Versar to acquire Charron Construction Consulting
- May 11, 2012
Springfield-based Versar Inc. plans to acquire Dulles-based Charron Construction Consulting Inc., a national construction project management firm .
The Charron transaction is expected to close within the next 30 days. The acquisition price will range between $3 million to $3.5 million and will be satisfied with cash, a seller note, and payments under an earn-out.
“The acquisition of Charron Construction Consulting is a great strategic fit for Versar, and will strengthen our U.S. based construction management practice,” Tony Otten, the CEO of Versar, said in a statement. “We are extremely excited about the opportunities this combination offers and expect the combination to solidify our global engineering and construction division.”
According to a news release, the acquisition will be accretive in the first year.
Versar expects Charron to provide the company with more than $4.5 million in annualized gross revenue and a contracted backlog of more than $8.8 million.
Charron has provided construction management services since 1992 for a broad spectrum of projects including office, retail, industrial, civic, and various government facilities.
Charron’s management will stay intact and report to Lee Staab, Versar’s Engineering and Construction Group’s senior vice president.