MasTec acquired Wanzek Construction, Inc. for $50 million cash, 7.5 million MasTec shares, a $55 million 8% seller convertible note, ~$15 million of assumed debt and a two-year EBITDA earn-out, a transaction completed in December 2008, structured as cash, stock and seller note (combination).
Wanzek Construction, Inc. operates in Oil and Gas / Power Generation and Industrial, is based in North Dakota, United States, had revenue of about Wanzek anticipated ~$400M revenue and ~$45M EBITDA for 2008. North Dakota construction company focused on wind-farm, heavy-civil and industrial and infrastructure work, with operations spanning natural-gas processing plants, compressor stations, electrical power-generating plants, industrial facilities, roads and bridges. MasTec completed the acquisition on December 16, 2008 under a stock purchase agreement dated October 4, 2008, paying with cash, 7.5 million shares, a $55M convertible note and assumed debt plus an earn-out.
Extended MasTec's presence in the growing alternative-energy and infrastructure construction markets and advanced its diversification strategy.
Diversified, high-quality customer base and skilled workforce in wind and heavy-civil construction. Wind/heavy-civil construction operations
Wanzek is an exceptional company and we are excited to close the transaction and begin joint operations with its highly-skilled management team and workforce. Its diversified and high-quality customer base is a great addition to the MasTec portfolio.Jose Mas, President and CEO, MasTec
Advisory firms were not disclosed for this transaction.