Stantec to sell water and wastewater-focused MWH Constructors
Global design firm Stantec has announced it has signed an agreement for the sale of its construction division MWH Constructors.
MWH Constructors is a global project delivery company with a focus on water, wastewater and energy, comprised of MWH Constructors and Slayden in the US and MWH Treatment in the UK.
The sale, which is expected to close in the fourth quarter of 2018, will see MWH Constructors join the Oaktree-GFI Energy portfolio of project delivery companies.
Stantec said the divestment concludes the strategic review of construction services that it announced in April to "determine an option that would optimise the value of MWH Constructors and provide the best prospects for employees, clients, and shareholders".
Gord Johnston, Stantec president and chief executive officer, said: “MWH Constructors has growth opportunities in the United Kingdom and the United States, and we believe this divestiture will better allow them to invest in and pursue growth while continuing to serve their clients."
Blair Lavoie, president of MWH Constructors and chief of global operations, said: “We are excited to join Oaktree’s construction portfolio focused on project delivery.
“This is a positive step in the evolution of our company, and we look forward to having a partner like Oaktree with strong financial resources and a desire to invest in our future as we continue to be the leading global project delivery company in the water sector.
"In the US, we will stay with our great brands of Slayden and MWH Constructors, and in the UK, we will return to MWH Treatment.”
MWH Constructors provides a full range of high-value design, start-to-finish preconstruction, construction, construction management, and start-up and commissioning services, primarily for the water and wastewater markets in the US and the UK.
With the pending divestment of MWH Constructors and the 2017 divestment of Innovyze, Stantec – which has announced eight strategic acquisitions so far in 2018 – will continue to focus on its core consulting services business globally.
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