Willdan Group, Inc. (NASDAQ:WLDN) announced today it has entered into a definitive Membership Interest Purchase Agreement with Mantis Innovation to acquire 100% of the outstanding equity of Mantis Intermediate Holdings, LLC ("Mantis"). The total purchase price of this acquisition is $285 million in cash, subject to customary holdbacks and adjustments. The closing of the acquisition is subject to completion of the Hart-Scott-Rodino ("HSR") anti-trust approval process. Willdan expects the acquisition of Mantis to close during the fourth quarter of 2026.

Headquartered in Houston, Texas, Mantis is a leading provider of building controls, energy efficiency, energy advisory, and facility management solutions. With more than 220 employees, Mantis expands Willdan’s commercial market presence in data centers, food and beverage, healthcare, and other industries, while creating meaningful opportunities to leverage each company’s customer relationships with a broader range of core energy offerings.

The expected transaction has been unanimously approved by Willdan's Board of Directors. Willdan expects to fund the transaction using proceeds from a new $250 million term loan facility for which it has received a fully underwritten financing commitment, together with cash on hand and borrowings under its existing credit facilities. Completion of the transaction is subject to customary closing conditions, including the expiration or termination of the waiting period under HSR. The parties intend to make their HSR filings promptly.