Canam buys majority stake in New Jersey steel erector
Acquisition gives Quebec fabricator foothold in New York, New Jersey market
SAINT-GEORGES, Que.—Canam Group Inc. has bought into a 51 per cent stake in South Plainfield, New Jersey-based Stonebridge Inc.
The Quebec fabricator made the purchase through its Central Erectors subsidiary for an undisclosed price. Canam said the deal will help it provide more coordinated services to its clients in an industry that requires increasingly complex work on tighter timelines.
“Stonebridge’s dedication to employee safety and its excellent reputation pointed to a strong business and cultural fit,” Marc Dutil, Canam’s president and CEO, said. “We believe that the growing complexity of contracts and ever-shorter schedules require the emergence of an integrated approach to project management.”
The acquisition will also add to Canam’s market share in metro New York and New Jersey, where Stonebridge has operated since 1995. The company erects steel the components for a range of complex projects in the commercial, institutional and industrial market
Along with the 51 per cent stake, Canam has committed to acquiring the remaining 49 per cent of company over the next five years. Stonebridge’s current president, is expected to retain his current position within the company throughout the transition.