ANAHEIM, Calif.—(BUSINESS WIRE)—Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has signed a letter of intent with EYP to acquire substantially all of the assets of its energy practice division, The Weidt Group. The Weidt Group is a nationally recognized energy consulting and software development firm that specializes in the energy and operational performance of new and existing buildings for utilities. The Weidt Group achieved approximately $14 million of revenue in 2018, and Willdan expects the acquisition to be accretive to earnings in 2019. The acquisition is expected to close in March 2019 and is subject to the execution of an Asset Purchase Agreement and contract novations.
“Having built 30-year relationships with utilities in many of the midwestern states we don’t currently work in, such as Iowa and Minnesota, The Weidt Group will expand our geographic footprint into areas where there is a growing demand for energy efficiency services,” said Tom Brisbin, Willdan’s CEO and Chairman. “The Weidt Group adds new construction energy expertise to Willdan. We have had a great deal of success cross-selling the services of our acquisitions across our client base and generating revenue synergies that have accelerated our organic growth. We believe we will have similar opportunities with The Weidt Group, and we look forward to integrating their expertise into our national business development efforts. We are pleased to welcome all employees of The Weidt Group to Willdan.”
“Over the past six months, we’ve vetted several companies to find the perfect fit for The Weidt Group,” said Scott Butler, EYP President and CEO. “Willdan’s skills, culture, and vision for the future fit seamlessly with The Weidt Group and provide new opportunities for growth.”
“As part of Willdan, we are excited to continue to innovate and leverage great minds and data analytics to solve future energy challenges,” said Jim Douglas, The Weidt Group’s President. “Our clients will benefit from our access to a much wider range of services and resources.”
Willdan is a nationwide provider of professional technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.
About The Weidt Group
The Weidt Group, with offices nationwide, was established in 1977 to account for and manage the environmental impacts of building design and construction. Collaborating with architects, engineers, building owners, product manufacturers, utilities and government clients, The Weidt Group makes available accessible strategies for building lifelong energy performance through analysis, benchmarking, verification and software development. For more information, visit www.theweidtgroup.com.
EYP is the leading architecture and engineering firm developing new ideas and design solutions with mission-driven clients in higher education, government, healthcare, and science & technology. Its interdisciplinary Total Impact Design™ approach empowers clients with buildings that profoundly impact human behavior and performance as well as energy and the environment. Dedicated to People, Purpose, and Planet, EYP design liberates human potential to transform performance; actively helps clients advance their mission; and maximizes available resources to advance sustainability. Inspired by its clients, design is how EYP makes a positive impact on the world. www.eypae.com
Statements in this press release that are not purely historical, including statements regarding Willdan's intentions, hopes, beliefs, expectations, representations, projections, estimates, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that Willdan will not be able to expand its services or meet the needs of customers in markets in which it operates. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, Willdan’s ability to adequately complete projects in a timely manner, Willdan’s ability to compete successfully in the highly competitive energy efficiency services market, changes in state, local, and regional economies and government budgets, Willdan’s ability to win new contracts, to renew existing contracts (including with its two primary customers) and to compete effectively for contract awards through bidding processes and Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy. Willdan’s business could be affected by a number of other factors, including the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 29, 2017. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.
Willdan Group, Inc.
Chief Financial Officer
Financial Profiles, Inc.
Tony Rossi, 310-622-8221