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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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