Sterling Construction Co. Inc. acquired remaining 20% stake in Ralph L. Wadsworth Construction Company, Inc. from executive management of Ralph L. Wadsworth Construction Company, Inc. for $23.1 million.
January 02, 2013 at 11:00 pm
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Sterling Construction Co. Inc. (NasdaqGS:STRL) acquired remaining 20% stake in Ralph L. Wadsworth Construction Company, Inc. from Kip Wadsworth, Ty Wadsworth, Con Wadsworth and Tod Wadsworth for $23.1 million on December 31, 2012. Sterling Construction will also pay $0.57 million in 2013 subject to further adjustment once earnings for 2012 were finalized. Kip Wadsworth owned 5.65% stake, Ty owned 4.47% stake, Con owned 4.94% and Tod owned 4.94% stake in Ralph L. Wadsworth. The transaction was funded by drawing down on Sterling's line of credit in the amount of $24 million. Sterling further retained the services of RLW's Chief Executive Officer, President and Vice President of Business Development, Kip, Con and Tod Wadsworth. Fred Buonocore and Linda Latman of The Equity Group Inc. acted as PR advisor for Sterling Construction Co.
Sterling Construction Co. Inc. (NasdaqGS:STRL) completed the acquisition of remaining 20% stake in Ralph L. Wadsworth Construction Company, Inc. from Kip Wadsworth, Ty Wadsworth, Con Wadsworth and Tod Wadsworth on December 31, 2012.
Sterling Infrastructure, Inc. operates through a variety of subsidiaries, specializing in E-Infrastructure, Transportation and Building Solutions in the United States. Its segments include E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment is a provider of large-scale specialty site infrastructure improvement contracting services in the Southeastern, Northeastern and Mid-Atlantic United States. It serves large, blue-chip end users in the e-commerce, data center, distribution center, warehousing, energy sectors and more. The Transportation Solutions segment is comprised of heavy highway, aviation, and rail, and relies heavily on federal and state infrastructure spending. The principal markets of this segment are Arizona, Colorado, Hawaii, Nevada, Texas, and Utah. The Building Solutions segment is comprised of its residential and commercial businesses. It focuses on concrete construction of multifamily foundations.
Sterling Construction Co. Inc. acquired remaining 20% stake in Ralph L. Wadsworth Construction Company, Inc. from executive management of Ralph L. Wadsworth Construction Company, Inc. for $23.1 million.
STERLING INFRASTRUCTURE, INC. 
