ConDig (4-Apr-17).  Sterling Construction Co has completed its acquisition of Denton, Texas-based concrete construction company Tealstone Construction for about $85 million.

Under the deal, Sterling is replacing its existing asset-based loan and security agreement with a $85 million credit facility, of which $55 million will be used to partially fund the Tealstone acquisition.

Tealstone, which is one of the leading companies in the commercial and residential concrete construction sector in the Dallas-Fort Worth area, is set to continue to operate as a separate subsidiary under the Tealstone name, while co-founders Gary Engasser and Billy Wolf will remain with the company.

“We are excited about this transaction on many different levels. We view the acquisition of Tealstone as the next step in transforming the company. In addition to its revenue and income, it is key to advancing our strategy of expanding into adjacent markets,” said Joe Cutillo, president of Sterling.

“Tealstone’s expertise also allows for further expansion of our commercial projects in the Texas market, the ability to lever commercial business with our airport efforts while also allowing for further diversification into the private sector.”