Lime Energy
10-K - Mar 8, 2019
On October 1, 2018, the Company, through two of its wholly-owned subsidiaries, Willdan Energy Solutions (“WES”) and Luna Fruit, Inc., a Delaware corporation and wholly-owned subsidiary of WES (“Mer...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Willdan Group, Inc.
WLDNActiveCIK 1370450 · Environmental Engineering & Consulting
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, WLDN filings, SEC EDGAR
$1,308
Market cap ($MM)
$1,349
Enterprise value ($MM)
$684
Revenue · LTM ($MM)
$65
EBITDA · LTM ($MM)
9%
EBITDA margin
2.0x
EV / revenue
20.8x
EV / EBITDA
0.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WLDN is a scaled public consolidator in Env Engineering, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is TTEK, ACM, PWR, J, KBR, EME.
Balance sheet & capacity
Indicative capacity read: 0.3x net debt / EBITDA with EBITDA of $64.9MM.
$28
Cash & equiv. ($MM)
$48
Total debt ($MM)
$20
Net debt ($MM)
0.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WLDN versus the scaled public Environmental Engineering & Consulting comparables.
Indexed share-price performance
WLDN versus available Environmental Engineering & Consulting peers and SPY.
+156%
WLDN
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Willdan Group, Inc. | WLDN | $684 | $65 | 9% | $1,308 | $1,349 | 2.0x | 20.8x | 0.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WLDN's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
49
Active years
10
Named deals
4
Avg / active year
4.9
Acq. cash outflow ($MM)
N/A
Banker read
- 01WLDN reads as a programmatic acquirer: 49 disclosed acquisitions across 10 active years, or 4.9 per active year. The chart shows activity in 7 of the last 10 visible years.
- 02In the last three years, the file shows 4 acquisitions versus 6 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $300MM of disclosed spend is concentrated in lumpy years, with FY18 the largest year at $145MM. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
WLDN count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
4 / 6
Last three years is down 33% vs prior three.
Peak count year
FY15
3 disclosed acquisitions in the peak visible year.
Recent spend
$45.3MM
is down 80% vs prior three; peak FY18 at $145MM.
Named evidence
4 rows
8.2% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Nov 9, 2018 | Lime Energy Co. | Environmental engineering, consulting, and infrastructure services | $122 | On October 1, 2018, the Company, through two of its wholly-owned subsidiaries, Willdan Energy Solutions (“WES”) and Luna Fruit, Inc., a Delaware corporation and wholly-owned sub... | 10-K† |
| Jul 2, 2019 | Onsite Energy Corporation | Environmental engineering, consulting, and infrastructure services | $25 | On July 2, 2019, the Company acquired substantially all of the assets and liabilities of Onsite Energy Corporation (“Onsite Energy”), an energy efficiency services and project i... | 10-K† |
| Mar 8, 2019 | The Weidt Group Inc. | Environmental engineering, consulting, and infrastructure services | $22 | On March 8, 2019, the Company acquired substantially all of the assets of the energy practice division of The Weidt Group Inc. (“The Weidt Group”). The Company believes the acqu... | 10-K† |
| Nov 9, 2018 | Lime Energy | Environmental engineering, consulting, and infrastructure services | $120 | Due to our acquisition of Lime Energy on November 9, 2018, the size of our business has increased significantly. The $120.0 million purchase price represented approximately 85.3... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 8 SEC-backed facts across 2 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
17
Named deal filings
2
Recent SEC filings
0
Evidence clips
4
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.17 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 27, 2026 | Annual M&A 10-K | quarantined (4 issue) | 3 | $36.3MM | $53.3MM | SEC filing |
| FY2024 | Mar 7, 2025 | Annual M&A 10-K | accepted | 1 | $7.4MM | $16.3MM | SEC filing |
| FY2023 | Mar 8, 2024 | Annual M&A 10-K | warning (1 warn) | N/A | $1.6MM | N/A | SEC filing |
| FY2022 | Mar 10, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Mar 17, 2021 | Annual M&A 10-K | accepted | 3 | N/A | $869MM | SEC filing |
| FY2019 | Mar 6, 2020 | Annual M&A 10-K | quarantined (1 issue) | 3 | $71.8MM | $86.2MM | SEC filing |
| FY2018 | Mar 8, 2019 | Annual M&A 10-K | warning (1 warn) | 3 | $137MM | $169MM | SEC filing |
| FY2017 | Mar 9, 2018 | Annual M&A 10-K | quarantined (1 issue) | 1 | $14.6MM | $23.6MM | SEC filing |
| FY2015 | Mar 16, 2016 | Annual M&A 10-K | accepted | 3 | $8.2MM | $19.4MM | SEC filing |
| FY2014 | Mar 31, 2015 | Annual M&A 10-K | quarantined (1 issue) | N/A | N/A | N/A | SEC filing |
| FY2013 | Mar 25, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Mar 26, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Mar 29, 2012 | Annual M&A 10-K | warning (1 warn) | N/A | $2.7MM | N/A | SEC filing |
| FY2010 | Mar 29, 2011 | Annual M&A 10-K | quarantined (2 warn, 1 issue) | 0 | $2.1MM | N/A | SEC filing |
| FY2009 | Apr 2, 2009 | Annual M&A 10-K | accepted | 1 | $10.2MM | $11.7MM | SEC filing |
| FY2007 | Mar 27, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Mar 27, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.2 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 6, 2020 | 10-K | Onsite Energy Corporation; The Weidt Group Inc.; Lime Energy | Annual M&ANamed deals | SEC filing |
| Mar 8, 2019 | 10-K | Lime Energy Co. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.4 rows+-
Medium
Onsite Energy Corporation
10-K - Mar 6, 2020
On July 2, 2019, the Company acquired substantially all of the assets and liabilities of Onsite Energy Corporation (“Onsite Energy”), an energy efficiency services and project implementation firm t...
The Weidt Group
10-K - Mar 6, 2020
On March 8, 2019, the Company acquired substantially all of the assets of the energy practice division of The Weidt Group Inc. (“The Weidt Group”). The Company believes the acquisition will expand ...
Lime Energy
10-K - Mar 6, 2020
Due to our acquisition of Lime Energy on November 9, 2018, the size of our business has increased significantly. The $120.0 million purchase price represented approximately 85.3% of our total conso...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.