A New York investment firm is taking a stake in Woolpert, a local engineering firm that may soon get bigger through acquisitions.
Woolpert has completed a minority recapitalization deal with Long Point Capital, a private equity firm, to help the Beavercreek-based firm with “strategy, investments and add-on acquisitions,” Woolpert said Wednesday.
Financial terms were not disclosed.
RELATED: Area engineering firm maps Irma’s devastation
With offices in New York City and Royal Oak, Mich., Long Point says it focuses on “lower, middle market businesses with EBITDA of greater than $5 million.”
“EBITDA” represents earnings before interest, taxes, depreciation and amortization, a key measure of ongoing business stability.
“Over the last three years we have optimized our company in terms of performance, operational efficiency and client service,” Scott Cattran, Woolpert president and chief executive, said in a statement.
RELATED: Historic clock to stand 100 feet above Carillon Park
In 2015, Woolpert launched a strategic plan to become “the premier company in its sector,” the company said. “Since then, Woolpert has grown rapidly and earned multiple awards for its industry-leading growth rate and culture, which has fostered its success.”
“We … thought it was a unique that almost half of Woolpert’s business is related to its geospatial services,” Long Point Capital Founding Partner and Managing Director Ira Starr said. “Woolpert develops sophisticated geospatial technologies as well as acquires and analyzes geospatial data for federal, state and local clients.”
Woolpert has nearly 780 employees at 25 offices nationwide and is headquartered in offices off County Line Road, where it has about 230 Dayton-area employees.
MORE: Developer eyes $30M project ‘in the heart of Beavercreek’
“Working with LPC, we will acquire complementary innovative and industry-leading companies. This acquisition strategy will assist Woolpert in its goal of continuing to solidify our spot as the trusted adviser that clients seek to become their best,” Cattran said.