ANAHEIM, Calif.—(BUSINESS WIRE)—Willdan Group, Inc. (NASDAQ: WLDN) announced today the acquisition of Newcomb Anderson McCormick, Inc. (NAM), an energy engineering and consulting company with offices in San Francisco and Los Angeles that provides clients with mechanical engineering expertise and comprehensive energy efficiency programs and services.
Through its 13-year history, NAM has developed energy efficiency projects, distributed resources, and strategic energy plans and programs primarily for municipal and higher education customers. NAM’s key clients include Pacific Gas & Electric Company, Southern California Edison, the City of San Francisco, and local governments throughout the state of California. NAM has also managed publicly funded energy efficiency partnership programs serving 33 campuses in the University of California and California State University systems, 72 California community college districts, and 34 state correctional facilities.
NAM’s team of engineers have analyzed a diverse collection of buildings, including school districts, military bases, and over 300 state-owned buildings. Additionally, NAM’s statewide higher education utility partnerships have resulted in the implementation of more than 3,000 projects, realizing over $200 million dollars in annual savings a year. NAM has also evaluated or managed the procurement and installation of over 250 MW of solar photovoltaic systems, primarily in the public sector.
“NAM significantly strengthens Willdan’s engineering expertise in California,” said Tom Brisbin, Willdan’s Chairman and CEO. “Their experience in renewable energy and sustainability planning adds valuable insight into addressing the challenges ahead. Together, NAM and Willdan will pave the way for major changes in California’s energy efficiency programs, including significant reductions in emissions and energy consumption, as well as the transformation toward zero net energy buildings for utilities and cities. We’re excited to welcome all of the NAM employees to Willdan.”
“As part of Willdan, NAM will benefit from Willdan’s broad range of energy solutions, as well as relationships with major utilities and more than 400 California municipalities,” said John Newcomb, NAM’s founder. “We look forward to being able to provide our clients and employees with a more complete range of solutions and opportunities to solve their critical energy and sustainability challenges.”
The acquisition of NAM was completed on April 30, 2018. Willdan expects that the NAM acquisition will add approximately $7 million in annual revenue.
Newcomb Anderson McCormick (NAM) is an engineering and management consulting firm devoted exclusively to solving energy and sustainability issues in both the public and private sectors. Since 2005, the professionals of NAM have provided exemplary energy engineering and program management services to utilities, government agencies, and private sector clients. NAM is recognized as a leading technical adviser in energy efficiency and clean generation, and has analyzed, developed, and managed energy projects in over 25,000 buildings and managed many of California’s largest energy efficiency programs.
Willdan provides professional consulting and technical services to utilities, public agencies and private industry throughout the United States. The Company's service offerings span a broad set of complementary disciplines that include energy efficiency and sustainability, engineering and planning, financial and economic consulting, and national preparedness. Willdan provides integrated technical solutions to extend the reach and resources of its clients, and provides all services through its subsidiaries specialized in each segment. For additional information, visit Willdan's website at www.willdan.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