HOLLYWOOD, Fla., Dec. 09, 2024 (GLOBE NEWSWIRE) -- NV5, a provider of technology, certification, and consulting solutions, announced today that it completed the acquisition of Southport Engineering Associates, a provider of turnkey energy efficiency, engineering design, and owner representation consulting on December 4, 2024. Founded in 1996, Southport Engineering serves clients in New York City and the surrounding area to meet regulatory and owner-imposed efficiency standards for facilities in the hospitality, educational, healthcare, industrial, gaming, and financial sectors. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5's earnings.
"NV5 is pleased to welcome Southport Engineering to our buildings and technology platform with its tech-enabled solutions and energy-focused designs to assist building owners with meeting stringent standards for facility efficiency and occupant comfort,” said Dickerson Wright, PE, Executive Chairman of NV5. "Southport Engineering's impressive management team provides enhanced leadership to continue our expansion in the Northeast and will contribute to accelerated organic growth and profitability above the industry standard throughout our domestic and international buildings and technology platform.”
Southport Engineering's full menu of services is unique to the industry, providing wholistic building efficiency solutions that generate higher profitability and increased project replication with their clients. By initiating projects with comprehensive energy studies, efficiency is incorporated throughout the project from engineering design, to commissioning and owner representation services. Southport Engineering's long-term direct client relationships provide accelerated opportunities for cross-selling NV5's building digitization and technology services.
"NV5's organic growth in buildings and technology has been driven by comprehensive, tech-enabled services that differentiate NV5 in the market and enables us to partner within our clients' organizations,” said Ben Heraud, CEO of NV5. "Southport Engineering's similar approach fits well within NV5, and we look forward to the enhanced cross-selling opportunities that will come through our combined organization.”
"We are excited to join the NV5 team, and we have already begun collaborating with our NV5 team members to deliver our combined portfolio of services to our long-term client partners,” said Michael Fabrizi, PE, President of Southport Engineering Associates.
About Southport Engineering Associates
Headquartered in Ridgefield, Connecticut, Southport Engineering's 20 employees provide building systems engineering design, commissioning, and owner representation for building owners, asset managers, and developers. Southport Engineering stands out for its efficient engineering designs, technologically appropriate solutions, and compatibility with investment parameters for facilities and assets. For additional information, please visit www.southporteng.com.
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, certification, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure engineering, construction quality assurance, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
Forward-Looking Statements
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.
Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: [email protected]
Source: NV5 Global, Inc.
