• Jobs & Careers
  • Investor Center
  • GSE Home
  • Search
GSE Solutions
  • Design & Analysis
      • Design & Analysis
        • Civil & Structural Engineering
        • Electrical / I&C Engineering
        • Fire Protection Engineering
        • Mechanical Engineering
        • All GSE Engineering Services >
      • Core competencies are engineering, project studies and design modifications, but through alliances with our teaming partners, we offer a myriad of related services.

        Watch video >

      • Engineer of Choice Provider - We maintain a deep bench of expertise that includes both bright, promising engineers and staff members with 40 or more years of industry experience.

    • Systems & Simulation
        • Systems & Simulation Solutions
          • High-fidelity Simulators
          • Classroom Simulators
          • Engineering Simulators
          • On-demand Training & Simulations
          • Simulator Upgrades & Maintenance
          • Platforms & Development Tools
          • Advanced Simulation Models
          • All GSE Engineering Services >
        • The most experienced simulation company in the world. Having delivered more full-scope simulators than all of our competitors combined.

          Watch video >

        • December 2022 News - GSE Solutions to Develop First-of-its-kind Hydrogen Plant Model for NuScale Power

          Read more >

      • Programs & Performance
          • Engineering Programs Services
            • ASME Code Programs
            • ASME Section XI Programs
            • Balance of Plant (BOP) Programs
            • Equipment Qualification Programs
            • Engineering Programs Training
            • Nuclear Power Plant Life Extension Services
            • Software (EP-Plus Engage)
          • Thermal Performance Services
            • Data Validation & Reconciliation (DVR)
            • Engineering Analysis & Support
            • Monitoring & Testing Services
            • Program Assessment Services
            • Thermal Performance Training
            • Thermal System Monitoring (TSM)
            • All GSE Engineering Services >
          • True North Consulting is now GSE Engineering, Programs & Performance group. Letter to customers >

        • Training Services
            • Nuclear Operator Training
              • SRO Certifications
              • Classroom Simulators
            • Engineering Programs Training
              • 10 CFR Appendix J
              • Advanced CHECWORKS
              • Appendix III MOV
              • Inservice Inspection (ISI) Programs
              • Inservice Testing (IST) Training
            • Thermal Performance Training
              • Basic Thermal Performance Training
              • Basic Thermal Performance for Fossil
              • Moisture Separator and Reheater Training
            • Training for Process/O&G
              • On-demand Simulation
              • Cloud-based Courses & Tutorials
              • All GSE Workforce Solutions >
            • Our team brings more than 40 years of experience developing training programs for the power generation industry. GSE offers training programs to fit every need, from turn-key to custom programs, to on-demand and certification courses.

              Watch video >

          • Technical Staffing
              • Technical Staffing
                • Nuclear Staffing
                • Thermal/Fossil Staffing
                • Oil & Gas Staffing
                • Renewable Energy Staffing
                • Transmission & Distribution Staffing
                • Vets On Call Program
              • Specialty Consultants
                • Nuclear Operations Specialists
                • Thermal Performance Analysts
                • Procedure Services & Specialists
                • Simulation Specialists
                • Nuclear Training Instructors
                • Design & Maintenance Engineers
                • All GSE Workforce Solutions >
              • GSE experts help identify solutions and talent to address workforce gaps. The GSE Workforce Solutions team will make sure the right people and skills are in place for customer operations to run smoothly.

                Watch video >

            • About
              • About GSE
              • Press Releases
              • Leadership
              • Board Members
              • Investor Center
              • Blogs & Articles
              • Resource Library
            • Contact
            • Menu Menu

            GSE Systems Acquires DP Engineering

            February 19, 2019/in Acquisitions

            COLUMBIA, MD – February 19, 2019 – GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq: GVP), a leading provider of  engineering, expert staffing, and simulation software to clients in the power and process industries, today announced that the Company acquired DP Engineering Ltd. Co. (“DP Engineering”), a specialized provider of high-value engineering services and solutions to the nuclear power industry.  DP Engineering is known by its clients as a responsive and experienced organization that brings technical knowledge and creativity to their projects.

            Founded in 1995 in Fort Worth, Texas, DP Engineering generates over 90% of its revenue from the nuclear power industry.  DP Engineering employs approximately 110 full-time professionals with core expertise in:  mechanical design; civil/structural design; electrical, instrumentation and controls design; digital controls/cyber security; and fire protection.  DP Engineering primarily works under master service agreements as the Engineer of Choice for leading nuclear utility operators.  More than 80% of DP Engineering’s revenue is expected to be generated under time-and-materials contracts, with the remainder from fixed-price agreements.  Over the past three years, DP Engineering’s average annual revenue was greater than $20 million, with gross profit margins in excess of 30% and strong free cash flow.

            Kyle Loudermilk, GSE’s President and Chief Executive Officer, commented, “We are absolutely thrilled to add DP Engineering to the business.  With DP Engineering, GSE adds an outstanding team of nuclear-focused professionals delivering an array of complementary high-value-added engineering capabilities.  These capabilities include a core competency in engineering design modifications centered around regularly scheduled nuclear plant outages.  In addition to broadening GSE’s engineering services offering, DP Engineering expands and deepens our relationships with several of the largest U.S. nuclear energy providers, while improving GSE’s overall operating margin profile.  As one company, we will add greater value to our customers than either could offer independently.  The acquisition of DP Engineering is yet another compelling proof point in GSE’s strategy to create value for customers, employees, and shareholders by consolidating a fragmented vendor ecosystem serving the nuclear power industry.”

            Transaction Details

            GSE acquired 100% of the equity interest of DP Engineering for $13.5 million in cash, subject to customary working capital adjustments, with additional purchase consideration of up to $5.0 million payable as an earn-out contingent upon DP Engineering satisfying certain annual adjusted EBITDA thresholds over the next two years ranging from $2.75 million to $4.3 million.  GSE drew on its existing delayed draw term loan facility to fund the transaction.  GSE also expects that the transaction will be immediately accretive to the Company’s adjusted earnings per share.  For reporting purposes, DP Engineering will be included in GSE’s Performance Improvement Solutions segment.

            Chris Sorrells, GSE’s Chief Operating Officer, commented, “Over the past 16 months, GSE has acquired DP Engineering, True North Consulting, and Absolute Consulting, establishing GSE as the go-to provider of specialized technical engineering and expert staffing solutions in the nuclear power industry.  GSE can now deploy over 500 highly specialized employees to serve the complex needs of the nuclear power industry during a time when it is facing acute shortages of technical talent and expertise.  On a pro forma basis, GSE’s revenue exceeds $100 million, making the Company one of the largest independent nuclear service companies in the United States.  During our leadership team’s tenure, GSE’s pro forma revenue growth is approximately 130%, while our stock price has appreciated over 110%.  We are extremely pleased with our progress.  Moreover, GSE’s deal pipeline remains robust, and we continue to work diligently in pursuit of additional acquisitions that can enhance shareholder value in our targeted areas of technical engineering and expert staffing for the broader power industry as well as national laboratories focused on nuclear power.”

            Share this entry
            • Share on Facebook
            • Share on Twitter
            • Share on WhatsApp
            • Share on LinkedIn
            • Share by Mail
            0 0 Sunny Demattio https://gses.com/wp-content/uploads/2022/11/GSE-Solutions_tag-22a.png Sunny Demattio2019-02-19 09:07:542020-01-15 16:32:00GSE Systems Acquires DP Engineering

            Company Contact
            Sunny DeMattio
            Marketing & Communications Director
            GSE Solutions
            410.970.7931

            Kyle Loudermilk
            Chief Executive Officer
            GSE Solutions
            410.970.7800

            Lytham Partners
            Adam Lowensteiner
            Vice President
            gvp@lythampartners.com
            646.829.9702

            Topics

            • Acquisitions
            • Financials
            • Customer Wins
            • General News
            • Partnerships
            • Events & Speaking
            • Products & Solutions

            Archive

            • 2023
            • 2022
            • 2021
            • 2020
            • 2019
            • 2018
            • 2017
            • 2015
            • 2014
            • 2013
            GSE Solutions
            © 2023. All rights reserved.
            Privacy Policy

            Navigation

            • Investor Center
            • Jobs & Careers
            • Contact Us
            • Press Releases
            • Follow Us on LinkedIn

            Contact Us

            Scroll to top

            This site uses cookies to improve your browsing experience; the website may not work as expected without them. By continuing to browse this site, you consent to the use of cookies.

            OKLearn More

            Cookie and Privacy Settings



            How we use cookies

            We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

            Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

            Essential Website Cookies

            These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

            Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

            We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

            We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

            Other external services

            We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

            Google Webfont Settings:

            Google Map Settings:

            Google reCaptcha Settings:

            Vimeo and Youtube video embeds:

            Privacy Policy

            You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

            Accept settingsHide notification only