Keller and Hayward Baker have acquired New Jersey-based Moretrench, a a geotechnical contracting company operating predominantly along the east coast of the US, from its employee shareholders for US$90.0M. Moretrench will operate as a division within Hayward Baker. The enlarged entity will be very well-positioned for the expected long run renewal of infrastructure.
Moretrench has a strong heritage of complex geotechnical projects and in the year ended 31 December 2017 had revenue of US$168.3M, operating profit of US$11.3M and EBITDA of US$15.8M (both excluding US$2.8M of charges relating directly to the Employee Share Ownership Plan and the transaction). Moretrench’s net assets as at 31 December 2017 were US$66.4M.
Eric Drooff, President of Hayward Baker, noted that “Having worked closely with Moretrench on several key projects, we were impressed with the quality of the company and expertise of its people. We are excited to welcome Moretrench to Hayward Baker and look forward to developing new synergies.”
Hayward Baker and Moretrench both enjoy a strong and well-established presence in the tunnelling and underground construction industry and each has worked extensively on major subway and other tunnel construction projects throughout North America.
Tom Tuozzolo, President of Moretrench, adds “As a division of Hayward Baker, we can now offer additional geotechnical solutions and resources to our established clients as well as extending our dewatering and ground freezing techniques to Hayward Baker’s clients. This translates to more comprehensive and even better customer service for both our companies. I am excited to lead the Moretrench team forward into this new venture.”