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MONTREAL, Dec. 8, 2022 (GLOBE NEWSWIRE) — VSP Global Inc. (TSX: VSP ) (“VSP” or the “Corporation”) announced today that it has entered into an agreement to acquire enstruct, a 75-employee structural engineering firm with offices in Sydney, Melbourne and Brisbane, known for designing and delivering quality construction projects across Australia.
While still subject to regulatory approvals and other customary closing conditions, the transaction is expected to close by the end of the first quarter of 2023.
“We are excited to join forces with enstruct as it will strengthen our structural business in Sydney and provide relevant construction capabilities that are strategically aligned with the ambitions of our property and buildings sector,” said Alexandre L’Heureuk, President and CEO of VSP- a. “The people at enstruct are highly regarded and will deepen our technical skills in the Australian market.” I look forward to welcoming them to WSP.”
“Our companies have a highly complementary client base, a shared focus on the healthcare, education, defense and transportation sectors and a shared commitment to excellence.” said Guy Templeton, WSP’s CEO for Asia Pacific. “This acquisition represents a significant opportunity to provide enhanced civil engineering services to our clients, with a lasting and positive impact on our community.”
“Like VSP, we focus on delivering outstanding projects that combine innovation and quality,” said Ross Clarke, founder and managing director of Enstruct. “Combining our two teams means we can continue to provide the personalized client service and leading structural engineering solutions we are known for, while offering our clients access to the expanded network of expertise, digital tools and resources now available to us as part of VSP.” .”
About ENSTRUCT
enstruct is a specialist building and construction firm with a workforce of 75 in Sydney, Melbourne and Brisbane. Formed in 2000 by a group of like-minded engineers with experience in the design and delivery of major construction projects across Australia, enstruct has become a leading consultancy thanks to its innovative and pragmatic approach.
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
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 after the acquisition of enstruct, 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 enstruct, the attractiveness of the acquisition of enstruct; the strength, complementarity and compatibility of enstruct’s business with VSP’s existing businesses and teams; other expected benefits from the acquisition of enstruct; 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 the completion of the enstruct 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 in the forward-looking statements, including risks and uncertainties related to VSP’s inability to successfully integrate enstruct job on transaction completion; possible delay or failure to close the acquisition of enstruct; potential failure to realize the expected benefits from the acquisition of enstruct; VSP’s reliance on information provided by enstruct in connection with the proposed transaction; potential undisclosed costs or liabilities associated with the acquisition of instructors 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 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 are reasonable as of the date of this press release or MD&A, as the case may be, including the assumption that all closing conditions will be met, including obtaining regulatory approvals within the anticipated timeframe; VSP’s ability to achieve synergies and maintain market position resulting from successful integration plans related to the acquisition of enstruct; VSP’s ability to attract and retain key employees in connection with the enstruct acquisition; management’s assessments and expectations regarding future economic and business conditions; the accuracy and completeness of the instructor’s disclosures; 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.
FOR ADDITIONAL INFORMATION CONTACT:
Alain Michaud
Chief Financial Officer
VSP Global Inc.
Phone: 438-843-7317
alain.michaud@vsp.com
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