The Birch Co. Announces Acquisition of Prograde Excavating
The Birch Co. (OTC PINK: ATWT), also known as Atwec Technologies, has signed a non-binding Letter of Intent (LOI) to acquire Prograde Excavating, an expert excavation services provider in Tulsa, OK.
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Rhea-AI Summary
The Birch Co. (OTC PINK: ATWT), also known as Atwec Technologies, has signed a non-binding Letter of Intent (LOI) to acquire Prograde Excavating, an expert excavation services provider in Tulsa, OK. This highly synergistic acquisition is expected to add $2 million in annual recurring revenue and vertically integrate development capabilities.
Prograde Excavating specializes in residential excavation, commercial site development, demolition services, and land clearing. The acquisition will bring a seasoned team, numerous excavating equipment, and a client list of residential and commercial developers. The Birch Co. aims to expand its customer base into demolition and land clearing verticals.
The deal is expected to close in Q4 2024, subject to customary closing conditions, and become accretive beginning in Q1 FY2025. This represents the first acquisition as part of The Birch Co.'s expansion strategy, with potential for more in the future.
Positive
- Acquisition expected to add $2 million in annual recurring revenue
- Vertical integration of development capabilities
- Expansion into new verticals: demolition and land clearing
- Acquisition of seasoned team and excavating equipment
- First step in company's expansion strategy
Negative
- Non-binding Letter of Intent, deal not yet finalized
- Potential integration challenges with new business
Details
News Market Reaction – ATWT
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Highly Synergistic Acquisition to Add
TULSA, OK / ACCESSWIRE / October 10, 202 4/ The Birch Co. (OTC PINK: ATWT), also known as Atwec Technologies, (the "Company"), a leading innovator in the construction industry, dedicated to delivering high-quality, affordable homes today announced that it has signed a non-binding Letter of Intent (LOI) to acquire Prograde Excavating, an expert excavation services provider in Tulsa, OK.
Prograde Excavating specializes in residential excavation, commercial site development, demolition services and land clearing. Grounded in decades of experience, Prograde Excavating doesn't just move earth, the company reshapes landscapes with meticulous care and strategic planning. The company is dedicated to delivering top-notch services for every project, big or small, transforming construction and land development dreams into tangible realities.
"This acquisition of an established excavation contractor in a growth market is highly synergistic with our modern home building solutions in the Sunbelt region," said Josh Ploch, Chief Executive Officer of The Birch Co. "We will build on the company's achievements, enabling us to vertically integrate our residential and commercial development capabilities into other markets. The acquisition will also facilitate expansion of our customer base into demolition and land clearing verticals that we are not servicing today.
"The acquisition brings over
The Birch Co. will acquire
About The Birch Co
The Birch Co is a leading innovator in the construction industry, dedicated to delivering high-quality, affordable homes, high-end custom homes, and commercial construction projects to its customers. With a commitment to excellence and innovation, The Birch Co. is at the forefront of modern building solutions in the Sunbelt region.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words expect, intend, plan, believe, project, forecast, estimate, may, should, anticipate and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other essential factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.
Investor Relations Contact
Mark Schwalenberg
MZ Group
312-261-6430
ATWT@mzgroup.us
SOURCE: ATWEC Technologies
View the original press release on accesswire.com
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