HOLLYWOOD, FL -- (Marketwired) -- 12/01/16 --
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 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."
About The Hanna Group, Inc.
The Hanna Group is a professional engineering firm that provides a full range of quality and cost effective Program and Construction Management (PM/CM) services on public infrastructure projects. The Hanna Group has assisted various local agencies over the past several years with the development and implementation of several capital projects varying in size from $1 million to over $200 million. The firm's specialty is serving Federal, State and Local Agencies on transportation and engineering projects involving complex coordination, sensitive schedules and budget constraints. THG acts as the Owner's agent, administering the construction contract to ensure that the requirements of the plans and specifications are met, resulting in a high quality and fully functional facility.
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 72 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.