ANAHEIM, Calif.--(BUSINESS WIRE)--
Willdan Group, Inc. (NASDAQ:WLDN) today announced that it has
signed a definitive agreement to acquire Genesys Engineering (Genesys),
a mechanical and electrical consulting and engineering company located
in New York. Genesys had revenue of approximately $30 million in 2015,
and its major customers include universities, hospitals, utilities and
private industries located in eastern New York State. The transaction is
expected to close in early March.
"We have frequently partnered with Genesys Engineering on projects and
we have first-hand knowledge of their engineering expertise and the
unique combination of skills that our two companies offer customers,"
commented Tom Brisbin, President and CEO of Willdan. "In addition to
complementary technical skills, Genesys brings to Willdan a new group of
long-term university and industrial customers, while Willdan brings to
Genesys strong utilities experience and broader national reach. As
America's power systems evolve toward distributed generation and
microgrids, our combined technical solutions should become more
valuable. We welcome all of the employees of Genesys to Willdan."
The transaction is expected to add more than $30 million of revenue to
the remainder of 2016, and is expected to be accretive to 2016 earnings.
As part of the transaction, Willdan has amended its credit facility with
its lender, BMO Harris Bank.
About Genesys
Genesys Engineering, P.C. is a power engineering firm that provides
planning, design, project management, and commissioning services for the
energy and utility infrastructure of major facilities and large building
complexes - including large commercial and institutional buildings,
commercial and industrial parks, manufacturing facilities, university
campuses, hospitals, and military facilities.
www.genesysengineering.net
About Willdan
Willdan provides professional consulting and technical services to
utilities, public agencies and private industry throughout the United
States. The Company's service offerings span a broad set of
complementary disciplines that include energy efficiency and
sustainability, engineering and planning, financial and economic
consulting, and national preparedness. Willdan provides integrated
technical solutions to extend the reach and resources of its clients,
and provides all services through its subsidiaries specialized in each
segment.
www.willdan.com
Forward Looking Statements
Statements in this press release that are not purely historical, such as
statements regarding Willdan's intentions, hopes, beliefs, expectations,
representations, projections, estimates, plans or predictions of the
future are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including expectations
relating to the additional revenue to be contributed by Genesys in 2016
and the expectation that the acquisition will be accretive to 2016
earnings. The forward-looking statements involve risks and uncertainties
including, but not limited to, the risk that Willdan will not be able to
expand its services or meet the needs of customers in markets in which
it operates. It is important to note that Willdan's actual results could
differ materially from those in any such forward-looking statements.
Factors that could cause actual results to differ materially include,
but are not limited to, a slowdown in the local and regional economies
of the states where Willdan conducts business and the loss of or
inability to hire additional qualified professionals. Willdan's business
could be affected by a number of other factors, including the risk
factors listed from time to time in Willdan's SEC reports including, but
not limited to, the Annual Report on Form 10-K filed for the year ended
January 2, 2015. 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: http://www.businesswire.com/news/home/20160229006846/en/
Willdan Contact
Stacy McLaughlin
Chief Financial Officer
714-940-6300
or
Financial
Profiles, Inc.
Moira Conlon
310-478-2700
Source: Willdan Group, Inc.
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