NV5 Acquires Bromley Cook Engineering, Strengthens Forensics Engineering and Florida Storm Hardening Services

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced the acquisition of Bromley Cook Engineering, a Florida-based leader in forensic and structural engineering. This strategic move aims to enhance NV5's offerings in engineering and consulting solutions, especially within the hurricane-prone environment of Florida. The transaction, involving cash and stock, is expected to be accretive to NV5's earnings immediately. Bromley Cook's expertise in concrete restoration and hurricane-hardening design is anticipated to bolster NV5's position in the market.

Positive

• Acquisition of Bromley Cook Engineering adds expertise in forensic and structural engineering.
• Transaction is expected to be immediately accretive to NV5's earnings.
• Strengthens NV5's position in the hurricane-prone Florida market.

Negative

• None.

HOLLYWOOD, Fla., Jan. 31, 2023 (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 acquired Bromley Cook Engineering (Bromley Cook), a leading provider of forensics, specialty structural engineering, and waterproofing to support facilities and infrastructure throughout Florida. Headquartered in Fort Lauderdale, Bromley Cook’s engineers and inspectors have worked on the design, renovation, and preservation of some of the state’s most prestigious projects. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings.

Bromley Cook specializes in the restoration of concrete and structural building components, expert witness services for construction litigation, and the design of resilient mission critical facilities intended to remain fully serviceable after a major hurricane. As a leader in hurricane hardening, Bromley Cook excels in the design of facades, window and glazing systems, and building systems to withstand storm events.

“Florida’s wind, heat, humidity, and hurricane exposure create challenging conditions for the built environment, and facility owners rely on specialized structural engineering to design and preserve resilient buildings,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Bromley Cook’s decades of experience in the Florida market make it uniquely qualified to identify construction defects, design durable structures, and deliver sustainable building solutions that will stand the test of time.”

About Bromley Cook Engineering
Founded in 2001, Bromley Cook Engineering provides forensic evaluations, structural engineering, and inspections to support the design and restoration of resilient structures for the challenging Florida environment. From project initiation to conclusion, Bromley Cook’s forensic experts and engineers develop innovative solutions and deliver consultative expertise to help their clients design, build, and maintain sustainable buildings and structures.

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: testing, inspection & consulting, infrastructure engineering, utility services, buildings & owner representation, 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 

FAQ

What did NV5 Global, Inc. acquire on January 31, 2023?

NV5 Global, Inc. acquired Bromley Cook Engineering, a leading provider of forensic and structural engineering services in Florida.

How will the acquisition of Bromley Cook impact NV5's earnings?

The acquisition is expected to be immediately accretive to NV5's earnings.

What are the specializations of Bromley Cook Engineering?

Bromley Cook specializes in forensic evaluations, structural engineering, and waterproofing, particularly in hurricane-resistant design.

Why is the acquisition significant for NV5 Global, Inc.?

The acquisition enhances NV5's capabilities in a key market, particularly for sustainable construction in hurricane-prone areas.