MGI is a privately owned, Alberta based geomatics company with a 35 year successful track record. MGI services a wide range of client sectors with particular strength in the electrical power, industrial and commercial construction, as well as the oil and gas and pipeline sectors.
"We have a strong commitment to strengthen and grow all of our business units," said Bob Courteau, CEO of Altus Group. "The acquisition of MGI intensifies our market position in geomatics services in Western Canada while contributing to the strong and recurring revenue streams provided by Altus Geomatics."
The combination of MGI's diversified service lines and blue chip client list furthers Altus Geomatics' strategy to grow its market presence in Western Canada. The addition of MGI's 65 employees (including professional engineers and accredited land surveyors) will bolster Altus Geomatics' staff resources to over 500 employees. The Company expects to realize meaningful synergies and competitive advantages in terms of business development, higher staff utilization, geographical footprint and enhanced market scope that will allow it to capitalize more effectively on the market opportunity in geomatics services.
"We look forward to the many benefits that will be created through this merger, for both our clients and our employees," commented Irwin Maltais, President and Founder of MGI. "Our shared commitment to quality, timeliness, safety, and client satisfaction enables us to build on an established track record in delivering the leading-edge geomatics solutions that our clients have come to expect."
Once fully integrated, the Company expects that the merger will result in revenue growth from the broadened service offering and increased market share. In the past three years, MGI's revenues exceeded $10 million per year, and annual EBITDA averaged over $3 million. The acquisition is expected to be immediately accretive to adjusted EPS (earnings per share). The acquisition was funded through a combination of cash and equity.
About Altus Geomatics
From extensive mapping services to site surveys, Altus Geomatics is the market leader in advanced, customized solutions for a wide variety of consulting projects. Utilizing innovative and proprietary technology that not only makes research-gathering more efficient and less costly, but also ensures accurate, effective geographical data, our experts facilitate complex decision-making for businesses, communities, governments and industries. Our complementary and diversified range of service offerings includes Mapping, Construction Surveys, Legal/Municipal Land Surveys, Land Development, Light Detection and Ranging (LiDAR), 3D Laser Scanning, Geographic Information Systems (GIS), and Environmental & Forestry. Altus Geomatics is strategically positioned in all four western provinces, as well as New Brunswick and Nova Scotia, to deliver the service and expertise that guarantees results, and mitigates risk, across all project phases, regardless of sector, scope or region.
For more information on Altus Geomatics, please visit: http://altusgeomatics.com/pdfs/factsheets/Leading_Edge_FS.pdf
About Altus Group Limited
Altus Group is a leading provider of independent commercial real estate consulting and advisory services, software and data solutions. We operate five interrelated Business Units, bringing together years of experience and a broad range of expertise into one comprehensive platform: Research, Valuation and Advisory; ARGUS Software; Property Tax Consulting; Cost Consulting and Project Management and Geomatics. Our suite of services and software enables clients to analyze, gain insight and recognize value on their real estate investments.
Altus Group has over 1,800 employees in multiple offices around the world, including Canada, the United States, the United Kingdom, Australia and Asia Pacific. Altus Group's clients include financial institutions, private and public investment funds, insurance companies, accounting firms, public real estate organizations, real estate investment trusts, healthcare institutions, industrial companies, foreign and domestic private investors, real estate developers, governmental institutions and firms in the oil and gas sector.
For more information on Altus Group, please visit: www.altusgroup.com .
Forward-Looking Information
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, its objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.
Forward-looking information includes, but is not limited to, the discussion of Altus Group's business and operating initiatives; its expectations of future performance for its various business units and its consolidated financial results; and its expectations with respect to cash flows and its level of liquidity; and its expectations as to the acquisition of MGI and its future operating performance and prospects.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that were identified and were applied by Altus Group in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of Altus Group's business strategies (including the success of its initiatives and the acquisition of MGI); consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which Altus Group operates; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of Altus Group's businesses; and the continued availability of qualified professionals.
Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause Altus Group's actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: general state of the economy; competition in the industry; ability to attract and retain professionals; commercial real estate market; integration of acquisitions; oil and gas sector; Canadian multi-residential market; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandates; information technology governance and security; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants; unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders' interests, as well as those described in Altus Group's publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com).
Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus Group has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus Group does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.
Contacts: Altus Group Limited Camilla Bartosiewicz Vice President, Investor Relations (416) 641 - 9773 camilla.bartosiewicz@altusgroup.com
