Keller announced that it acquired the entire issued share capital of Moretrench Inc., a geotechnical contracting company operating predominantly along the East Coast of the U.S., from its employee shareholders for $90 million.
Moretrench has a strong heritage of complex geotechnical projects, and in 2017, had a revenue of $168 million, an operating profit of $11 million and EBITDA of $15 million (both excluding $2.8 million of charges relating directly to the Employee Share Ownership Plan and the transaction). Moretrench’s net assets in 2017 were over $66 million. The acquisition was funded in cash from Keller’s existing borrowing facilities.