Jul 1 2010
Pike Electric Corporation (NYSE: PIKE), one of the nation's leading energy solutions providers, has purchased Klondyke Construction, LLC based in Phoenix, AZ.
Klondyke provides construction and maintenance services primarily associated with electric substation, transmission and distribution infrastructure. Klondyke also constructs renewable energy generation facilities. Klondyke generated revenue of approximately $28 million during the last twelve months. Following the close of the acquisition, Howard Varner, President, and Steve McClain, Vice President and Chief Financial Officer, will continue in their current roles at Klondyke.
"The talented individuals that work for Klondyke coupled with their geographic location and union relationships make this a very compelling move for us. This acquisition is consistent with our growth strategy and significantly expands our presence in the southwest," said J. Eric Pike, Chairman and CEO of Pike.
"Pike's siting, planning, and engineering capabilities now provide Klondyke the platform to pursue multiple large scale EPC projects simultaneously. This combination positions Klondyke to offer an even broader level of service to our customers," explained Howard Varner, president of Klondyke.
Klondyke's range of construction services related to substation, transmission and distribution infrastructure complements our west coast engineering capabilities and enables the continued expansion of EPC services. "This combination allows Pike and Klondyke the ability to meet the increased need for substation and transmission infrastructure in the southwest region as more solar and wind capacity is developed and brought on line," continued Mr. Pike.
Source: http://www.pike.com/