DBM Global Inc. (OTCPK: DBMG), an operating subsidiary of HC2 Holdings, Inc. (NYSE: HCHC), has entered into an agreement to acquire the North American operations of Candraft Virtual Steel Infrastracture Inc.
Financial terms of the transaction were not disclosed. DBM will fund the acquisition with cash on hand. The acquisition is expected to close in the fourth quarter 2017.
Founded in 1978, New Westminster, BC based Candraft is one of the premier bridge infrastructure detailing and modeling companies in North America. Candraft has an extensive track record of successful projects across the United States and Canada, including replacement of New York City’s Kosciuszko Bridge, between Brooklyn and Queens; the Portageville (NY) railroad bridge across the Genesee River; the widening of the Huey P. Long Bridge in New Orleans; and construction of the new San Francisco-Oakland Bay Bridge, the largest self-anchored single tower suspension bridge in the world.
“The acquisition of Candraft will compliment perfectly our acquisitions last year of BDS VirCon and PDC, providing DBM with greater depth and expertise in bridge detailing and broader exposure to the infrastructure sector,” said Rustin Roach, President and Chief Executive Officer of DBM Global. “To complete complex, large-scale steel construction projects our customers require a partner able to design, build and manage the steel supply chain. By continuing to opportunistically build our portfolio of companies we can provide a uniquely comprehensive set of services to our customers, which will also deliver increased value for our shareholders.”
“Our team is excited to join the DBM Global family of companies, which will provide us access to broader markets and advanced technology from DBM’s other complementary businesses – BDS VirCon and PDC,” said John Cooper, founder and Chief Executive Officer of Candraft, who will continue to serve as President of the business. “Under the DBM umbrella we will continue to deliver quality results on schedule to our customers.”
Phoenix, Arizona based DBM Global, formerly Schuff International, Inc., is focused on delivering world class, sustainable value to its clients through a highly collaborative portfolio of companies which provide better designs, more efficient construction and superior asset management solutions. DBM Global’s portfolio of companies include Schuff Steel Company, the largest steel fabrication and erection company in the United States, Schuff Steel Management Company, PDC, BDS VirCon and Aitken Manufacturing.
photo credit: Candraft