HOLLYWOOD, FL -- (Marketwired) -- 12/07/16 --
NV5 Global, Inc. (the "Company" or "NV5")
(NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it has acquired CivilSource, Inc. ("CivilSource"), an infrastructure engineering consulting firm based in Irvine, California. CivilSource's team of professionals specializes in the provision of comprehensive design and program management services on roadway, highway, and streets projects, as well as water and wastewater, flood control, and facilities projects.
CivilSource's large public client base includes 23 of 34 cities in Orange County and 22 of 88 Los Angeles counties, geographic regions with very high barriers to entry. The company's annual revenue is expected to exceed $11 million in 2017. The acquisition was made almost entirely in cash and will be immediately accretive to NV5's earnings.
Dickerson Wright, PE, Chairman and CEO of NV5, said, "The acquisition of CivilSource expands our opportunity to assist municipalities as they begin to receive much needed infrastructure support from federal and state funded agencies. We are impressed with what the team at CivilSource has accomplished in the last ten years. They have become a major player in Los Angeles and Orange County, markets NV5's existing infrastructure group in Southern California has aimed to enter. NV5 will be able to broaden the scope of services CivilSource is currently providing to their 60 plus active clients, and we anticipate continuous collaboration among our experts."
Amy Amirani, PE, Founder and CEO of CivilSource, said, "We are excited and pleased with this partnership based on our new ability to provide more comprehensive services to our valued customer base."
Scott Kvandal, PE, COO of Infrastructure West and Chief Synergy Officer at NV5, added, "By integrating NV5's breadth of service offerings with CivilSource's extensive client relationships, we are able to immediately add value to our clients."
About CivilSource, Inc.
Founded by Amy Amirani in 2006, former Public Works Director for the cities of Hermosa Beach and San Juan Capistrano, CivilSource offers design and program management services and specializes in capital improvement projects. CivilSource's field of service includes management, construction and program management, public works, transit, water resources, land development, and storm water management solutions. CivilSource's experienced team of professionals uses their in-depth knowledge and project specific data to deliver innovative solutions. The company's services include all tasks from project analysis to project completion and close-out documentation.
NV5 Global, Inc.(NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure, engineering and support services, energy, program management, and environmental solutions. The Company operates 74 offices in 26 states nationwide, and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
NV5 Global, Inc.
Lauren Wright, PhD
Director of Investor Relations
Source: NV5 Global, Inc.