DBM Global Inc. to acquire leading bridge & infrastructure detail and modeling company Candraft
OREANDA-NEWS. DBM Global Inc. (OTC PINK:DBMG), a family of companies providing fully integrated structural and steel construction services, and an operating subsidiary of HC2 Holdings, Inc. (NYSE:HCHC), announced today that it has entered into an agreement to acquire the North American operations of Candraft VSI. (“Candraft”).
Candraft, which was founded in 1978 and remains headquartered in Vancouver, 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.”
Financial terms of the transaction were not disclosed, but DBM will complete the acquisition with cash on hand. The agreement is subject to customary closing conditions and is expected to close in the fourth quarter 2017.
DBM Global 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. The Company offers integrated steel construction services from a single source and professional services which include design-assist, design-build, engineering, detailing, BIM co-ordination, steel modeling/detailing, fabrication, rebar detailing, advanced field erection, project management, and state-of-the-art steel management systems. Major market segments include commercial, healthcare, convention centers, stadiums, gaming and hospitality, mixed use and retail, industrial, public works, bridges, transportation, and international projects. When the transactions have been completed, the Company, which is headquartered in Phoenix, Arizona, will have operations in United States, Australia, Canada, India, New Zealand, Philippines, Singapore, Thailand and the United Kingdom.