View Enterprises and Mistral to its autonomous intelligence portfolio. The report also includes public company trading comps and EBITDA valuation multiples across all four sectors. Public market multiples are provided for reference purposes and reflect traded equity values, which may differ materially from private company transaction pricing. Download the full report at mcleanllc.com.Read More →Market Report · Apr 2026What Is a 409A Valuation and When Does Your Company Need One?A 409A valuation is an independent appraisal of your private company's common stock, and if you're issuing equity incentive awards to employees, it's a legal requirement, not a formality. Get it wrong, and employees face immediate income recognition, a 20% federal penalty tax, and potential state penalties that can push effective tax rates well above 50%. In this article, The McLean Group's Valuation Advisory team breaks down exactly how 409A valuations work, when your company needs one, which IRS safe harbor methods apply at each stage, and the common mistakes that create tax exposure at exactly the wrong time: during fundraising, M&A due diligence, or an IRS audit.Read More →

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