Willdan to buy Mantis Innovation for $290M in energy services push
What's the deal? Willdan GroupDealroom has a profile for this one. Try Dealroom → (NASDAQ: WLDN) has agreed to acquire Mantis Innovation for $285 million in cash, buying 100% of the Houston-based company's equity. The deal is expected to close in the fourth quarter of 2026, pending Hart-Scott-Rodino antitrust approval.
Who's who? WilldanDealroom has a profile for this one. Try Dealroom → is a technical services company focused on energy and infrastructure, serving utilities, governments, and commercial customers across the US and Canada. Mantis, with more than 220 employees, provides building controls, energy efficiency, energy advisory, and facility management solutions.
What's the endgame? The acquisition expands Willdan's commercial reach into data centers, food and beverage, healthcare, and other industries. It also strengthens the company's energy procurement and industrial energy efficiency businesses.
Why now? Willdan is betting on rising demand for energy-efficient data centers. "This addition significantly strengthens our energy procurement offering, industrial energy efficiency business, and positions Willdan for the growing demand of new energy-efficient data centers," said chief executive officer Mike Bieber.
The numbers: Mantis is expected to generate $120 million of net revenue in 2026, with an adjusted EBITDA margin in the low 20s. Willdan says the deal will be accretive to earnings in 2027.
How it's funded: Willdan plans to fund the purchase with a new $250 million term loan, for which it has a fully underwritten commitment, plus cash on hand and existing credit facilities. Its board approved the deal unanimously; JefferiesDealroom has a profile for this one. Try Dealroom → advised Mantis.
The signal: The deal reflects consolidation among energy and infrastructure services firms as data center construction fuels demand for efficiency and procurement expertise. "Demand for these services is accelerating," said Mantis chief executive officer Darrell Whitley.
Image credit: Lance Cheung
