Layne Christensen Co. has announced the acquisition of Meadors Construction Co. Based in Jacksonville, Fla., Meadors expands the geographic coverage of Layne Christensen's water infrastructure business. Meadors will be consolidated with Reynolds, Inc., Layne Christensen's heavy/civil construction arm, bringing additional revenue exceeding $25 million annually. The acquisition was funded from Layne Christensen's current cash balances and net of cash; Layne Christensen remains debt free.
"This acquisition further solidifies our efforts in the Florida and other Southeast water markets,” stated Jeff Reynolds, president of Reynolds, Inc. “The 'bolt-on' acquisition strategy we have used to expand the company's footprint in water infrastructure continues to pay dividends. Our Water Infrastructure Division backlog prior to this acquisition was approximately $50 million higher than a year ago. We welcome the Meadors team."
Lauren Atwell, vice president of Meadors, said, "The management team at Meadors is excited to be part of the larger water infrastructure services group inside Layne Christensen Co. With the support and resources of Reynolds, Inc. and Layne Christensen, we will be able to accelerate our growth in the water challenged Southeast markets."
Source: Globe Newswire