NV5 Acquires TerraTech Engineers, Strengthening Southeast Geotechnical, Environmental, and Materials Testing Capabilities
NV5 Global, Inc. (NASDAQ: NVEE) has acquired TerraTech Engineers, Inc., enhancing its capabilities in geotechnical engineering and environmental consulting. This acquisition, involving cash and stock, is expected to be immediately accretive to NV5's earnings. TerraTech, based in North Carolina with 50 employees, serves various governmental and private clients in the Southeast. The acquisition is anticipated to strengthen NV5's operational capacity and support its existing infrastructure services, benefiting both companies' clients.
- Acquisition of TerraTech is immediately accretive to earnings.
- Strengthens NV5's geotechnical and environmental capabilities.
- Enhances operational capacity in the Southeast market.
- TerraTech's strong management team and solid backlog bolster NV5's service portfolio.
- None.
HOLLYWOOD, Fla., Feb. 22, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering consulting solutions, announced today that it has acquired TerraTech Engineers, Inc. (“TerraTech”), a geotechnical engineering, environmental consulting, and materials testing company headquartered in North Carolina. TerraTech’s 50 employees serve state and local governments and private clients in North Carolina, South Carolina, and Georgia. NV5 has a proven working relationship with TerraTech and has completed a number of projects with the TerraTech team in the Southeast. TerraTech’s founder and management team will continue with NV5 after the acquisition. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings.
“The addition of TerraTech strengthens our environmental, geotechnical, and testing capabilities in the growing Southeast market and will support our infrastructure operations throughout the region. TerraTech’s strong management team, solid backlog, and impressive financial performance make it a good fit for the NV5 organization, and we are pleased to have them on board,” said Dickerson Wright, PE, Chairman and CEO of NV5.
“Having worked with NV5 for many years, all of us at TerraTech are excited to join the NV5 organization and deliver an expanded service portfolio and technical capabilities to our valued clients,” said Erwin Williams, PE, President of TerraTech Engineers. “We also look forward to delivering our geotechnical, environmental, and materials testing solutions to support NV5’s existing clients throughout the East Coast.”
About TerraTech
Founded in 1990, TerraTech Engineers, Inc. provides geotechnical engineering, environmental consulting, and construction materials testing services to support public infrastructure and private development. The Company is headquartered in Raleigh, North Carolina, and its 50 employees specialize in foundation support studies, pavement system investigations, retaining wall designs, earth dam design, environmental assessments, materials testing, and special inspections.
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a leading provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, buildings & program management, environmental health sciences, and geospatial technology services. 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 Twitter, LinkedIn, Facebook, and Vimeo.
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
Source: NV5 Global, Inc.
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