Editor’s note: This profile was updated in March 2026 to reflect the completion of WSP Global’s acquisition of TRC Companies on 24 February 2026. TRC continues to operate under its existing brand as a subsidiary of WSP Global. The previous version described TRC as owned by Warburg Pincus — that ownership ended with the WSP transaction.
TRC Companies completed its acquisition by WSP Global Inc. (TSX: WSP) on 24 February 2026, in a transaction valued at approximately US$3.3 billion. The deal, announced in December 2025, makes WSP the largest engineering and design firm in the United States by revenue and creates what WSP describes as the number one Power & Energy platform in the US market. TRC continues to operate under its existing brand with approximately 8,000 professionals, retaining its identity as a specialist energy and infrastructure engineering and consulting firm within the WSP group.
TRC Companies Overview
Founded in 1969 and headquartered in Windsor, Connecticut, TRC built its reputation over more than five decades as a specialist engineering, consulting, and environmental services firm serving the US energy, utilities, and infrastructure sectors. Its core differentiator — the combination of technical engineering capability with deep regulatory, environmental, and permitting expertise — made it a preferred partner for energy infrastructure owners navigating the intersection of project delivery and compliance obligations.
At the time of acquisition, TRC employed approximately 8,000 professionals across more than 150 US offices and operations in Canada and the UK. Its fiscal year 2025 (ended June 30, 2025) adjusted EBITDA was approximately US$192 million — implying a transaction multiple of approximately 14.5x pre-synergy, reflecting the premium WSP paid for TRC’s market position in US power and energy consulting.
The WSP acquisition followed TRC’s period of ownership by Warburg Pincus, which had acquired the company in 2017 and supported a period of significant growth through organic expansion and bolt-on acquisitions. TRC’s most recent acquisition prior to the WSP transaction was Garanzuay Consulting in September 2024, expanding its energy transition consulting capabilities in Europe.
Core Capabilities: Energy, Environmental & Power
TRC’s service model integrates three disciplines that are increasingly demanded together: engineering design, environmental consulting and permitting, and power and grid advisory. This combination is particularly valuable for energy infrastructure developers who need a single firm capable of taking a project from feasibility and environmental impact assessment through detailed engineering and regulatory approval.
In energy infrastructure, TRC provides engineering, environmental impact assessments, route optimisation, and permitting support for pipelines, terminals, power plants, and storage facilities. Its terminal and storage project experience — covering FEED studies, design services, and environmental compliance for liquid storage terminals and bulk handling facilities — makes it directly relevant to the oil and gas storage sector. The energy security infrastructure that TRC supports is examined in our 2026 underground gas storage outlook.
In power and grid, TRC provides engineering and regulatory support for transmission line construction, substation development, distribution system upgrades, and grid modernisation programmes. This is the business line that made TRC most attractive to WSP — US utility capital spending on grid hardening, renewable integration, and data centre load management is expected to accelerate significantly through the late 2020s, and TRC’s established utility client relationships are a strategic asset.
The WSP Acquisition: What It Means
WSP Global is a Montreal-headquartered professional services firm with approximately 73,000 employees globally, operating across environment and resources, infrastructure, geotechnical, transportation, and industrial markets. The TRC acquisition is WSP’s largest transaction to date — financed through a combination of equity issuance ($850 million) and $1 billion in senior unsecured notes — and significantly expands its US footprint.
For TRC, WSP ownership provides capital and scale that Warburg Pincus-backed private equity ownership could not offer long-term. WSP’s global reach opens international project opportunities for TRC’s technical teams, while WSP gains TRC’s deep US energy and power sector relationships and its recognised brand among US utility and energy infrastructure clients. TRC is expected to retain its brand identity within WSP — consistent with WSP’s practice of acquiring and preserving specialist engineering brands rather than rebranding acquired firms immediately.
The transaction creates a combined US business that WSP describes as the largest engineering and design firm in the country by revenue, and the number one Power & Energy platform based on ENR rankings. The competitive EPC and engineering landscape that TRC now operates within as part of WSP is covered in our roundup of the top engineering and construction companies in 2026.
Energy Transition Positioning
TRC’s energy transition capabilities span hydrogen production and storage feasibility, carbon capture site selection and permitting, renewable diesel and sustainable aviation fuel project support, and renewable energy integration consulting for solar and wind projects connecting to regional grids. These capabilities were central to WSP’s rationale for the acquisition — the US energy transition is generating significant demand for firms capable of navigating both the technical engineering and regulatory compliance dimensions of new energy infrastructure.
TRC’s digital tools — GIS and geospatial analytics, drone and remote sensing for infrastructure inspection, predictive environmental monitoring, and carbon accounting platforms — provide a technology layer that enhances its consulting and engineering services and aligns with WSP’s broader digital transformation strategy. The regulatory and environmental complexity that TRC helps clients navigate sits alongside the technical infrastructure picture covered in our overview of European gas transmission and energy security infrastructure.
TRC Companies Snapshot
| Founded | 1969 |
|---|---|
| Headquarters | Windsor, Connecticut, USA |
| Ownership (from Feb 2026) | WSP Global Inc. (TSX: WSP) |
| Acquisition completed | 24 February 2026 |
| Acquisition value | ~US$3.3 billion |
| Previous owner | Warburg Pincus (2017–2026) |
| Employees | ~8,000 |
| FY2025 Adj. EBITDA (est.) | ~US$192 million |
| Core Services | Energy engineering; environmental consulting; power & grid advisory; permitting |
| Key Markets | Power & utilities, energy, pipelines, terminals, renewables, environment |
Has TRC Companies been acquired?
Yes. WSP Global Inc. completed its acquisition of TRC Companies on 24 February 2026 in a transaction valued at approximately US$3.3 billion. TRC continues to operate under its existing brand as a subsidiary of WSP Global. The acquisition was announced in December 2025 and followed TRC’s period of ownership by Warburg Pincus since 2017.
Who owns TRC Companies now?
TRC Companies is now owned by WSP Global Inc., a Montreal-headquartered professional services and engineering firm listed on the Toronto Stock Exchange (TSX: WSP). WSP employs approximately 73,000 people globally and operates across environment, infrastructure, transportation, and industrial markets. The TRC acquisition creates WSP’s largest US engineering and design business.
What does TRC Companies do?
TRC Companies provides engineering, environmental consulting, and project management services for energy, power, pipeline, terminal, and infrastructure projects across North America. Its specialist combination of technical engineering and regulatory/environmental expertise makes it a preferred partner for energy infrastructure developers navigating permitting and compliance requirements alongside construction delivery.
What is TRC Companies’ role in the energy transition?
TRC provides engineering and consulting services for hydrogen production and storage feasibility, carbon capture site selection and permitting, renewable energy integration, and sustainable fuels project support. Its digital tools — including GIS, drone inspection, and carbon accounting platforms — support clients managing environmental performance across energy transition infrastructure projects.
Why did WSP Global acquire TRC Companies?
WSP acquired TRC to expand its US footprint and create the largest Power & Energy platform in the United States by revenue. TRC’s established relationships with US utilities and energy infrastructure clients, combined with its specialist power and grid engineering capabilities, align directly with WSP’s 2025-2027 strategic focus on high-growth infrastructure markets. The deal makes WSP the largest engineering and design firm in the US by revenue.