ANAHEIM, Calif.--(BUSINESS WIRE)--Nov. 9, 2018--
Willdan Group, Inc. (NASDAQ: WLDN) announced today the completion of its
previously announced acquisition of Lime Energy Co. (“Lime Energy”), a
national provider of innovative energy solutions for utilities and their
commercial customers. Under the terms of the agreement, Willdan acquired
all of the outstanding shares of capital stock of Lime Energy for $120
million in cash, exclusive of customary holdbacks and adjustments.
Willdan expects the acquisition of Lime Energy to further expand and
diversify Willdan’s customer base and to better position Willdan to take
advantage of anticipated upcoming contract and budget expansions in
California and the Northeastern United States.
About Willdan
Willdan is a nationwide provider of professional technical and
consulting services to utilities, government agencies, and private
industry. Willdan’s service offerings span a broad set of complementary
disciplines that include electric grid solutions, energy efficiency and
sustainability, engineering and planning, and municipal financial
consulting. For additional information, visit Willdan’s website at www.willdan.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements can be identified by such words and phrases
as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,”
“will,” “should,” “continue” and similar expressions, comparable
terminology or the negative thereof.
Forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied in the forward-looking statements, including, but not limited
to: Willdan’s ability to efficiently integrate the operations and
business of Lime Energy and to obtain the anticipated benefits
therefrom, Willdan’s ability to make principal and interest payments as
they come due on borrowings under the delayed draw senior secured term
loan in connection with its new credit facilities, including its ability
to comply with financial maintenance covenants, Willdan’s ability to
adequately complete projects in a timely manner, Willdan’s ability to
compete successfully in the highly competitive energy efficiency
services market, changes in state, local, and regional economies and
government budgets, Willdan’s ability to win new contracts, to renew
existing contracts (including with Willdan’s two largest customers and
the two largest customers of Lime Energy) and to compete effectively for
contract awards through bidding processes and Willdan’s ability to
successfully integrate its acquisitions and execute on its growth
strategy. Willdan’s business could be affected by a number of other
factors, including the risk factors listed from time to time in
Willdan’s reports filed with the SEC, including, but not limited to, the
Annual Report on Form 10-K filed for the year ended December 29, 2017
and the Current Report on Form 8-K filed with the Securities and
Exchange Commission SEC on October 3, 2018, as such disclosures may be
amended, supplemented or superseded from time to time by other reports
Willdan files with the SEC. Willdan cautions investors not to place
undue reliance on the forward-looking statements contained in this press
release. Willdan disclaims any obligation to, and does not undertake to,
update or revise any forward-looking statements in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181109005543/en/
Source: Willdan Group, Inc.
Willdan Group, Inc.
Stacy McLaughlin
Chief Financial
Officer
714-940-6300
smclaughlin@willdan.com
or
Investor/Media
Contact
Financial Profiles, Inc.
Tony Rossi, 310-622-8221
trossi@finprofiles.com