SOCOTEC Acquires Energy Efficiency and Sustainability Consultancy Spinnaker Group
April 19, 2023 by Joe Panettieri
SOCOTEC Consulting has acquired Spinnaker Group, a South Florida-based energy efficiency and sustainability consulting firm focused on the green-building movement. Financial terms of the deal were not disclosed.
Spinnaker Group, founded in 2003, has completed more than 150 LEED Certified projects, over 700 million sf. of commissioned building space, and more than $10 billion in project values worldwide.
SOCOTEC is a $1.2 billion construction inspection company that has doubled in size over the past six years -- expanding at a compound annual growth rate (CAGR) of 15%. The company's mission is to "ensure the integrity and performance of building and infrastructure assets and people's safety." The company has 11,300 employees who serve more than 200,000 clients across 26 countries.
The M&A deal strengthens SOCOTEC USA's energy and sustainability consulting services, adding to its existing expertise in the field and further promoting its commitment to sustainable development, the buyer said.
Spinnaker Acquired: Executive Perspectives
In a prepared statement about the deal, SOCOTEC USA CEO Marc Weissbach said: "Acquiring The Spinnaker Group is important for SOCOTEC USA, and we are excited to welcome their talented team of experts to our organization. The addition of Spinnaker Group's expertise and experience to our team will enable us to rapidly deploy sustainability consulting services in the growing South Florida marketplace."
Added Jonathan Burgess, president of Spinnaker Group: "Our team is thrilled to join SOCOTEC USA. At Spinnaker Group, we are passionate about transforming lives by fostering sustainable, resilient, and healthy spaces. Joining forces with SOCOTEC USA will enable us to reach a wider audience and have a greater impact on the sustainability of buildings and communities."
Noted Jeremy Schinasi, principal of SOCOTEC USA and practice leader, responsible for Strategic Partnerships and Integration: "The addition of Spinnaker unites industry leaders and introduces SOCOTEC into the South Florida marketplace for energy, sustainability, commissioning, and retro-commissioning services we are already well known for in other geographies. We are steadfast in our commitment to help our clients reduce the carbon footprint of their built assets."
Concluded SOCOTEC Group CEO Hervé Montjotin: "SOCOTEC Group is a leading international group (26 countries) and an independent trusted third party for the built assets. With Spinnaker joining our US team, we are constantly working on building the best ever value proposition to the American market on how we can make a difference for a sustainable building environment."