NAPEC Inc. announced the signing of an agreement to acquire the assets of H.T. Sweeney & Son, Inc. a heavy civil construction business based in Brookhaven, PA.
HTS offers its services in several states, including New York, New Jersey, Delaware, Maryland, Pennsylvania and Virginia. The company did site work on the new A.I. duPont Children’s Hospital near Wilmington.
The company’s customers include utility companies, refineries, engineering firms and construction contractors.
Approximately 80 percent of its revenues come from the industrial and utility sectors, and about 20 percent are from commercial customers.
HTS has a workforce of more than 150 employees. For the year ended on December 31, 2017, the company had about $50 million in revenue..
The transaction provides for a purchase price of $18 million, subject to certain adjustments.
“The acquisition of H.T. Sweeney & Son, Inc. will allow us to vertically integrate our heavy civil construction services, which until now had been subcontracted out. HTS’s activities are an excellent complement to Riggs Distler & Company’s activities in terms of its geographical coverage, customers and service offering. This acquisition was anticipated and was an important driver of NAPEC’s Board of Directors’ valuation of the corporation,” stated Pierre L. Gauthier, CEO of NAPEC.
The company is a provider of construction and maintenance services to the public utility and heavy industrial markets, mainly in Quebec, Ontario and the eastern United States.
The company is based in Drummondville, Quebec.
