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McCarthy Holdings, Inc. to Acquire Castle Contracting, LLC and CastleGPS, LLC - Partnership will enhance specialized civil and underground solutions for McCarthy clients - CastleGPS.com / McCarthy150.com
McCarthy Holdings, Inc. to Acquire Castle Contracting, LLC and CastleGPS, LLC

 

NewswireToday - /newswire/ - San Jose, CA, United States, 2014/08/12 - Partnership will enhance specialized civil and underground solutions for McCarthy clients - CastleGPS.com / McCarthy150.com.

   
 
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McCarthy Holdings, Inc., a premier national commercial builder, has signed a letter of intent to acquire St. Louis-based Castle Contracting along with its subsidiary CastleGPS. Castle provides turnkey civil services, utilities, earthwork and trenchless technology directly to owners, general contractors and mechanical, electrical and plumbing contractors. Additionally, Castle’s leading-edge GPS technology provides industry-leading subsurface 3-Dimensional utility mapping.

“McCarthy is celebrating its 150th anniversary this year, and we continue our forward-looking approach that has helped the company thrive over the years,” explained McCarthy Central Division President Scott Wittkop. “Civil and infrastructure needs in our communities continue to grow. Our clients are asking for effective ways to approach these challenges. The specialized expertise of Castle Contracting and CastleGPS will bring critical value-added services under the McCarthy umbrella to improve client results.”

“This new partnership is a win-win for both organizations,” Wittkop added. “For McCarthy, this fulfills a need for services our clients have requested. We’ve collaborated with Castle on a variety of projects over the years and respect their approach. We are excited to add these talented builders to the McCarthy family. For Castle, the acquisition opens new business opportunities and increases the company’s growth potential with greater financial resources and operations support. Castle employees will also have the added benefit of employee ownership as members of the McCarthy ESOP.”

“The opportunities this presents for our business and employees are very exciting,” commented Castle Founder Julie Ledbetter. “Our two companies share similar values and beliefs about our approach to building; McCarthy’s leadership recognizes and appreciates that.”

Castle will become a subsidiary of McCarthy but continue as a stand-alone business under the Castle brand name. Upon completion of the acquisition, Mike Myers, a 13-year Castle veteran and its chief operating officer, will become vice president of operations reporting to Wittkop. He will continue to be responsible for day-to-day operations. “The commitment and capabilities of our employees has placed us on the edge of truly remarkable possibilities,” Myers said. “Joining McCarthy is the next step in civil construction evolution.”

Both companies are privately held and terms of the agreement will not be disclosed. Castle and CastleGPS projects currently under construction will be completed as planned.

About McCarthy Holdings, Inc.
For 150 years, St. Louis-based McCarthy (mccarthy.com) has been building communities across America, both by constructing essential projects communities rely on, as well as by helping those who need assistance. Knowing how to build from preconstruction through completion is a tradition that will continue as McCarthy endeavors to advance the value of its expertise and deliver the highest quality, job-site safety and ultimately, the best final project costs. Repeatedly honored as a Best Place to Work and Healthiest Employer, McCarthy Holdings, Inc. is comprised of McCarthy Building Companies, Inc. and MC Industrial, Inc. McCarthy has approximately 1,600 salaried employees with offices in St. Louis, Atlanta; Collinsville, Ill.; Portage, Ind.; Kansas City, Kan.; Phoenix; Las Vegas; Dallas, Houston; Albuquerque; and San Diego, Newport Beach, San Francisco, San Jose and Sacramento, Calif. McCarthy is 100 percent employee owned. More information about the company’s history is available online at mccarthy150.com/.

About Castle Contracting and Castle GPS
Over the last twenty years, Castle Contracting (digcastle.com | castlegps.com) has built itself into one of the Midwest’s premiere civil construction firms. Rooted in Saint Louis but with clients and projects across the United States, Castle has consistently broken ground in the civil construction markets it serves. Turnkey civil services, MEP civil construction, Subsurface Utility Mapping, and Design Build Civil are all industry-leading processes Castle has established or refined. Castle is 35 men and women in the office and more than 100 tradespersons in the field, anchored with the core values of Integrity, Intensity and Intelligence. Castle serves its local community with a variety of charitable efforts, among them St. Louis Children’s Hospital, Greater St. Louis Honor Flight and Relay for Life. Castle has been honored for three consecutive years to win the AGC of St. Louis’ esteemed Contractor of the Year for Earthwork & Utilities.

 
 
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Written by / Agency / Source: McCarthy Building Companies, Inc.

 
 

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McCarthy Holdings, Inc. to Acquire Castle Contracting, LLC and CastleGPS, LLC

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McCarthy Holdings, Inc. | Castle Contracting, LLC
Publisher Contact: Susan Garritano - McCarthy.com 
314-968-3300 x2241 sgarritano[.]mccarthy.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any McCarthy Building Companies, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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