Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has signed a letter of intent to acquire substantially all of the assets of Onsite Energy Corporation (Onsite Energy).
Image: Willdan announces plan to acquire Onsite Energy. Photo: courtesy of Adam Radosavljevic from Pixabay.
Onsite Energy is an energy efficiency services and project implementation firm based in Carlsbad, California, that specializes in energy upgrades and commissioning for industrial facilities. Onsite Energy generated approximately $20 million in revenue over the last year, and Willdan expects the acquisition to be accretive to earnings in 2019. The acquisition is expected to close in June 2019 and is subject to certain closing conditions and contract novations.
“The industrial sector represents nearly 45% of all facility energy use in the U.S., and is a market we currently do not address,” said Tom Brisbin, Willdan’s CEO and Chairman. “By combining Onsite Energy’s knowledge of industrial customer needs, and our innovative software and engineering, we believe we can significantly expand into this market.”
“As a part of Willdan, we’re excited to offer our customers more comprehensive engineering, broader technical services, and national reach,” said Rich Sperberg, Onsite Energy’s President. “This exciting development will enable us to serve our existing base of S&P 500 class industrial customers and utilities on a nationwide basis with Willdan’s expanded technologies and resources. Our customers will immediately benefit from the deeper capabilities of the combined companies.”
Source: Company Press Release