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TRANSACTIONS GHK CAPITAL-BACKED WSB, A LEADING NATIONAL DESIGN AND CONSULTING FIRM, ANNOUNCES ACQUISITION OF AGBARA ENGINEERING WSB LLC, one of the nation’s fastest growing infrastructure engineering and consulting firms, announced the acquisition of Agbara Engineering, a forward-thinking power delivery engineering firm committed to powering progress and empowering communities. The strategic addition of Agbara enhances the firm’s ability to support the full lifecycle of energy infrastructure for existing and new clients. WSB is a portfolio company of GHK Capital Partners LP, a leading middle-market private equity firm based in Greenwich, Connecticut. “The acquisition of Agbara Engineering marks a pivotal moment in WSB’s journey to build a national energy practice,” said Bret Weiss, WSB’s president and CEO. “Agbara’s deep expertise in transmission, distribution, and substation design

perfectly complements our existing capabilities and allows us to deliver more comprehensive, future-focused solutions to our clients. Together, we’re not just expanding our services – we’re empowering our teams, strengthening our culture, and positioning WSB as a leader in the power/energy space. I’m incredibly excited about what we’ll build together.” The acquisition of Agbara brings more than 50 employees into WSB. Combined, WSB now operates from over 50 offices with nearly 1,600 employees nationwide to serve its clients across the government, commercial and energy markets. “Joining WSB is an exciting step forward for Agbara Engineering,” said Jamil Newell, founder and CEO of Agbara. “We’ve always believed in engineering with purpose, and now we have the opportunity to scale that impact alongside a firm that shares our values and vision. This partnership gives our

clients access to expanded services and deeper resources, while our staff gain new opportunities for growth, collaboration, and innovation. Together, we’re building something bigger – an energy/power practice that’s positioned to lead and evolve with the future.” WSB and Agbara will unify their market strategy as WSB in early 2026. This marks WSB’s fifth acquisition in two years, having recently acquired EST, AE Engineering, Meshek & Associates, and CAS Consulting & Services, expanding WSB’s expertise across transportation, engineering, water resources, and construction management. WSB is a forward-thinking design and consulting firm specializing in engineering, community planning, environmental and construction services. Its staff improves the way people engage with communities, transportation, infrastructure, energy and our environment.

helps refocus attention on what truly drives values: strong financial performance, employee engagement, and a shared sense of ownership. When employees understand and appreciate the benefits of the ESOP, their behaviors naturally align with higher productivity and profitability, creating a positive cycle that benefits everyone – from founders to new employee- owners. LAYING THE FOUNDATION FOR ACCELERATED SUCCESS. While ESOPs can be complex, the rewards are significant. The success stories shared at the conference were a powerful reminder that, when done right, ESOPs can transform both company culture and employee futures. The key is to approach the process with eyes wide open, understanding the structure, discipline, and commitment it takes to make employee ownership truly work. For AEC firms, that means thinking beyond ownership transition and focusing on building the right financial, cultural, and governance foundations today. When those are in place, an ESOP can be one of the most rewarding paths an organization can take for owners and employees alike. If your firm is considering employee ownership, join me and Becky Carlson for our webinar, “Is an ESOP Right for You?” During the session, we’ll be honest: ESOP isn’t the best choice for every firm. We’ll share direct industry lessons on how to determine if it’s the right path for your firm and the steps needed to become ESOP-compatible. Brad Wilson, CMA, MBA, is director of Strategic Growth Advisory at Stambaugh Ness. Connect with him on LinkedIn .

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to eliminate overlapping roles in favor of governance with clearly defined roles. In an ESOP, the trustee must speak for the shareholders and protect their interests. The board of directors selects the trustee, but the shareholders (represented by the trustee) elect the board members. Often, those board members are also part of the C-suite. This governance can be complicated and is often the main hesitation for smaller firms that haven’t thought about the separation of authority until they consider becoming an ESOP. Even larger ESOP firms struggle with governance as they introduce outside members (usually required) into their board structure. 3. ESOPs: Employee benefit first, exit strategy second. Among AEC firm leaders who expressed some dissatisfaction with their ESOPs, this issue was at the root of their frustration. When firms use ESOPs as a last-minute exit strategy – something that happens frequently – the results fall short. On the other hand, firms that treat their ESOP as part of a broader culture of ownership tend to see stronger engagement, higher productivity, and ultimately, more value for both employees and founders. The success of any strategy depends on the strength of the decision that came before it, and the ESOP is no exception. In the AEC industry, ESOPs are gaining popularity for a variety of reasons, some more strategic than others. Yet, even when initial motivations are imperfect, many firms find that the ESOP structure itself

THE ZWEIG LETTER NOVEMBER 17, 2025, ISSUE 1610

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