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Thu June 13 2024

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Hochtief buys majority stake in Clark Builders

10 Nov 11 US Hochtief subsidiary Turner has bought the majority stake in Clark Builders as part of a drive to expand in Canada’s growing construction sector.

The value of the agreement is €49.91m (£42.5m), plus performance-based payments earned over the next five years.

Edmonton-based Clark Builders provides general contracting, design and build and construction management services for structural concrete and pre-engineered buildings as well as services in architectural metal cladding. It has a workforce of more than 700 and generated annual sales of €361.13m last year. The company was established in 1974 and its employees continue to hold 49% of its shares. The headquarters are in Edmonton, Alberta and there are branches in Calgary, Yellowknife (Northern Territories) and Saskatoon (Saskatchewan).

"Clark Builders is excellently positioned in Canada and expanding. In partnership with Turner, we can accelerate this expansion," says Dr Frank Stieler, chairman of the executive board of Hochtief. The Canadian economy is growing robustly and construction is booming, said Hochtief. Investments of up to €15bn are slated for new public and private-sector projects over the next three years.  Such rapid growth is being met by only a handful of qualified construction companies, the company believed. “There’s a lot of room for an expanding provider such as Clark Builders, also given the support it will be receiving from the US market leader Turner,” he said.

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