NV5 Reaches Agreement to Acquire California Water Resources Group from Weston Solutions, Strengthening Water and Wastewater Capabilities
HOLLYWOOD, Fla., Aug. 27, 2024 (GLOBE NEWSWIRE) — NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has reached a definitive agreement to acquire Weston Solutions’ California Water Resources Group. Located in Carlsbad, CA, the Water Resources Group’s approximately 20 employees provide mandated environmental regulatory compliance services related to ports, waterways, watersheds, and other aquatic environments for municipalities and other government agencies.
The Water Resources Group will strengthen NV5’s existing water infrastructure design and hydrospatial businesses, expanding NV5’s water resources capabilities and bringing access to new clients and contracting opportunities. The acquisition will be a cash transaction and will be immediately accretive to NV5’s earnings. NV5 expects to recognize the revenue from this acquisition by the late third quarter of 2024.
“Water resources is a growing part of NV5’s business, with NV5 delivering engineering design, environmental compliance, surveying, and geospatial services for water delivery, wastewater, stormwater, coastal resilience, and marine infrastructure,” said Dickerson Wright, PE, Executive Chairman at NV5. “Demand for compliance services in the water industry is growing rapidly due to expansion of the nation’s water infrastructure and stringent regulatory requirements, and the acquisition of the California Water Resources group will assist us in meeting the growing demand for these services.”
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: construction quality assurance, infrastructure engineering, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com
