Shareholders of TRC Companies Inc., an engineering, environmental consulting and construction-management firm based in Lowell’s Wannalancit Mills, have approved the definitive merger agreement with affiliates of New Mountain Partners IV, L.P.
Long-story-short, the approval means TRC will become privately held.
The deal, which was originally announced on March 31, calls for affiliates of New Mountain to pay TRC shareholders a total of $554 million, or $17.55 per share in cash.
Shares of TRC closed Thursday at $17.50, unchanged, in light trading.
The transaction is expected to be complete by month’s end, according to TRC. It leaves the Mill City with four publicly-traded companies — M/A-Com Technology Solutions Inc., Enterprise Bank, CSP Inc. and SoftTech Inc.
TRC posted revenues of $481 million in its most recent fiscal year, which ended in June 2016.