urban-gro (NASDAQ:UGRO) completed its acquisition of Emerald Construction Management Inc.
“The closing of this acquisition allows us to expand our full suite of in-house services to include construction management services as well as add complete design-build capabilities,"Bradley Nattrass, chairman and CEO of urban-gro, stated. "Moreover, in the global indoor CEA sector, we are the only full service, turnkey, design-build company that can service its clients with all required capabilities within one firm. I’m excited about this expansion, and the single point of responsibility that it allows us to offer the market.”
Nattrass continued, “As our prior acquisitions have proven, not only does this transaction bolster our project pipeline, it provides a valuable synergy between our existing service and equipment integration solutions and Emerald C.M.’s client base. During this process, we’ve developed a great partnership with Chris and his team, and have already began submitting RFP bids on multiple complete design-build indoor CEA projects. We are thrilled to welcome them to urban-gro and look forward to driving value for our clients.”
urban-gro funded the purchase price of up to $7.0 million, inclusive of a maximum $2.0 million contingent earn-out, with a combination of $2.5 million in cash and up to $4.5 million in equity. The company expects the acquisition to be immediately accretive to earnings in 2022.
Photo by Scott Blake on Unsplash
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