Cianbro Corp., headquartered in Pittsfield, Maine, has acquired Orlando-based R. C. Stevens Construction Co. for an undisclosed amount.
The move is the latest expansion for Cianbro, one of the country’s largest employee-owned construction firms, the Portland Press Herald reported on April 5.
Peter Vigue, Cianbro chairman and former CEO, told the newspaper that while the acquisition adds roughly 50 new team members to the roster, it also opens doors for growth across various industries in the future.
“The dynamics of the environment in which we operate are forever changing for the better,” Vigue said. “Because of our growth over the last several years, we’ve entered a number of new markets in different geographies. … Florida is a forever-growing state that offers significant opportunities that we are intent to take on.”
Vigue said R. C. Stevens has a number of clients and customers in food and beverage sector, including Coca-Cola.
R.C. Stevens celebrated its 95th anniversary in 2021. Tim Keating, the Florida contractor’s owner since 2007, will continue as president.
Keating said in a statement that the move will ultimately benefit both companies by expanding Cianbro’s presence in the Southeast and supporting R. C. Stevens’ growth strategy, Keating said in a news release.
R. C. Stevens employees will be able to join Cianbro’s employee stock ownership plan, or ESOP. Cianbro has about 4,000 employees.
Vigue said he sees a lot of opportunities on the horizon for Cianbro. “The market is very robust at this time,” he said.
He added that there’s a significant amount of investment being made in technology, higher education and energy, particularly renewables. As more companies look to move their interests back to the U.S., he believes there will be even more investment in domestic infrastructure and facilities, the Press Herald reports.
Cianbro operates in 40 states.The company was founded in the late 1940s.
