Quanta Acquires Hallen Construction, 2 Specialty Contractors
HOUSTON (UC) — Quanta Services said it has completed the acquisition of Plainview, N.Y.-based Hallen Construction, a large gas utility contractor serving key markets in the U.S. Northeast, along with two Southeast specialty contractors for $330 million in cash and stock.
"Over the past several years, Hallen has achieved solid organic revenue and profit growth by leveraging its operational excellence and working collaboratively with its customers," Quanta said in an announcement of the transaction's closing.
Founded in 1927, Hallen has strong customer relationships with leading utilities in its markets, Quanta said. It primarily provides gas distribution and transmission services and, along with a lesser focused on underground electric distribution and transmission services.
The smaller acquisitions included Prairieville, La.-based R.R. Cassidy Inc., which specializes in pole-setting, and Marathon Construction Services, a drilled shaft foundation company based in Tavares, Fla. Quanta said it bought all three companies for about $328 million in cash and $2 million in stock but did not break down the cost of each acquisition individually.
"We believe these acquisitions provide a repeatable and sustainable earnings profile that is complementary to our business and consistent with our strategy," Duke Austin, Quanta's president and CEO.
"Hallen represents a sizeable expansion into key northeast markets characterized by aged infrastructure and mandatory multi-decade modernization programs that are in their early stages, which we believe improves our long-term visibility and provides attractive multi-year growth opportunities and accretive returns for our stockholders," Austin said.
Quanta Services, a specialized contracting services company, delivers comprehensive infrastructure solutions for the electric power, energy and communications industries, including design, installation, repair and maintenance. Its operations span the United States, Canada, Latin America, Australia and select other international markets.
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