MYR Group (MYRG) Acquires Western Pacific Enterprises for C$16.1M
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MYR Group Inc. (NASDAQ: MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States and Canada, announced that its Canadian subsidiary company, MYR Group Construction Canada, Ltd., has acquired substantially all of the assets of Western Pacific Enterprises GP and certain assets of Western Pacific Enterprises Ltd., conducting business as Western Pacific Enterprises GP (“WPE”). WPE is one of the largest electrical contractors in British Columbia and provides services throughout western Canada.
The transaction closed on October 28, 2016, and was valued at approximately $16.1 million CDN. Over the last five years, WPE’s average annual revenues have been approximately $100 million CDN. The acquisition of WPE expands MYR Group’s Commercial & Industrial (“C&I”) presence into western Canada and will help leverage MYR Group’s Transmission & Distribution (“T&D”) capabilities in the region through WPE’s extensive substation experience in the electric utility sector.
Headquartered in Coquitlam, British Columbia, WPE has been involved in some of western Canada’s most notable construction and renovation projects. WPE will operate as Western Pacific Enterprises Ltd. as part of MYR Group.
Bill Koertner, MYR Group’s President and Chief Executive Officer, said, “The addition of Western Pacific Enterprises to MYR Group strengthens our position in Canada with its experience and expertise in both the C&I and T&D market segments, and further demonstrates the execution of our three-pronged strategy of prudent organic growth, acquisitions and return of capital for our stockholders. WPE brings a skilled workforce, a strong management team and a culture that aligns with MYR Group’s own values and culture. We welcome the employees of WPE and look forward to a successful integration into our organization."
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