ConDig (22-Dec-22). Texas-based civil contractor Sterling Infrastructure Inc has acquired Concrete Construction Services of Arizona L.L.C. and its affiliated company (CCS) for $22 million.
Sterling said that 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
CCS posted annual revenues of about $70 million and the deal will consist of a combination of cash and Sterling common stock.
“The addition of CCS to our Building Solutions segment allows us to expand our breadth of residential service offerings to our key blue-chip customers in Arizona,” said Joe Cutillo, Sterling’s chief executive officer.
“The population shifts in the area have significantly increased the demand for our residential services, and this tuck-in acquisition broadens our capacity. We welcome CCS to our team and believe they are a culture fit with their strong entrepreneurial management and solid competencies in concrete foundations.”
In September, a subsidiary of Sterling Infrastructure Inc secured a $31 million highway reconstruction project in Texas.
In March, Sterling has landed a $40 million contract for the reconstruction of part of the Pali Highway on Hawaii’s island of Oahu.