CHI – an infrastructure engineering firm with US$55 million in revenue headquartered in Portsmouth, New Hampshire, US – provides engineering, procurement and construction management (EPCM) services to the LNG, LPG and natural gas industries. Its client base includes the majority of LNG facility owner/operators in the US.
In the statement, NV5 claims that the acquisition will add to its growing power group in the West and help drive the expansion of energy services across the US. The acquisition is evaluated at approximately six times trailing EBITDA and will be made with a combination of cash and stock. The acquisition will be immediately accretive to NV5’s earnings.
Dickerson Wright, PE, Chairman and CEO of NV5, said: “NV5 has experienced a rapid increase in demand for our engineering, permitting, and construction services from our energy clients. The addition of CHI provides a monumental platform for accelerating our growth in the energy service market.
“NV5 is now well-positioned to capitalise on the expanding LNG, LPG and natural gas markets in the US.”
Peter Dirksen III, PE, President of CHI Engineering Services, added: “The financial strength of NV5 will allow us to capitalise on current market opportunities and respond to increasing demands for storage, liquefaction, vaporisation and loading facilities, especially in the LNG market.”
Lynda Erdbrink, PE, Vice President of CHI, said: “We are excited to be able to integrate NV5’s services and personnel resources into our projects throughout the US.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05112018/nv5-acquires-chi-engineering-services/