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M&A: McKinsey & Co Acquires Analytics Expert, Energy Transition Consulting Firm SES

March 7, 2024 by Joe Panettieri

Business management consultancy McKinsey & Company has acquired Strategic Estimating Systems (SES) a provider of cost-estimating services for capital projects and energy transition projects that align with net-zero initiatives.

This is M&A deal number 112 that Sustainable Tech Partner has covered so far in 2024. See all M&A deals involving sustainability, climate tech and green IT services listed here.

McKinsey Acquires SES: Business Backgrounds

SES, founded in 2005, is based in Houston, Texas. The company provides bottom-up cost estimations, benchmarking, market analysis and probabilistic analytics to help customers scope the likely expenses associated with planning, designing, and completing capital projects.

McKinsey & Company, based in New York, was founded in 1926. The business management consulting firm mainly focuses on customer finances and operations.

The acquisition extends McKinsey's benchmarking capabilities in capital project management, including those crucial to the energy transition. Key opportunity areas include customers that are focused on green hydrogen production, renewable energy projects, sustainable battery manufacturing, low-emission semiconductor fabrication, and commercial-scale carbon capture programs.

McKinsey & Company Acquires SES: Executive Perspectives

In a prepared statement about the deal, Justin Dahl (pictured, top of page), partner and global leader of McKinsey & Company's Capital Analytics, said: "The capital projects ecosystem is presented with a once-in-a-generation chance to aid in transforming economies to achieve net zero. By integrating SES's unmatched capabilities, we're not only enhancing our sustainability services, such as carbon capture, but also expanding the scope of our existing Capital Excellence capabilities to crucial industries and wider geographies. This allows our clients to gain an independent perspective on value, cost, and timing at every phase of the capital project lifecycle, thereby improving bottom-up estimating. Committed to innovation and excellence, this acquisition empowers us to explore new value dimensions and further refine our expertise in bottom-up estimating for our clients."

Added SES Founder and CEO Mike Monteith, who now leads McKinsey & Company's Capital Analytics team: "We are thrilled to join McKinsey and expand our footprint to serve more clients on a larger scale. McKinsey is unparalleled in developing scalable and sustainable transformation strategies, leveraging industry leading insight and expertise in capital excellence. By working together, we will amplify our strengths, driving greater impact for clients at every stage of the capital project lifecycle, and delivering end-to-end transformations that create lasting value."

More: Track all sustainability consulting news here.

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