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December 28, 2012
09:02 EDTGVAGranite Construction to acquire Kenny Construction for $130M
Granite Construction has signed a definitive agreement to acquire Kenny Construction Company, a national contractor and construction manager specializing in the power, tunnel, water and civil markets, for $130M. Kenny is a privately-owned, Northbrook, Illinois-based company with approximately 425 employees. Kenny’s revenues are projected to be $270M for 2012. Granite intends to finance the transaction through a combination of cash and available borrowings under its existing revolving credit facility. The transaction has been closed in escrow and will become effective on December 31. One-time costs related to the acquisition of Kenny are estimated to be approximately $5M and will be recorded in Q4. Including integration costs and the impact of intangible amortization, the transaction is expected to be break-even to Granite’s 2013 EPS. Excluding intangible asset amortization, the transaction would be immediately accretive
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September 22, 2015
17:31 EDTGVAGranite Construction unit awarded $60M reconstruction project in Illinois
Granite Construction announced that Kenny Construction Company, a wholly-owned subsidiary, has been awarded a $60M interstate reconstruction contract by the Illinois Department of Transportation. Granite will book the project into backlog during the third quarter of 2015. Granite will be responsible for the reconstruction and widening of the inbound bridge structures of I-55 and US-41 including three new bridges, three new retaining walls, lighting, roadway reconstruction and other related work. This urban expressway, neighbor to McCormick Place and Soldier Field, connects the neighborhoods and the lakefront from the south to the Central Business District and the Loop to the north. The project will repair the aging roadway and provide more efficient traffic flow. Construction is scheduled to begin in the fourth quarter of 2015. Completion of the project is scheduled for winter 2017.

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