Willdan Group announced that it has signed a letter of intent with EYP to acquire substantially all of the assets of its energy practice division, The Weidt Group.
Image: The Weidt Group is a nationally recognized energy consulting and software development firm. Photo courtesy of rawpixel on Unsplash.
The Weidt Group is a nationally recognized energy consulting and software development firm that specializes in the energy and operational performance of new and existing buildings for utilities.
The Weidt Group achieved approximately $14 million of revenue in 2018, and Willdan expects the acquisition to be accretive to earnings in 2019. The acquisition is expected to close in March 2019 and is subject to the execution of an Asset Purchase Agreement and contract novations.
“Having built 30-year relationships with utilities in many of the midwestern states we don’t currently work in, such as Iowa and Minnesota, The Weidt Group will expand our geographic footprint into areas where there is a growing demand for energy efficiency services,” said Tom Brisbin, Willdan’s CEO and Chairman. “The Weidt Group adds new construction energy expertise to Willdan. We have had a great deal of success cross-selling the services of our acquisitions across our client base and generating revenue synergies that have accelerated our organic growth. We believe we will have similar opportunities with The Weidt Group, and we look forward to integrating their expertise into our national business development efforts. We are pleased to welcome all employees of The Weidt Group to Willdan.”
“Over the past six months, we’ve vetted several companies to find the perfect fit for The Weidt Group,” said Scott Butler, EYP President and CEO. “Willdan’s skills, culture, and vision for the future fit seamlessly with The Weidt Group and provide new opportunities for growth.”
“As part of Willdan, we are excited to continue to innovate and leverage great minds and data analytics to solve future energy challenges,” said Jim Douglas, The Weidt Group’s President. “Our clients will benefit from our access to a much wider range of services and resources.”
Source: Company Press Release