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MONTREAL, Dec. 6, 2022 (GLOBE NEWSWIRE) — VSP Global Inc. (TSX: VSP) (“VSP” or the “Corporation”) announces today that it has entered into an agreement to acquire BG Bonnard & Gardel Holding SA (“BG Consulting Engineers” or “BG”), one of Switzerland’s leading engineering consulting firms, with a strong presence in France. Headquartered in Lausanne, BG offers consulting, engineering and project management services in the infrastructure, construction, water, environment and energy sectors. It has a workforce of around 700 professionals, including 480 in Switzerland and 210 in France. BG also operates in Portugal and Italy.
Following the closing of the proposed transaction (currently expected in the first quarter of 2023), VSP’s Swiss workforce will more than quadruple to over 600 professionals. VSP is expected to gain a foothold in the French-speaking part of the country while also increasing its presence in the German-speaking region. Also, as a result of the transaction, VSP is expected to nearly double its workforce in France, adding offices and clients in Paris, Lyon and Marseille.
Joining forces with BG will leverage VSP’s strengths and further expand its capabilities in key sectors, with significant growth opportunities, in the construction, environment, renewable energy, water and industrial sectors. It will also add BG’s renowned expertise in tunnels, including ventilation, fire protection and system design, to VSP’s European service offering. The transaction is subject to customary regulatory and closing conditions.
“We are very pleased to announce the proposed acquisition of BG Consulting Engineers, a company with strong technical expertise and a solid reputation in the Swiss and French markets,” said Alexandre L’Heureuk, President and Chief Executive Officer of VSP. “The integration of BG into VSP will secure our leadership position in Switzerland, strengthen our presence in France and enhance our offering to customers of both companies.”
“This acquisition fits well with VSP’s European strategy. Once completed, it will strengthen our presence in the region and strengthen our expertise in our three largest markets, transport and infrastructure, property and buildings and land and environment,” said Mark Naismith, WSP’s chief executive for UK, Europe, Middle East and Africa. “Through this transaction, we propose to combine two firms with closely aligned values and cultures and a clear focus on clients, projects, people and technical excellence.”
“This transaction is an opportunity for both companies,” said Pierre Epars, BG’s chief executive officer. “BG’s position will be strengthened in its traditional markets; our clients will benefit from an even wider range of services, and our employees will benefit from the advantages of being part of a global organization. We look forward to new opportunities for growth and development as we draw on VSP’s international network of experts and contribute to exceptional projects.”
FORWARD-LOOKING STATEMENTS
This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this press release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “anticipate”, “anticipate” , “project,” “intends,” “goal,” “potential,” “proceeding,” or the negative of these terms or terminology of a similar nature as they relate to the Corporation, a subsidiary of the Corporation, or a combined firm following the acquisition of BG are intended to identify statements that refer to the future. Forward-looking statements in this press release include, without limitation, those information and statements relating to the proposed acquisition of BG, the attractiveness of the acquisition of BG; the strength, complementarity and compatibility of BG’s business with VSP’s existing businesses and teams; other expected benefits from the acquisition of BG; The leading position of VSP in its markets; and statements relating to the Corporation’s future growth, results of operations, business performance, prospects and opportunities, the anticipated timing of completion of the BG acquisition and other statements that are not historical facts. Although the Corporation believes that the expectations and assumptions underlying such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, as no assurance can be given that they will prove to be correct.
These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied by the forward-looking statements, including risks and uncertainties related to VSP’s inability to successfully integrate BG business at the end of the transaction; possible delay or failure to close the BG acquisition; potential failure to realize expected benefits from the BG acquisition; VSP’s reliance on information provided by BG in connection with the proposed transaction; potential undisclosed costs or liabilities associated with the BG acquisition and other factors discussed or referred to in the “Risk Factors” section of VSP’s Management’s Discussion and Analysis for the year ended December 31, 2021 and VSP’s Management’s Discussion and Analysis for the nine month period ended October 1, 2022 (collectively, the “MD&As”), which are available under VSP’s profile on SEDAR at www.sedar.com. The foregoing list is not exhaustive and other unknown or unpredictable factors may also have a material adverse effect on VSP’s performance or results.
Forward-looking statements made by the Corporation are based on a number of assumptions that the Corporation believes to be reasonable as of the date of this press release or MD&As, as applicable, including the assumption that all closing conditions will be satisfied within the anticipated time frame; VSP’s ability to achieve synergies and maintain market position resulting from successful integration plans related to the BG acquisition; VSP’s ability to attract and retain key employees in connection with the BG acquisition; management’s assessments and expectations regarding future economic and business conditions; accuracy and completeness of disclosures by BG; and other factors discussed or referred to in the “Risk Factors” section of VSP’s MD&A, which is available under VSP’s SEDAR profile at www.sedar.com. If any of these assumptions prove incorrect, the Corporation’s actual results could differ materially from those expressed or implied by the forward-looking statements.
VSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For additional information about this cautionary note regarding forward-looking statements, as well as a description of the relevant assumptions and risk factors that are likely to affect VSP’s actual or projected results, please refer to the MD&As, which are available on SEDAR at www. cedar. com. The forward-looking statements contained in this press release are made as of the date hereof, and except in accordance with applicable securities laws, VSP undertakes no obligation to update or revise these forward-looking statements, whether written or oral, which may be given by or on its behalf from time to time, whether as a result of new information, future events or otherwise. Forward-looking statements contained in this press release are expressly qualified by these cautionary statements.
About BG
BG Consulting Engineers is a well-established engineering consulting company founded in Switzerland in 1954. With more than 700 employees in offices in Switzerland, France, Portugal and Italy, BG provides strategic consulting, engineering and design services in the following sectors: transport infrastructure and mobility, private real estate and public buildings, water and environment and energy. Driven by innovation and high performance standards, BG professionals partner with their public and private clients to anticipate their needs and create advanced, achievable solutions throughout the project lifecycle. Balancing the impact on people and the environment and applying transversal approaches, BG proactively addresses climate change and urbanization to support local communities and regions. To learn more, visit www.bg-21.com
About VSP
As one of the world’s leading professional services firms, VSP exists to secure the future of our cities and our environment. It provides strategic consulting, engineering and design services to clients in the transport, infrastructure, environment, construction, power, energy, water, mining and resources sectors. Its 65,000 trusted professionals are united by the common purpose of creating positive, lasting impacts on the communities we serve through a culture of innovation, integrity and inclusion. Sustainability and science permeate her work. VSP received roughly half of its $10.3 billion (CAD) 2021 revenue from pure sources. Its shares are listed on the Toronto Stock Exchange (TSX: VSP). To learn more, visit www.vsp.com
FOR ADDITIONAL INFORMATION CONTACT:
Alain Michaud
Chief Financial Officer
VSP Global Inc.
Phone: 438-843-7317
alain.michaud@vsp.com
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