urban-gro has signed a binding letter of intent to acquire Dawson Van Orden, an engineering firm with significant experience in indoor CEA.
In addition to mechanical, electrical, and plumbing engineering services, the acquisition of the 24-person, Texas-based firm will add fire protection engineering expertise and further urban-gro’s industrial architecture capabilities. The enhancement of these offerings is expected to create new opportunities, as well as build upon DVO’s existing contracts and clients in the indoor CEA and industrial sectors.
Bradley Nattrass, Chairman and CEO of urban-gro commented, “The addition of DVO represents an extraordinary opportunity to add depth and breadth of indoor CEA engineering expertise to our professional services offering. While this accretive and synergistic transaction increases our professional services revenues and margins along with future opportunities to leverage their existing clients, it also immediately adds a deep bench of talent and an engineering leadership structure to scale and meet the rising demand for our turnkey design-build solutions. Furthermore, I’m excited about the opportunity to continue strengthening our presence in Texas, as we expect the state to be an influential future business opportunity as Cannabis legalization is considered.”
The Company expects to close the acquisition in the fourth quarter of 2022, with the acquisition being accretive to earnings in its current fiscal year.
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