
DBM Global Inc. to Acquire Leading Bridge & Infrastructure Detail and
Modeling Company Candraft
October 27, 2017
07:00 ET | Source: DBM Global Inc.
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
Managing Director
Investor Relations & Public Relations
abackman@hc2.com
212-339-5836
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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