MasTec Inc., a specialty contractor based in Coral Gables, Fla., has signed a definitive purchase agreement to acquire Wanzek Construction Inc. for $200 million in cash and the assumption of $15 million in debt. With this acquisition, MasTec will be capable of providing end-to-end construction services to wind farm owners and developers.
‘With the acquisition of Wanzek, we are expanding our expertise in the wind energy and natural gas industries,’ says Jose Mas, MasTec's president and CEO. ‘We believe that energy independence will remain a long-term national priority, and with MasTec's expertise in wind farm construction, natural gas and energy transmission, we will be a leading player in that effort.’
From its base in Fargo, N.D., Wanzek manages a team of more than 1,100 workers and tradesmen, who are deployed throughout the country and are capable of working under extreme weather conditions. Wanzek maintains a fleet of approximately 500 pieces of heavy equipment, including a number of specialized heavy cranes, a critical component for the successful erection of wind turbine towers.
Wanzek currently derives a significant portion of its revenue from wind farm construction, which includes foundation work, tower erection, the placement of turbines and rotors, site and road design and construction, and electrical design and installation. Wanzek has completed, or is in the process of completing, work on projects representing over 1,100 turbines and nearly 2,000 MW of power generating capacity.
SOURCE: MasTec Inc.