NV5 Holdings (NVEE) Announces Acquisition of Louisiana-Based Weir Environmental

September 13, 2016 8:04 AM EDT

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

NV5 Global, Inc. (Nasdaq: NVEE) announced that it has acquired Weir Environmental, L.L.C. (Weir), a New Orleans, Louisiana-based emergency remediation and environmental assessment firm. Weir has been instrumental to ongoing cleanup and restoration efforts throughout Louisiana due to the recent flood that has damaged more than 60,000 homes. Weir also continues to provide residential and commercial property loss consulting services throughout parts of New York affected by Hurricane Sandy. The acquisition was made almost entirely in cash and is expected to be immediately accretive to NV5's earnings.

Weir's team of industrial hygienists, geologists, and engineers provide 24-hour emergency response, indoor air quality, mold and asbestos evaluation, occupational safety, and multi-phase environmental site assessment services. Weir's clients include major insurance companies, government agencies, and hospitality, education, commercial and residential institutions throughout affected areas in the United States.

Regarding the acquisition, Dickerson Wright, PE, Chairman and CEO of NV5, said, "We could not be more pleased to welcome Weir Environmental to the NV5 family. Weir's experts share our passion for serving the communities around us, even in the most serious and dire of circumstances. There are several major opportunities for cross-selling and synergy between our two companies, particularly in our Buildings, Energy, and Sciences (BES) division in the environmental health and occupational safety space."

Rob Costello, President of BES at NV5, added, "We began our relationship by joining forces through a formal teaming arrangement to address the immediate needs associated with the recent flooding. As we worked together, we saw the tremendous opportunity to expand our relationship through this acquisition."

Amanda Weir, Founder and President of Weir Environmental, said, "Joining NV5 will give our professionals expanded resources to serve our property loss consulting activities and our excellent insurance industry clients. We will now be able to provide a full range of engineering services to the insurance companies we have been working with for several years. We can also now pursue larger contracts that require more resources and a greater scope of services."

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments, Mergers and Acquisitions

Related Entities

Goldman Sachs, Twitter, Earnings, Definitive Agreement

Add Your Comment