Versar, Inc. (NYSE MKT: VSR) announced today that it has completed the previously announced acquisition of 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.
Charron is expected to be accretive to earnings in year one, provide the Company with over $4.5 million in annualized gross revenue, and add contracted backlog of over $8.8 million. In its recently announced third quarter, excluding Charron, Versar reported funded backlog of $97 million, an increase of 37% compared to approximately $71 million at April 1, 2011.
Tony Otten, CEO of Versar, said, “The acquisition of Charron Construction Consulting is a great strategic fit for Versar and will immediately strengthen our construction management capabilities. Our M&A pipeline remains strong and we are continuing to talk with a number of well run, profitable firms that will support and add to our strategic growth markets.”
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.geomet.com; http://www.viap.com; http://www.dtaps.com; www.ppsgb.com; www.charronconsulting.com, www.adventenv.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.