FMI Capital Advisors Announces Interstate Highway Construction Sale to Clyde Companies
DENVER, Jan. 5, 2021 /PRNewswire/ -- FMI Capital Advisors, an investment banking firm dedicated to construction, engineering, and other sectors of the built environment, today announced the acquisition of Interstate Highway Construction, Inc. ("IHC") by Clyde Companies, Inc. ("Clyde"). The company, to be known as IHC Scott after merging with Clyde subsidiary Scott Contracting, dramatically expands Clyde's infrastructure construction capacity while bolstering and extending its geographic reach. FMI Capital Advisors served as the exclusive financial advisor to IHC for this transaction, which closed on December 31, 2020.
Headquartered in Centennial, Colorado, Interstate Highway Construction is a highly diversified airport, heavy civil, and highway construction contractor with $219 million in revenue in 2019. IHC's extensive capabilities and market coverage complements Clyde's existing infrastructure construction services, expands their presence along Colorado's Front Range, and adds new geographies and market verticals to its platform. Furthermore, the privately held, family-owned companies share similar values, providing the transaction with cultural alignment between the two parties.
Ken Schaeffer, CEO of IHC, said, "We are extremely excited to partner with Clyde Companies--we could not ask for a better strategic and cultural fit. This acquisition will allow IHC to provide more growth opportunities for our people, while they continue to work for a company with a strong appreciation of blending family values into their operations."
Through the acquisition of IHC, Clyde plans to expand its construction services and resources to a wider geographic location. "The merger of IHC Scott is equally advantageous for Scott Contracting and IHC. IHC will gain advantages from Scott's expertise and Scott will dually benefit from IHC's experience," said Jim Golding, President of the Construction Materials and Services Group at Clyde Companies. "We anticipate that their individual strengths will combine in a dynamic and successful alliance."
About Interstate Highway Construction
Founded in 1947, Interstate Highway Construction is a leading heavy construction builder of airfields, highways, streets, parking lots, industrial pavements, and water resource projects across the Rocky Mountain West, Midwest, and Southwestern United States. With an advanced equipment fleet and highly experienced and dedicated personnel, IHC specializes in concrete paving, treated and untreated bases, pavement restoration, removals, grading, and related earthwork as well as underground utility trenching, drainage installation, and minor structure and miscellaneous concrete services. For more information, visit ihcquality.com.
About Clyde Companies
Headquartered in Orem, Utah, Clyde Companies, Inc., through its subsidiaries, engages in heavy highway, earthwork, and paving services as well as building materials. The Clyde business ventures started in 1926 in Springville, Utah, with the formation of W.W. Clyde & Co., a heavy civil construction contractor. Clyde Companies has grown from a small Utah construction company into a billion-dollar organization with more than 3,500 employees. For additional information, visit Clyde's website at www.clydeinc.com.
About FMI Capital Advisors
FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm dedicated to the built environment. With more than 750 completed M&A transactions, our industry focus enables us to maximize value for our clients through our deep market knowledge, strong technical expertise, and an unparalleled network of industry relationships.
FMI Capital Advisors' Contractor and Construction Services team is a dedicated group specializing in M&A, capital formation, and ownership transition services for construction firms and related service providers, including general contractors, heavy civil contractors, specialty trade contractors, and industrial and commercial building service providers.
For more information, visit FMI Capital Advisors.
FMI Capital Advisors Contacts:
Ryan Foley, Managing Director, Contractor & Construction Services
rfoley@fminet.com
303.398.7202
John Steinegger, Director, Contractor & Construction Services
jsteinegger@fminet.com
303.398.7210
Media Contact: Liz Hester
Email: lhester@fminet.com
Phone: 919.785.9209
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SOURCE FMI Corporation
