NV5 Acquires Intrepid Engineering, Growing MEP Engineering in the Southwest

Rhea-AI Summary

NV5 Global has announced the acquisition of Intrepid Engineering LLC, enhancing its mechanical, electrical, and plumbing (MEP) consulting services. Established in 2004, Intrepid specializes in MEP systems design for healthcare, education, and retail sectors. The deal, comprising cash and stock, is expected to immediately boost NV5's earnings. This acquisition allows NV5 to diversify its client base in Las Vegas, moving beyond hospitality to tap into high-growth sectors. The integration aims to strengthen NV5's position in the Southwest region.

Positive

• Acquisition of Intrepid Engineering expected to enhance earnings immediately.
• Diversifies NV5's MEP practice beyond hospitality into healthcare and education sectors.
• Strengthens technical resources with board-certified engineers from Intrepid.

Negative

• None.

HOLLYWOOD, Fla., Nov. 02, 2022 (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 Intrepid Engineering LLC (Intrepid), a provider of mechanical, electrical, and plumbing (MEP) systems design for facility renovations and new construction.   Established in 2004, Intrepid’s engineers serve public and private sector clients and specialize in building systems design for healthcare, education, retail, and public facilities. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings.

“Intrepid diversifies our MEP practice in Las Vegas beyond the hospitality industry and introduces us to clients in industries such as healthcare and education who can benefit from NV5’s service portfolio,” said Dickerson Wright, PE, Chairman & CEO of NV5. “Intrepid’s principals are board certified licensed professional engineers in mechanical and electrical engineering and will enhance our technical resources in this high-growth geographical area.”

“We are pleased to welcome Intrepid Engineering to NV5. This acquisition brings a long-term and diversified client base along with technical leadership that will further support our growth in the Southwest Region,” said Ben Heraud, COO of Buildings and Clean Energy Solutions at NV5.  

About Intrepid Engineering
Headquartered in Las Vegas, NV, Intrepid Engineering is an award-winning designer of mechanical, electrical, and plumbing (MEP) building systems to support the built environment. Intrepid engineers deliver high-quality MEP solutions utilizing proprietary innovations to meet clients’ needs for building functionality, comfort, and efficiency.     

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 & 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 is the significance of NV5's acquisition of Intrepid Engineering?

The acquisition is significant as it diversifies NV5's services into healthcare and education, enhancing its MEP offerings.

How will the Intrepid acquisition impact NV5's earnings?

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

What sectors does Intrepid Engineering serve?

Intrepid Engineering serves the healthcare, education, retail, and public facility sectors.

When was the acquisition of Intrepid Engineering announced?

The acquisition was announced on November 2, 2022.

What is NV5's stock symbol?

NV5's stock symbol is NVEE.