PHOENIX, Oct. 27, 2017 (GLOBE NEWSWIRE) -- DBM Global Inc. (OTC PINK:DBMG), a family of companies providing fully integrated structural and steel construction services, and an operating subsidiary of HC2 Holdings, Inc. (NYSE:HCHC), announced today that it has entered into an agreement to acquire the North American operations of Candraft VSI. (“Candraft”).
Candraft, which was founded in 1978 and remains headquartered in Vancouver, is one of the premier bridge infrastructure detailing and modeling companies in North America. Candraft has an extensive track record of successful projects across the United States and Canada, including replacement of New York City’s Kosciuszko Bridge, between Brooklyn and Queens; the Portageville (NY) railroad bridge across the Genesee River; the widening of the Huey P. Long Bridge in New Orleans; and construction of the new San Francisco-Oakland Bay Bridge, the largest self-anchored single tower suspension bridge in the world.
“The acquisition of Candraft will compliment perfectly our acquisitions last year of BDS VirCon and PDC, providing DBM with greater depth and expertise in bridge detailing and broader exposure to the infrastructure sector,” said Rustin Roach, President and Chief Executive Officer of DBM Global. “To complete complex, large-scale steel construction projects our customers require a partner able to design, build and manage the steel supply chain. By continuing to opportunistically build our portfolio of companies we can provide a uniquely comprehensive set of services to our customers, which will also deliver increased value for our shareholders.”
“Our team is excited to join the DBM Global family of companies, which will provide us access to broader markets and advanced technology from DBM’s other complementary businesses - BDS VirCon and PDC,” said John Cooper, founder and Chief Executive Officer of Candraft, who will continue to serve as President of the business. “Under the DBM umbrella we will continue to deliver quality results on schedule to our customers.”
Financial terms of the transaction were not disclosed, but DBM will complete the acquisition with cash on hand. The agreement is subject to customary closing conditions and is expected to close in the fourth quarter 2017.
About DBM Global Inc.
DBM Global Inc. is focused on delivering world class, sustainable value to its clients through a highly collaborative portfolio of companies which provide better designs, more efficient construction and superior asset management solutions. The Company offers integrated steel construction services from a single source and professional services which include design-assist, design-build, engineering, detailing, BIM co-ordination, steel modeling/detailing, fabrication, rebar detailing, advanced field erection, project management, and state-of-the-art steel management systems. Major market segments include commercial, healthcare, convention centers, stadiums, gaming and hospitality, mixed use and retail, industrial, public works, bridges, transportation, and international projects. When the transactions have been completed, the Company, which is headquartered in Phoenix, Arizona, will have operations in United States, Australia, Canada, India, New Zealand, Philippines, Singapore, Thailand and the United Kingdom.
For additional information on DBM Global’s majority shareholder, HC2 Holdings, Inc. (NYSE:HCHC), please visit http://www.hc2.com or contact:
Andrew G. Backman
Investor Relations & Public Relations
Cautionary Statement Regarding Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. The forward-looking statements in this press release include without limitation statements regarding our expectation regarding building shareholder value. Such statements are based on the beliefs and assumptions of DBM Global's management and the management of DBM Global’s subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on HC2 Holdings, Inc’s Forms 10-K, 10-Q and 8-K. Such important factors include, without limitation, issues related to the ability of DBM to close the subject transaction; HC2 and its subsidiaries to identify any suitable future acquisition opportunities; our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries of DBM Global. These risks and other important factors discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to DBM Global or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and DBM Global undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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Source:DBM Global Inc.