Acuren and NV5 Global announced that they have entered into a definitive agreement to combine the two companies. This merger created an industry-leading $2 billion combined revenue for TICC and engineering services company.
NV5 stockholders will receive $23 per share consisting of $10 in cash and $13 in shares of Acuren common stock at closing, subject to adjustment as described below, which represents a 32% premium to NV5’s 30 day VWAP as of May 14, 2025. And the total consideration for NV5 is approximately $1.7 billion, representing approximately 10.3x 2025E consensus adjusted EBITDA.
Upon the closing of the deal, current Acuren stockholders will own about 60%, and current NV5 stockholders will own about 40% of the combined company, subject to adjustment based on the price of Acuren shares at closing. This combination creates a global TICC and engineering services company with $2 billion+ of combined revenue and a portfolio of recurring, anti-cyclical industrial and engineering tech-enabled services.
The merger is expected to be immediately accretive to Acuren stockholders, with further value creation potential to come from an estimated $20 million in near-term cost synergies along with substantial potential long-term revenue synergy opportunities. And the combined 2024 adjusted EBITDA of about $350 million post synergies creates a long-term opportunity to strengthen the combined company further through organic growth and continued accretive acquisitions.
The cash portion of the deal will be funded by a fully committed $850 million term-loan facility and cash on hand. And all of NV5’s existing bank indebtedness will be repaid in connection with the closing of the transactions.
Board changes: Dickerson Wright, Executive Chairman and Founder of NV5, and Ben Heraud, CEO of NV5, are expected to join the Board of Acuren along with one additional mutually agreed independent director.
Advisors: Jefferies served as exclusive financial advisor to Acuren and is providing committed financing for the transaction; Greenberg Traurig served as legal counsel to Acuren. Roth Capital Partners acted as financial advisor to NV5. Loeb & Loeb acted as legal counsel to NV5.
KEY QUOTES:
“This is a watershed moment for Acuren. The merger of NV5 with Acuren offers significant value for Acuren and NV5 stockholders and team members. The combination of these two formidable organizations creates new opportunities to expand and complement each other’s business lines with adjacent services to drive increased wallet share from our broad customer base. This transaction is an important milestone in our journey to becoming a full service global TICC company.”
Robbie Franklin, Co-Chairman of Acuren
“This is a transformative event for both Acuren and NV5. Together, we are unlocking substantial opportunities to better serve our customers and empower our employees with a broader platform for growth. Our shared vision of building a world-class TICC and engineering company is accelerated by this merger. NV5 has built an exceptional business, grounded in technical expertise and diverse capabilities. We’re excited to bring our teams together, realize meaningful synergies, and expand our combined services into new and dynamic end markets.”
Tal Pizzey, CEO of Acuren
“I am delighted to play a part in bringing together these two winning businesses. The combination offers significant value for our shareholders and the opportunity to participate in the combined company’s long-term value creation potential as stockholders of Acuren. I’m proud of our team and our success over the past decades building NV5 from its launch in 2009 to the $1 billion company it is today. During this process with the Acuren team, we are convinced that our partnership will allow us to serve our customers in more ways.”
Dickerson Wright, Executive Chairman and Founder of NV5
