Montrose Environmental is a pure-play environmental services company that helps industrial and commercial clients manage environmental compliance obligations. Founded in 2012, Montrose operates across three service lines: environmental consulting, permitting, and emergency response; environmental testing and laboratory analysis of air, water, and soil; and environmental remediation and water treatment. Roughly 90% of revenue comes from private sector clients across energy, utilities, manufacturing, chemicals, pharma, and technology, with federal government exposure below 3%. Montrose serves over 6,000 clients and reports ~96% annual revenue retention, reflecting the recurring, non-discretionary nature of compliance-driven work. The company sells directly to clients, and cross-selling across its three service lines is the primary organic growth engine — 62% of FY25 revenue came from clients buying more than one service, up from 53% in FY24. Emergency response engagements serve as a particularly effective cross-sell funnel, often seeding long-term testing and remediation relationships. A growing focus area is PFAS water treatment, where Montrose holds patented removal technologies and targets a large and expanding addressable market. Montrose targets 7–9% annual organic revenue growth, supplemented by tuck-in acquisitions — over 70 completed since inception — typically at mid-to-high single-digit EBITDA multiples. After pausing M&A in 2025 to reduce leverage and simplify its balance sheet, Montrose plans to resume acquisitions in 2026.