NV5 Acquires Fulton Consulting Engineers, Strengthens MEP Design and Energy Efficiency Services

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced the acquisition of Fulton Consulting Engineers, enhancing its mechanical, electrical, and plumbing (MEP) design and energy efficiency services. The asset purchase aims to strengthen NV5's capabilities in California and the Southwest, expanding its market reach. The acquisition is projected to be immediately accretive to NV5's earnings. CEO Dickerson Wright emphasized that the move supports NV5’s strategy for growth in high-margin ESG and technology services.

Positive

• Acquisition of Fulton Consulting Engineers enhances NV5's MEP design and energy efficiency capabilities.
• Expands NV5's market presence in California and the Southwest.
• Acquisition is expected to be immediately accretive to earnings.

Negative

• None.

HOLLYWOOD, Fla., March 08, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that it has acquired Fulton Consulting Engineers (Fulton), a provider of mechanical, electrical, plumbing (MEP) design and energy efficiency services through an asset purchase. Fulton strengthens NV5’s MEP and technology engineering design and energy efficiency capabilities in California and the Southwest and introduces NV5 to new markets and clients. The acquisition will be immediately accretive to NV5’s earnings.

“The acquisition of Fulton Consulting Engineers supports NV5’s strategic approach to acquisitions by both strengthening our verticals and expanding our high-margin ESG and technology services, and we look forward to the contributions that Fulton will make to our continued growth,” said Dickerson Wright, PE, Chairman & CEO of NV5.

“We are excited to welcome Fulton to the NV5 team as it strengthens our MEP and technology design capabilities in the Southwest and our growing Energy Efficiency business,” said Ben Heraud, COO of Buildings and Energy Efficiency Solutions at NV5.  

About Fulton Consulting Engineers
Fulton Consulting Engineers is a provider of mechanical, electrical, and plumbing engineering, lighting and fire protection design, and energy efficiency consulting. Fulton’s focus on collaboration, cutting edge technology, and responsible design delivers technical excellence and added value for its impressive client list of building owners, architects, and contractors in California and across the Southwest.  

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental 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 & 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 

FAQ

What acquisition did NV5 Global, Inc. announce on March 8, 2022?

NV5 Global, Inc. announced the acquisition of Fulton Consulting Engineers, enhancing its engineering and energy efficiency services.

How does the Fulton acquisition impact NV5's earnings?

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

What services does Fulton Consulting Engineers provide?

Fulton Consulting Engineers offers mechanical, electrical, plumbing design, and energy efficiency consulting services.

In which regions will NV5 expand its services due to the Fulton acquisition?

The acquisition will strengthen NV5's capabilities in California and the Southwest.