DBM Global Inc., a family of companies providing fully-integrated structural and steel construction services, and an operating subsidiary of HC2 Holdings Inc., announced that it has entered into an agreement to acquire the assets of Mountain States Steel Inc.
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.
