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The New Jersey-based company had 5,000 employees at the time, and WSP says the segment it sold employs 1,400.

WSP's move marks a rare divestiture after a spate of acquisitions, including at least eight that have closed since May 2022.

Once a boutique firm called Genivar, the 64-year-old engineering firm has more than quadrupled its headcount over the past decade, swelling to about 67,300 employees as of mid-May, including an additional 10,900 in 2022.

Versar, owed by private equity firm Kingswood Capital Management, is a Washington, D.C.-based project management company that focuses on engineering and security services.

This report by °µÍø½ûÇø was first published Aug. 7, 2023.

Companies in this story: (TSX:WSP)