The Nova Group is a low-profile environmental engineering company that is growing rapidly – in the US and abroad – thanks to the new sustainability goals set by many companies in the commercial real estate industry.
“Our time was random,” said CEO Steve Cummings, the 35-year-old founder of St. Louis. Louis Park, which has profitably doubled revenue since 2017. Cummings, 61, expects the company to reach $ 70 million this year due to the work of 325 employees and 500 contractors.
“I’m not claiming to be the smartest,” Cummings said. “Our time and our people helped us get here. The results were good. We developed a range of services that customers want.”
The new provides due diligence of real estate, environmental compliance and remediation, construction services, sustainability audits and other property owners, as well as institutional investors, mortgage lenders, government agencies and others.
In 2019, the company became “B Corp.” or a general benefit company that values “stakeholders,” including employees, the environment, and the community, just like shareholders. Becoming Company B is part of Nova’s environmental, social and management focus or “ESG”.
Cummings, the company’s major shareholder, also attributes the conversion to the addition of the business.
“We put people, the planet and property before profit,” Cummings said. “We attracted the ‘best and smartest’, which also sparked our growth and success.”
The commercial real estate industry is increasingly looking at climate change as an economic and environmental threat that needs to be addressed. The idea is to slow the growth of global warming by saving energy, renewable energy and otherwise achieving carbon-free status between 2030 and 2050, as prevailing climate scientists advise.
“We developed our purpose in 2018-19,” said Lou Raiola, senior vice president, Nova. “The ESG provides the fundamental framework, the development of our work with suppliers and communities. It has been a catalyst for unification, not only for Nova leaders, but [has] enabled everyone to agree with our goals.”
Cummings earned a master’s degree in environmental science from the University of Minnesota in the 1980s. He worked for a commercial engineering firm with a broad portfolio for several years before founding Nova to focus primarily on environmental and energy issues for commercial real estate clients and financiers.
“About 40% of carbon emissions are attributed to buildings,” Cummings said. And “decarbonisation” is a fast-growing trend in buildings in Europe and North America.
Nova’s revenues are driven by large international parties. Among them are e.g. Zurich Asset Management, JP Morgan, Morgan Stanley and Credit Suisse. Nova conducts environmental assessments of the location and real estate required before the sale of the building, as well as a greater focus on investments that bring energy and financial savings.
“Nova is doing a very good job and they are responsive,” said Sean Bannon, head of the U.S. real estate division in Zurich, which has a commercial real estate portfolio worth more than $ 9 billion. “The ESG is what institutions like mine are focusing on. The carbon footprint. To reduce it and compromise between costs and benefits.
European companies are ahead of the US in these goals. Bannon said Nova is an American leader who will continue to grow rapidly.
Zurich and other property owners work closely with Jack Cummings, Steve’s son and vice president of the New York-based Nova Group.
Earlier this year, the Nova Group received an international notice for its due diligence of 1,700 European distribution warehouses and other “last mile” facilities in connection with the large $ 24 billion refinancing of Mileway by Blackstone, one of the world’s largest private equity firms. property owners.
The new one was recently named the Urban Land Institute’s “Greenprint Innovation Partner,” a milestone in the industry, Jack Cummings said.
The new one, which is self-cooked, strives for carbon neutrality by 2030, ahead of the 2050 deadline set by many companies and governments.
“We are reducing our carbon emissions as much as we can,” said Nova president Ben Bohline, also chief financial officer. “We don’t transport people around the country to contract construction sites. We use local contractors. We also buy carbon offsets.”
Steve Cummings said Nova has turned down interest in buying larger industrial consolidators interested in its rapid growth.
“I’m happy to see where this is leading,” Cummings said. “We continue to invest and lead.”
Is AECOM a firm?
AECOM began when a handful of employees from design and engineering companies shared a dream of setting up an industry-leading company dedicated to providing a better world. We became an independent company, formed by merging five entities.
What is AECOM now called? The former AECOM Management Services division officially became Amentum on January 31 with the completion of a $ 2. Read also : 4 Types of business transformation.4 billion sale to subsidiaries of New York-based investment firm Lindsay Goldberg and American Securities LLC.
What is AECOM stand for?
Harris founded the name AECOM, which means architecture, engineering, construction, operation and management. On the same subject : Nikola founder asks judge to block evidence of “wealth”, “lifestyle” in fraud case.
Is AECOM the largest engineering company?
LOS ANGELES (August 20, 2020) – AECOM (NYSE: ACM), the world’s leading infrastructure consulting firm, announced today that it has topped the Engineering News Record (ENR) 2020 list of the 200 Best Environmental Companies, for the fifth year in a row, AECOM is at the top of the global analysis.
What kind of company is Amentum?
Amentum is a leading partner of global government and the private sector, whose experience, passion and purpose lead to the success of the mission. To see also : Why dealing with it will hurt your business. We manage, serve, maintain, protect and support the most demanding and critical programs at home and abroad.
Is Amentum a federal service? 4. 2020 – Amentum, a leading contractor of the U.S. federal and allied governments, announced today that it began operations as an independent company following the successful completion of the sale of AECOM Management Services to Lindsay Goldberg and American Securities LLC.
What does Amentum company do?
Amentum is a leading global partner of technical and engineering services, supporting critical programs of national importance in the fields of defense, security, intelligence, energy and the environment.
Is Amentum a good company?
Amentum is a great company to work with. Its 401K automatically installs employee contributions immediately. Unlike other companies, there is no waiting period. When I returned to the U.S. in 2021, an Amentum travel employee provided me with professional support in arranging my flights and other details such as the Covid 19 tests.
What industry is Amentum?
Amentum is a leading contractor to the U.S. Federal Government and selected Allied national governments, supporting programs of critical national importance in the areas of defense, security and intelligence, energy, and environmental cleanup.
Was AECOM sold?
AECOM announced on December 10 that it has reached a final agreement to sell its civil engineering company, which includes California-based Shimmick Construction, which bought it for $ 175 million in 2017, to subsidiaries of private equity infrastructure investor Oroco Capital.
Is AECOM for sale? 10. 2020– AECOM (NYSE: ACM), the world’s leading infrastructure consulting firm, today announced the signing of a final contract to sell its Civil Engineering business, which includes the Shimmick Construction deal, to Oroco Capital subsidiaries.
Who bought AECOM?
Planning and engineering company Aecom has sold its Management Services company – which provides consulting services to the government sector – to private equity firms American Security and Lindsay Goldberg.
Is AECOM still in business?
AECOM has about 51,000 employees and is number 157 on the Fortune 500 list for 2019. The official name of the company from 1990 to 2015 was AECOM Technology Corporation, and now it is AECOM.