Hochtief has acquired a 51% stake in Edmonton, Canada-based construction company Clark Builders. The acquisition was made through Hochtief's US subsidiary Turner at a price of CA$ 68 million (US$ 67 million).
Clark specialise in the construction of institutional, recreational, pre-fabricated buildings and multi-unit residential, commercial and industrial structures. It has a presence in western and northern Canada and employs more than 700 people. Its revenues last year were CA$ 492 million (US$ 482 million) and it has a backlog of some CA$ 737 million (US$ 722 million). Clark is owned by its employees, and they will continue to hold 49% of the company following Hochtief's acquisition.
According to Hochtief, Clark operates in the same sectors in Canada as Turner does in the US. "Clark Builders is excellently positioned in Canada and expanding,. In partnership with Turner we can accelerate this expansion," said Hochtief Executive Board chairman Dr Frank Stieler.
Clark is not Hochtief's first acquisition in Canada. From 1999 to 2006 it held a 43.3% stake in Aecon, the country's largest construction company. However, it divested this minority holding following an unsuccessful attempt to fully acquire the company in 2004.
Today Hochtief is also active in the Canadian infrastructure and public private partnership (PPP) sector through its other US subsidiary, Flatiron.