July 14, 2010
Churchill completes Seacliff Construction acquisition
Churchill Corp. has completed its acquisition of Seacliff Construction, the company said yesterday. Total purchase price for the acquisition was approximately $394 million, including the assumption of Seacliff’s debt.
Under the terms of the agreement, Seacliff shareholders received $17.14 in cash for each Seacliff common share. Seacliff’s common shares will be delisted from the Toronto Stock Exchange within three trading days.
Churchill’s new executive team will consist of five operating company presidents reporting to Jim Houck, president and chief executive officer.
The operating company presidents are: Don Pearson, president and COO, Stuart Olson Dominion Construction Ltd.; Al Miller, president, Canem Systems Ltd.; Gord Broda, president, Broda Group of Companies; David LeMay, president, Laird Electric Inc.; and Ron Martineau, president, Insulation Holdings Inc.
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