MONTREAL, May 01, 2024 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) is pleased to announce the acquisition of AKF Group LLC (“AKF”). Headquartered in New York City, AKF is a specialized mechanical, electrical, and plumbing firm that designs complex healthcare, science and technology, and mission-critical facilities. Its 365 professionals operate throughout the eastern U.S., with an additional complementary presence in Mexico.
By adding AKF’s complementary expertise to its Property and Buildings team, WSP enhances its technical practice and boosts its capabilities and presence in several essential high-demand markets.
“I am pleased to welcome AKF’s experts to WSP. Our combined practices are poised to accelerate our growth in various complex building sectors, not only locally in the Northeast but also across the USA. The addition of AKF is perfectly aligned with our strategy to grow and diversify our Property and Building expertise in the U.S.,” said Alexandre L’Heureux, President and CEO, WSP Global.
“This acquisition is a great milestone for both the clients and people of AKF and WSP. Driven by our shared commitment to innovation and technical excellence, we will rapidly leverage the strength of our combined teams as we provide innovative solutions to the challenges facing the fast-growing specialty buildings sector,” said Joseph Sczurko, WSP’s U.S. President.
“We are very proud of what we have accomplished since AKF was founded 35 years ago. We are equally excited to begin a new chapter within WSP that will provide additional opportunities for our talent to make a difference thanks to their recognized technical expertise, in-depth market knowledge, and sustainable approach,” said Dino DeFeo, Managing Partner, AKF.
ABOUT AKF
Founded in 1989, AKF Group LLC is an award-winning engineering firm that has grown to become a leading provider of integrated engineering services for the built environment. Known for its client-first approach and engineering integrity, AKF offers a full range of professional services, including mechanical, electrical, plumbing and fire protection engineering; commissioning; code consulting; lighting design; and technology systems design. Its extensive project portfolio covers a wide variety of sectors, such as corporate, cultural, healthcare, K-12 and higher education, hospitality, residential, retail, science and technology. Headquartered in New York City, AKF operates across 13 offices in the United States and Mexico. Providing innovative solutions and a 24/7 crisis response to ensure the highest level of convenience and comfort in the spaces it inhabits, AKF is dedicated to powering human potential and transforming the built environment through its sector-based approach and commitment to excellence.
ABOUT WSP
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering, and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water, and mining sectors. Its 66,500 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity, and inclusion. In 2023, WSP reported $14.4 B (CAD) in revenue. The Corporation’s shares are listed on the Toronto Stock Exchange (TSX: WSP).
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 legislation. Forward-looking statements may include estimates, plans, strategic ambitions, objectives, expectations, opinions, forecasts, projections, guidance, or other statements that are not historical facts. Forward-looking statements in this press release include, without limitation, information and statements relating to AKF; the expected benefits of AKF’s acquisition; WSP’s leadership position in its markets; and statements relating to the Corporation’s future growth, business performance, prospects, and opportunities. These forward-looking statements are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including assumptions on WSP’s ability to achieve synergies and maintain its market position as a result of the successful integration of AKF; WSP’s ability to attract and retain key AKF employees, management’s estimates and expectations concerning future economic and business conditions; and the accuracy and completeness of the information disclosed by AKF. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been 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. WSP's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding risk factors, which, if realized, could cause the Corporation's actual results to differ materially from those expressed or implied in forward-looking statements, are discussed in greater detail in section 20, “Risk factors” of WSP's MD&A for the quarter and year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and, accordingly, are subject to change after such date. Except to the extent required by applicable law, WSP does not assume any obligation to publicly update or revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, future events or otherwise.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Alain Michaud
Chief Financial Officer
WSP Global Inc.
Phone: 438-843-7317
alain.michaud@wsp.com
