PHOENIX, Nov. 20, 2017 (GLOBE NEWSWIRE) -- DBM Global Inc. (OTC PINK:DBMG) (“DBM”), 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 assets of Mountain States Steel, Inc. (“MSS”).
A premier structural steel fabricator founded in 1949 by the Olsen family, Mountain States Steel has a modern fabrication facility located on approximately 32 acres in Lindon, Utah. MSS has an extensive track record of successfully delivering structural steel for many iconic projects throughout the Western United States, including the San Francisco-Oakland Bay Bridge, Alameda Corridor Transportation Authority Bridge, Mile High Stadium (home of the NFL’s Denver Broncos), Paris Hotel & Casino in Las Vegas, and many other bridges, athletic stadiums, commercial buildings, hospitals, and power plants. The MSS assets will be integrated into DBM’s subsidiary Schuff Steel Company.
“The acquisition of Mountain States Steel will enhance Schuff Steel’s fabrication capabilities in the bridge and infrastructure sectors, and provide additional fabrication capacity to support projects in Utah and across the Western United States,” said Rustin Roach, Chief Executive Officer of DBM Global. “We are especially excited about the addition of MSS’s bridge fabrication capabilities, which builds upon our recent acquisition of Candraft VSI, a premier bridge detailer and 3D modeler. Through acquisitions of complementary companies, we continue to enhance the uniquely comprehensive set of services we provide to our customers, which in turn allows us to deliver increased value for our shareholders.”
"Our team is excited to join Schuff Steel and the DBM Global family of companies, including DBM's other complementary businesses – BDS VirCon, Candraft and PDC," said Chris Olsen, President of MSS. "We have a rich tradition of providing the finest quality product, on schedule, to valued customers, and our team will continue to make that happen as part of Schuff Steel."
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 of 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.
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across seven reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Insurance and Other. HC2's largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com.
For additional information on DBM Global’s majority shareholder, HC2 Holdings, Inc. (NYSE:HCHC), please contact:
Andrew G. Backman
Managing Director - 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.
DBM Global Inc.
Michael R. Hill, VP and CFO
Source:DBM Global Inc.