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Thursday, Mar 28, 2024
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Anaheim Company Goes Public

Willdan Group Inc., an Anaheim company that handles engineering, security and financial consulting jobs for cities and counties, debuted Tuesday in a public offering worth about $29 million.

The company offered 2.9 million shares at $10 apiece, the midpoint of its previous $9-$11 range. The company also came out with an additional 100,000 shares, up from the original 2.8 million it announced last week. A shareholder is selling another 800,000 shares.

The stock, trading on Nasdaq under the symbol “WLDN,” finished up 5.6% to $10.56 on its first day. Los Angeles-based Wedbush Morgan Securities Inc. was the lone underwriter of the offering.

Willdan expects proceeds of $6.3 million to be used for general purposes, including paying down $1.6 million in debt, possible acquisitions and distribution to existing stockholders.

The 46-year-old company, which has about 650 workers, posted sales of more than $67 million in 2005. It was in the black for two of the past three years and in this year’s first quarter.

The company targets cities, counties and other governments with anywhere from 10,000 people to 300,000 people.

Willdan does civil engineering, building and safety services, geotechnical engineering, financial and economic consulting, and, its newest service, disaster preparedness and homeland security.

Engineering makes up 85% of revenue.

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