Business
urban-gro, Inc. Closes Acquisition of Emerald Construction Management Inc., Adding In-House Construction Management Services and Complete Design-Build Capabilities
LAFAYETTE, Colo., May 02, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural,
About this update from Urban-gro, Inc.
[{"type":"text","content":"LAFAYETTE, Colo., May 02, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural, engineering, construction management, and cultivation systems integration company focused on delivering complete design-build solutions to the indoor Controlled Environment Agriculture (“CEA”) and Commercial sectors today announced the successful completion of its acquisition of Emerald Construction Management Inc. (“Emerald C.M.”), a 37-year old Colorado-based construction management firm providing comprehensive construction and supervisory services, from initial design through final build-out, effective April 29, 2022. Bradley Nattrass, Chairman and CEO of urban-gro, commented, “The closing of this acquisition allows us to expand our full suite of in-house services to include construction management services as well as add complete design-build capabilities. Moreover, in the global indoor CEA sector, we are the only full service, turnkey, design-build company that can service its clients with all required capabilities within one firm. I’m excited about this expansion, and the single point of responsibility that it allows us to offer the market.” Nattrass continued, “As our prior acquisitions have proven, not only does this transaction bolster our project pipeline, it provides a valuable synergy between our existing service and equipment integration solutions and Emerald C.M.’s client base. During this process, we’ve developed a great partnership with Chris and his team, and have already began submitting RFP bids on multiple complete design-build indoor CEA projects. We are thrilled to welcome them to urban-gro and look forward to driving value for our clients.” urban-gro funded the purchase price of up to $7.0 million, inclusive of a maximum $2.0 million contingent earnout, with a combination of $2.5 million in cash and up to $4.5 million in equity. The Company expects the acquisition to be immediately accretive to earnings in 2022. About urban-gro, Inc.urban-gro, Inc.® (Nasdaq: UGRO) is a fully integrated architectural, engineering, construction management, and cultivation systems integration company focused on delivering complete design-build solutions to the indoor CEA and Commercial sectors. With experience in hundreds of CEA facilities spanning millions of square feet across t...