DBM Global (DBMG) to Acquire PDC Global's BIM Management Business (HCHC)

October 11, 2016 7:05 AM EDT
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DBM Global Inc. (OTC: DBMG) an operating subsidiary of HC2 Holdings, Inc. (NYSE: HCHC), announced an agreement to acquire the detailing and Building Information Modeling ("BIM") management business of PDC Global Pty Ltd. ("PDC"), a highly experienced global engineering design, detailing and 3D BIM Management company. DBM Global also announced that it has entered into a sales purchase agreement to acquire BDS VirCon, a leading global steel and rebar detailing and BIM firm. The transactions are expected to close during the fourth quarter of 2016. Financial terms for these transactions were not disclosed.

PDC is a highly experienced global engineering design, detailing and 3D BIM management company. Since its establishment in 1972, PDC has grown from a team of three to a global company with more than 400 detailing and 3D BIM personnel across offices in Australia, the Philippines and North America. The company has 40 years of experience in the resources, commercial and utilities sectors and has built its reputation on listening to clients, being responsive to their needs, being innovative, delivering relevant solutions and creating ongoing partnerships.

"Through the acquisition of PDC's detailing and BIM lines of business, which will operate under the name PDC Operations (Australia) Pty Ltd, and of BDS VirCon, DBM Global now provides a uniquely comprehensive set of services to design, build and manage steel construction projects," said Rustin Roach, President and Chief Executive Officer of DBM Global. "We are pleased to welcome our new colleagues around the world. Together, we are creating a synergistic platform of companies that offer structural building solutions for our clients inclusive of design services, BIM and virtual construction services, fabrication and erection services, as well as asset management solutions for building owners. By growing and diversifying our scope of services, we are able to offer a much larger total value proposition to our customers, which in turn strengthens our ability to continue driving value for our shareholders."

By investing in the technology side of construction and bringing together two of the premier businesses in the space, DBM Global is better aligned to play a more decisive role in using technology to improve the way projects are designed, coordinated, and ultimately built.

"Today is an important day in the history of our company," said Martyn Weir, Chief Executive Officer of PDC. "We believe this transaction will significantly benefit our business in many ways, including an enhanced relationship network that will help foster overall growth. We offer a unique BIM management and modelling service that provides significant value to our customers and believe the transaction will allow us to further accelerate these services going forward."

BDS VirCon is a leading global steel and rebar detailing and BIM firm with a long track record of iconic buildings in the U.S., Australia and the U.K. The company's model can be used as the "information center" of a project by consolidating models from other trades and enabling architects, engineers and sub-contractors to interact and collaborate during the design, engineering and construction phases.

"We are pleased to be joining the DBM Global family and look forward to working with our new colleagues on exciting projects for clients," said Vinod Muthanna, Chairman and Chief Executive Officer of BDS VirCon. "We believe this transaction will greatly enhance our presence in the U.S. and help us market our technology and services to an expanded client base."

DBM Global also announced today that it has completed its formal brand launch, which was initially announced on September 15, 2016. As part of its rebranding, DBM Global began trading over the counter under the new ticker "DBMG". This change became effective on October 5, 2016. In alignment with the rebranding, DBM Global launched a new website, which can be accessed at http://www.dbmglobal.com.

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