STV Signs Agreement with Allied Resources Group to Exit the Midstream Oil and Gas Market

News provided by

Nov 14, 2023, 10:46 ET

Allied Resources Group Acquires STV's Oil and Gas Business Operations

NEW YORK, Nov. 14, 2023 /PRNewswire/ -- STV, a professional services firm that plans, designs and manages infrastructure projects across North America, today announced it will exit servicing the midstream oil and gas market after signing an agreement with Pennsylvania-based Allied Resources Group (ARG). ARG will acquire STV's midstream oil and gas business operations effective November 30, 2023.

"With the launch of our new Strategic Plan, we recognized the timing was right to rethink our position in this market," said Greg Kelly, P.E., president and CEO of STV. "Finding the right partner where our talented oil and gas group would become the core business was essential to our team. We found that partner in ARG."

STV's 2023-2025 Strategic Plan focuses on its core infrastructure markets of transportation, buildings and water. The plan concentrates on expanding the firm's core markets, services and geographic footprint to meet the needs of current and future clients. While STV has worked in the oil and gas market for decades, its exit from this market emphasizes its commitment to the company's core growth areas and other future-focused markets.

This transaction also further positions STV to support the significant growth in investment from the historic Infrastructure Investment & Jobs Act (IIJA). Signed into law in November 2021, the bipartisan IIJA authorizes $1.2 trillion for transportation and infrastructure spending in the coming years.

STV is a portfolio company of The Pritzker Organization, L.L.C. STV consistently ranks among the country's top firms in core infrastructure markets of transportation, buildings and water. Throughout the United States and in Canada, STV's professional, technical and support personnel offer services that span planning and pre-design, design, program and construction management to deliver projects that help make communities better.

About STV
Founded in 1912, STV is a leading national infrastructure-focused professional services firm, providing engineering, architectural, planning, environmental, program management and construction management services for transportation systems, buildings, water, energy and other facilities. Headquartered in New York City, the company has more than 55 offices across North America. The firm is ranked 37th in Engineering News-Record's Top 500 Design Firms survey and is 11th in its transportation category. In 2022, STV signed the Equity in Infrastructure Project (EIP) Pledge, becoming one of the first architecture, engineering and construction (AEC) firms to commit to advancing equity in infrastructure. Learn more at stvinc.com.

About ARG
ARG consists of seven business units that provide Engineering, Industrial Inspection, Project Management, Engineering and Healthcare Staffing. To learn more, visit www.argroupllc.com.

SOURCE STV