NV5 Acquires Gaudet Associates, Expands Florida Owner Representation Services

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced its acquisition of Gaudet Associates, Inc., a firm specializing in owner representation services in South Florida. This strategic move will enhance NV5's capabilities in the growing Florida market for construction and renovation oversight, particularly in the hospitality and government sectors. The acquisition, made through cash and stock, is expected to be accretive to earnings immediately. Gaudet Associates has a history of managing over $2 billion in projects, with 35 years of experience in the industry.

Positive

• Acquisition of Gaudet Associates enhances NV5's owner representation services.
• Immediate accretion to earnings expected from the acquisition.
• Gaudet Associates brings 35 years of experience and has managed over $2 billion in projects.

Negative

• None.

HOLLYWOOD, Fla., March 02, 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 Gaudet Associates, Inc. (“Gaudet Associates”), a provider of owner representation services in South Florida. Gaudet Associates has worked on behalf of owners to oversee new facility development and renovations in Florida for 35 years and strengthens NV5’s existing owner representation capabilities. The acquisition was made with a combination of cash and stock and will be immediately accretive to earnings.

Gaudet Associates operates out of its headquarters in Palm Beach, Florida and specializes in owner representation services for the hospitality industry, high-rise buildings, and government facilities. Gaudet Owner Representatives coordinate the activities of all parties during the planning and construction of facilities, including program management, contract administration, change order reviews, cost estimates, value engineering, environmental assessments, and quality assurance.

“With the fastest growing population in the nation and recent growth in tourism, Florida building owners are turning to owner representatives for construction and renovation oversight to meet the needs of Florida’s residents and visitors,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Gaudet Associates has been serving the Florida market for over three decades, and we look forward to the contributions that it will bring to our existing owner representation group in the state.”

“We are excited to offer NV5’s broad array of services to our valued clients, and we look forward to the career opportunities that will now be available to our team members,” said Joseph Gaudet, President and Founder of Gaudet Associates.

About Gaudet Associates
Founded in 1971, Gaudet Associates is a professional owner representation company that has managed over $2 billion in design, construction, and environmental projects. Gaudet Associates prides itself on thoroughly understanding client needs as well as the latest building trends and technologies to provide the most comprehensive and reliable service for every project.

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 is the purpose of NV5's acquisition of Gaudet Associates?

The acquisition aims to enhance NV5's owner representation capabilities in the growing Florida market for construction oversight.

How will the acquisition of Gaudet Associates impact NV5's earnings?

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

What services does Gaudet Associates provide?

Gaudet Associates specializes in owner representation services for the hospitality industry, high-rise buildings, and government facilities.

When was the acquisition of Gaudet Associates announced?

The acquisition was announced on March 2, 2023.

What is the historical significance of Gaudet Associates in the industry?

Gaudet Associates has over 35 years of experience and has managed more than $2 billion in design and construction projects.