Versar, Inc. (NYSE Amex: VSR) announced today that it has reached an agreement to acquire Charron Construction Consulting, Inc. (“Charron”). Charron, headquartered in Dulles, Virginia, is a national construction project management firm that has provided construction management services since 1992 for a broad spectrum of projects including office, retail, industrial, civic, and various government facilities.
The Charron transaction is expected to close within the next 30 days and contains customary conditions to closing. The acquisition price will range between $3.0 - $3.5 million and will be satisfied with cash, a seller note, and payments under an earn-out. The acquisition is expected to be accretive in the first year. Charron is expected to provide the Company with over $4.5 million in annualized gross revenue and contracted backlog of over $8.8 million.
Tony Otten, CEO of Versar, said, “The acquisition of Charron Construction Consulting is a great strategic fit for Versar and will strengthen our U.S. based construction management practice. We are extremely excited about the opportunities this combination offers and expect the combination to solidify our global engineering and construction division.”
Charron’s management will stay intact and report to Lee Staab, Versar’s Engineering and Construction Group’s Sr. Vice President. Chris Charron, Charron Construction Consulting, Inc. CEO, said, “This combination will provide new opportunities for us to expand our federal government construction management work and leverage Versar’s existing client base.”VERSAR, INC., headquartered in Springfield, VA, is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, http://www.geomet.com; http://www.viap.com; http://www.dtaps.com; www.ppsgb.com; www.adventenv.com. CHARRON CONSTRUCTION CONSULTING, INC., headquartered in Dulles, VA, provides professional project and program management services for governmental, judicial, commercial, institutional, retail, and industrial clients. Services include a full spectrum of agency construction management roles as well as LEED/sustainability consulting. Charron operates its corporate website as www.charronconsulting.com. This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2011, as updated from time to time in the Company’s periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.