Parsons to Acquire BCC Engineering

By: Parsons Services Company via GlobeNewswire

October 21, 2024 at 06:30 AM EDT

CHANTILLY, Va., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has entered into a definitive agreement to acquire BCC Engineering, LLC (BCC), one of Florida's leading transportation engineering firms, in an all-cash transaction valued at $230 million.

BCC, a portfolio company of Trivest Partners, is a full-service engineering firm that provides planning, design, and management services for transportation, civil, and structural engineering projects in Florida, Georgia, Texas, South Carolina, and Puerto Rico. This acquisition strengthens Parsons’ position as an infrastructure leader while expanding the company’s reach in the Southeastern United States, an area where the Infrastructure Investment and Jobs Act (IIJA) provided approximately $100 billion in Federal Highway Administration formula dollars for fiscal years 2022-2026. The transaction is consistent with Parsons’ strategy of acquiring high-growth companies with greater than 10% revenue growth and adjusted EBITDA margins. BCC will be integrated into Parsons’ North America Infrastructure business unit.

“Parsons’ acquisition of BCC represents another important milestone in our mission to advance mobility solutions across North America,” said Carey Smith, Parsons' chair, president, and chief executive officer. “The addition of BCC’s talented team expands our service offerings and furthers our impact during this transformative era for infrastructure. Our collaboration will enable us to drive progress, foster economic growth, and ultimately create more connected and resilient infrastructure across the nation. I am excited to welcome BCC into Parsons.”

Established in Miami, FL, in 1994, BCC is known for its innovative, best-in-class solutions for some of Florida's largest and most complex roadway and bridge projects. The company has delivered over 100 major projects serving every district for the Florida Department of Transportation and is one of the fastest-growing transportation engineering firms in the southeast U.S. BCC has also been consistently recognized as a top place to work by the Sun Sentinel, and a Top 500 design firm by the Engineering News Record (ENR).

“We are excited to become part of Parsons’ team,” said Jose Muñoz, BCC’s president & CEO. “This acquisition marks a significant milestone for both of our organizations and represents a shared vision for the future of infrastructure in our communities. Parsons is a leader in the digitization of design and delivery of infrastructure, and this provides our team the opportunity to be at the forefront of the industry. Together we’re unlocking the potential of transportation infrastructure for our customers and communities where we live and work.”

Parsons and BCC have worked closely for years on critical infrastructure projects and, through collaboration and client-focused strategy, will continue to unlock additional value and impact for clients worldwide. The net transaction value of $221m (including $9 million of transaction-related tax benefits) represents approximately 13.0x BCC’s estimated 2025e EBITDA. For 2025, Parsons expects BCC to generate approximately $110 million of gross revenue and be accretive to Parsons’ revenue growth and adjusted EBITDA margins. The transaction is expected to close in the next 30 days, subject to customary closing conditions. Parsons was advised by BofA Securities and Jenner & Block, and Akerman advised BCC.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Forward-Looking Statements

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Media Contact:
Bryce McDevitt
+1.703.851.4425
Bryce.McDevitt@parsons.com

Investor Relations Contact:
Dave Spille
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Dave.Spille@parsons.us