NV5 Global (NVEE) Announces Acquisition of The Hanna Group
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NV5 Global, Inc. (Nasdaq: NVEE) announced that it has acquired The Hanna Group, Inc. ("THG"), a leading Northern California-based bridge and transportation program management firm with 35 employees and approximately $11 million in annual revenues. THG is headquartered in Rancho Cordova, California and operates an additional office in Richmond. The acquisition was made almost entirely in cash and will be immediately accretive to NV5's earnings.
Although THG's engineers specialize in a wide range of program management services, the firm has become particularly well-known for its bridge construction management practice, which focuses on high-profile, technically challenging projects. THG's recent construction management projects include the San Francisco-Oakland Bay Bridge and the Foresthill Bridge in the Sierra Nevada foothills, the tallest bridge in California, with a deck height of 730 feet.
Dickerson Wright, PE, Chairman and CEO of NV5, said, "Through the acquisition of The Hanna Group, NV5 is gaining a group of exceptionally talented engineers and professionals who we believe will be able to immediately cross-sell their services alongside, and benefit from, our existing infrastructure platform. We are also gaining a prestigious San Francisco Bay Area client base that we believe THG and NV5 can better serve by joining forces."
"NV5 has a great reputation in the construction and program management business and is very strong in the Central Valley," said Nick Panayotou, PE, President and CEO of The Hanna Group. "As the premier bridge construction management firm in Northern California, and with our presence in the Bay Area and the Sacramento region, from a synergy standpoint, we feel THG can add a niche area of expertise to bolster NV5's existing services and we can benefit from NV5's additional resources."
Todd George, PE, COO of Civil Program Management at NV5, added, "The program management practices at NV5 and THG complement each other well. NV5's clients can benefit greatly from the capabilities THG brings, particularly their bridge expertise, and THG's clients can benefit from our infrastructure program management expertise."
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