STRL - Mergers and acquisitions

THE WOODLANDS, Texas, Nov. 16, 2023 /PRNewswire/ -- Sterling Infrastructure, Inc. (NASDAQ:STRL) ("Sterling" or "the Company") today announced that it has acquired Professional Plumbers Group, Incorporated (PPG), headquartered in Wylie, Texas. PPG serves a range of residential home builders in the greater Dallas area and will join Sterling's Building Solutions segment. Acquisition Highlights Purchase price consists of a cash payment of $50 million and an earnout opportunity contingent upon achieving future EBITDA targetsAnnual revenues of $50 to $55 millionStrong, accretive mar

Sterling Infrastructure, Inc. (NASDAQ:STRL) ("Sterling" or "the Company") today announced that it has acquired Concrete Construction Services of Arizona L.L.C. and its affiliated company (collectively "CCS"). CCS provides residential single-family home concrete foundations, including the preparation, pouring and finishing of post-tension concrete foundations in new housing subdivisions in the Greater Phoenix area. The transaction provides an experienced and highly effective management team and workforce. Acquisition Highlights A purchase price of $22 million, consisting of a combination of cash and Sterling common stock, which equates to a purchase price multiple of 2.5 to 3.5 times EBIT

Sterling Construction Company, Inc. (NASDAQ:STRL) ("Sterling" or "the Company") today announced that it has acquired Kimes & Stone ("Kimes"). Kimes provides a diversified services offering of soil stabilization for site development on e-commerce projects such as large fulfillment and distribution centers and data centers, as well as soil stabilization for roadways and manufacturing plant construction. The transaction includes a fleet of soil stabilization equipment and working capital, and provides an experienced and highly effective management team and workforce. Additionally, Sterling's site development business has been Kimes' major customer for the last several years. Acquisition Highl