Midas Companies Acquires Jennings Engineering
Midas Companies Acquires Jennings Engineering
Transaction allows for further growth in southeast United States
CAPITOL HEIGHTS, Md., June 1, 2018 /PRNewswire/ -- Midas Companies ("Midas") announced its acquisition of Jennings Engineering ("Jennings"), an underground utilities solutions firm in Pompano and Miami Beach, Florida which specializes in manhole rehabilitation, lift station repair, CCTV and cleaning and excavation. Kevin Jennings, owner and operator of Jennings Engineering, will move with his company and play a vital role in Midas's continued growth in the southeastern United States.
Jennings has enjoyed substantial growth and success since its inception in 2011, building strong relationships with many large prime contractors and asset owners throughout the region. This transaction will afford Jennings a more expansive service offering to its customers to meet the growing demands in the region. The acquisition also sustains Midas's business model of offering turn-key solutions to large prime contractors, especially those focused on cured-in-place pipe lining.
"We are very excited to have Kevin and his team join us at Midas," said Dan Cathell, Chief Executive Officer. "His strategic and operational approach combined with Midas's capital and capabilities will allow for continued growth and success, providing excellent service to even more customers in the Southeast region."
In 2015, Midas acquired TV Diversified, now Midas Companies Southeast, and has been steadily growing its presence in the region since. The acquisition of Jennings will provide Midas with a strategic partnership that will pave the way for increased presence in Florida, continuing its commitment to steady growth within the Southeast.
"I'm very excited to bring my company under Midas," said Kevin Jennings. "Aligning with Midas will allow us to continue serving our longstanding customers with greater access to capital, employees and equipment. This move will also enable us to capitalize on larger contracts that were previously not possible."
About Midas Companies
Founded in 1972 and headquartered in Capitol Heights, Maryland, Midas offers a comprehensive portfolio of rehabilitation services and products for critical water, wastewater and industrial pipe infrastructure throughout the Mid-Atlantic and Southern regions. The Company's suite of specialty services encompasses trenchless solutions, flow control and utility (traditional dig) for complete turnkey solutions. For more information, please visit the company's website at www.midascompanies.com.
CONTACT: Kate Cathell, Kate.cathell@midascompanies.com, 410-279-0668
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SOURCE The Midas Companies
