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HC2 Portfolio Company DBM Global Inc. To Acquire GrayWolf Industrial, A Leading Provider Of Specialty Maintenance, Repair And Installation Services
HC2 Portfolio Company DBM Global Inc. To Acquire GrayWolf Industrial, A Leading Provider Of Specialty Maintenance, Repair And Installation Services.
About this update from Dbm Global Inc
[{"type":"text","content":"\nNEW YORK, Oct. 11, 2018 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2”) (NYSE: HCHC), a diversified holding company, announced today that its operating subsidiary DBM Global Inc. (“DBM Global”) (OTC: DBMG), a family of companies providing fully integrated structural and steel construction services, has entered into an agreement to acquire GrayWolf Industrial, a premier specialty maintenance, repair and installation services provider, for $135 million.  The transaction, which is subject to customary closing conditions and adjustments, is expected to close during the fourth quarter of 2018. \n For nearly 40 years, GrayWolf and its family of companies (Titan Contracting, Inco Services, Milco National and Titan Fabricators) have developed an outstanding reputation for on-time deliveries, commitment to safety and furnishing quality services and products.  GrayWolf provides services including specialty welding, maintenance and rigging, among others, to clients across the United States and select international locations in a variety of heavy industrial and mechanical industries, ranging from power to petrochemical to pulp and paper to mining. “This transaction, which is accretive to DBM Global's EBITDA performance, provides us with entry into the heavy maintenance and repair industry, allowing us to diversify our revenue streams, while capitalizing on GrayWolf Industrial’s strong customer relationships with prime contracts and exceptional culture,” said Rustin Roach, President and Chief Executive Officer of DBM Global.  “By expanding the scope of our services, we are able to offer customers a much larger total value proposition, which in turn, strengthens our ability to continue driving value for our shareholders.” “Through this acquisition, DBM Global continues to diversify its service offering, allowing them to reach more end-markets, as well as offer clients additional complementary services,” said Philip Falcone, HC2’s Chairman, Chief Executive Officer and President.  “We looked long and hard for the right acquisition for DBM to not only expand the product line, but also one where we would capture synergies with the existing platform.  The acquisition of GrayWolf Industrial further solidifies HC2’s model of acquisition...