MADRID, Spain, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Terratest, a leading international provider of geotechnical engineering and foundations solutions, today announced that it has acquired Geostructures, a US-based construction services firm. Financial terms of the transaction were not disclosed.
Headquartered in Purcellville, Virginia, and founded in 1995, Geostructures is a leading provider of engineering, design-build and construction services for ground improvement and slope stability applications in the US Mid-Atlantic region.
“Geostructures is a company with an excellent reputation, experienced management team and highly qualified workforce,” said Enrique Torres, CEO of Terratest. “It’s a great fit for Terratest and provides an ideal entry into the U.S. market as we continue growing our business. The combination will create many synergies and new opportunities for both companies.”
Terratest, based in Madrid, is a leading international provider of foundation services, ground improvement and microtunneling for large-scale international infrastructure projects and industrial commercial and residential construction.
Terratest was acquired by Platinum Equity in 2014 and operates in 25 countries throughout Europe, Africa, the Middle East and Latin America.
“Being part of the Terratest group will give us access to additional technology and intellectual capital, which will broaden the services we can offer our clients,” said Mike Cowell, founder and CEO of Geostructures, who will continue to lead the company. “We are excited by the new opportunities that this deal provides.”
Under Platinum Equity’s ownership, Terratest has achieved substantial organic growth and participated in some of the most critical infrastructure projects in the markets it serves.
“We are grateful to Platinum Equity for supporting our growth and helping us achieve our long term strategic objectives,” said Mr. Torres.
Terratest is a leading international provider of foundation services, ground improvement and microtunneling for large-scale international infrastructure projects, industrial, commercial and residential construction. Based in Madrid (Spain), and founded in 1959, Terratest has a significant presence in more than 25 countries, covering the entire range of top market technologies in geotechnical engineering and special foundations. Terratest’s main objective is to provide customers with comprehensive solutions for complex geotechnical problems.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications, and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions.
Source: Platinum Equity