MONTREAL 鈥� WSP Global Inc. says it has sold Louis Berger Services Inc. to Versar Inc. less than five years after buying the engineering and design firm's parent company.
Montreal-based WSP acquired Louis Berger Holdings Inc., which specializes in operations and maintenance at military installations and transport infrastructure, for $400 million in December 2018.
The New Jersey-based company had 5,000 employees at the time, and WSP says the segment it sold employs 1,400.
WSP's move marks a rare divestiture after a spate of acquisitions, including at least eight that have closed since May 2022.
Once a boutique firm called Genivar, the 64-year-old engineering firm has more than quadrupled its headcount over the past decade, swelling to about 67,300 employees as of mid-May, including an additional 10,900 in 2022.
Versar, owed by private equity firm Kingswood Capital Management, is a Washington, D.C.-based project management company that focuses on engineering and security services.
This report by The Canadian Press was first published Aug. 7, 2023.
Companies in this story: (TSX:WSP)
The Canadian Press
