LOMBARD, Ill., June 10, 2015 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCQB:PRXG), a construction company recognized by Engineering News Record for being one of the Top 50 American Contractors working abroad for the last four years in a row, today announced that it has entered into a purchase agreement to acquire KBR Building Group. This acquisition will expand Pernix's commercial domestic operations and grow its international business.
The addition of personnel, resources, proven past experience and successful past performance in the advanced manufacturing, industrial, life sciences, research & development, food & beverage, commercial, mixed-use and institutional markets will serve to expand Pernix's domestic offerings. Pernix will further leverage the KBR Building Group's experience to expand its commercial market offerings internationally.
CEO & President of Pernix, Nidal Z. Zayed stated "Our mission has always been to safely deliver complex projects worldwide for the most discriminating customers while consistently exceeding all their expectations, the addition of KBR Building Group's expertise to our growing portfolio will serve to not only improve our domestic offerings, but also allow us to leverage that expertise for a growing number of clients worldwide." He went on to say, "The addition of KBR Building Group's experienced and innovative team, and portfolio focused on sustainable design and construction adds tremendous value to Pernix, and evidences our continued commitment to delivering excellence in everything we do and build."
Mr. Zayed continued by saying "This is an exciting time for our team, for twenty years one of our main focal points has been growing our Federal Government construction work abroad, the addition of KBR Building Group creates a new Center of Excellence for private sector business – one that Pernix will leverage worldwide, putting us on a strategic growth trajectory for not only Federal Government, but also the commercial and industrial markets, and will also serve as a medium to continue growing Pernix's power market."
"Our team is honored and excited to be joining the Pernix Group family of companies and returning to our BE&K Building Group roots" said Mac Carpenter, President of the Building Group. "The opportunity to continue providing world-class construction service to our clients, while leveraging Pernix's agility, commitment to safety, quality control, and world-wide presence will allow us to continue exceeding our clients' expectations while expanding our reach and allowing us to follow our clients throughout the world."
Upon completion of the sale, which is expected to occur by June 30, 2015, KBR Building Group will be known as "BE&K Building Group, A Pernix Group Company."
Pernix is financing this $28 million dollar transaction (including approximately $6 million of working capital) through a combination of equity financing and existing cash. Pernix's Chairman of the Board, Mr. Don Gunther stated "I am proud of what our management team has accomplished. This acquisition will be transformational and allow our company to significantly penetrate and grow the domestic market. We now have a platform for national growth and diversification. This acquisition represents a significant milestone for Pernix Group. Our Board and I continue to be bullish on the future of Pernix."
Morgan Joseph TriArtisan's Industrials team served as Pernix's financial advisor; FTI Consulting provided tax and financial due diligence and Greenburg Traurig, P.A. served as legal advisors to Pernix.
About Pernix Group, Inc.
Pernix Group, Inc. is a global company with its headquarters in Lombard, Illinois. The Company is engaged in three primary markets: Federal Government, Commercial & Industrial, and Power. Pernix has full-scale construction and management capabilities, with operations in the United States, Africa, the Middle East, and the South Pacific. Additional information is available at www.pernixgroup.com.
Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's filings with the U.S. Securities and Exchange Commission.
CONTACT: Patrick J. Gainer Chief Financial Officer Pernix Group, Inc. Tel: (630) 620-4787 firstname.lastname@example.orgSource:Pernix Group, Inc.