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ON THE MOVE WILSON & COMPANY WELCOMES NEW DIRECTOR OF BOARD, ILENE COLINA Wilson & Company, Inc., Engineers & Architects announces new addition to the Board of Directors, Ilene Colina, SHRM- SCP. Colina was elected to serve a three- year term as an external director. She has more than 35 years of experience in the consulting industry as a human resource professional and will provide great support during this crucial time of growth for Wilson & Company. “We are equally excited about the strategic benefit we receive from Ilene’s expertise, leadership qualities and experience as we are about her alignment with our culture and vision for the company,” said Jim
Brady, PE, Wilson & Company’s president and CEO. Colina’s role as part of the board comes during a significant time of planning and forecasting for growthwithin the company. Her vast experience in human resources aligns with the company’s goals to enhance employee engagement, support diversity and inclusion, and successfully take on the need to attract, develop, and encourage people. Wilson & Company is a comprehensive solution for multi-disciplinary engineering, architecture, surveying and mapping, planning, and construction management needs.
ANDY CHAVEZ, from page 1
New York: $27 billion Florida: $19 billion Pennsylvania: $18 billion
Of these states, we are seeing the highest multiples in Texas and Pennsylvania. This is likely because these states have metros that are growing rapidly and there’s an increasing demand for engineering services that is much greater than the labor force available to do the work. (High demand and low supply equates to an expensive product or service.) California and Florida, however, are flush with engineering firms, lead primarily by baby boomers who are looking to retire. These markets are experiencing more consolidation than growth, causing the multiples to stay more or less steady. ■ ■ Firm size. The market as a whole is relatively agnostic to firm size at the moment. Almost any firm located in one of the previously listed areas or servicing one of the previously listed verticals can easily find a buyer that’s willing to pay a strong multiple. However, the type of buyer that you’ll be dealing with will likely differ depending on the size of your firm. For the sake of simplicity, we’ll discuss firm size by way of adjusted EBITDA. If your firm has an EBITDA of less than $5 million, you’ll likely be dealing with a pool of buyers that consists of mainly strategic architecture and engineering operating companies that are looking to grow their labor force or expand into a promising vertical or metro. Once you get above $5 million adjusted EBITDA, you’ll start to attract financial buyers that may be able to fit you into their portfolio in one of several different ways. If your firm is above $10 million EBITDA, you may be a prime candidate to operate as a platform company. If you’re less than $10 million in EBITDA, it’s more likely that you’ll fit into the portfolio as a bolt- on acquisition that fits the strategic growth goals of the platform. Note that these values definitely vary based on the situation, but these are good “ballpark figures” to use for the sake of discussion and edification. Taking a deeper dive into those two acquisition types will likely require an entire article of its own. Soon to come. Andy Chavez, CM&AA is a senior analyst within Zweig Group’s advisory services group. Contact him at achavez@zweiggroup.com.
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THE ZWEIG LETTER MARCH 7, 2022, ISSUE 1431
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