Mountain States Steel of Lindon has been sold to DBM Global Inc. of Phoenix, a family of companies involved in structural and steel construction services and an operating subsidiary of HC2 Holdings Inc. Terms of the transaction were not disclosed.
A structural steel fabricator founded in 1949 by the Olsen family, Mountain States Steel (MSS) operates a fabrication facility located on approximately 32 acres in Lindon where it employs approximately 175. MSS has an extensive record of delivering structural steel for many iconic projects throughout the western United States, including the San Francisco-Oakland Bay Bridge, Alameda Corridor Transportation Authority Bridge, Mile High Stadium (home of the NFL’s Denver Broncos), Paris Hotel & Casino in Las Vegas, and many other bridges, athletic stadiums, commercial buildings, hospitals and power plants.
The MSS operation will be integrated into DBM’s subsidiary Schuff Steel Co.
“The acquisition of Mountain States Steel will enhance Schuff Steel’s fabrication capabilities in the bridge and infrastructure sectors and provide additional fabrication capacity to support projects in Utah and across the western United States,” said Rustin Roach, CEO of DBM Global. “We are especially excited about the addition of MSS’s bridge fabrication capabilities, which builds upon our recent acquisition of Candraft VSI, a premier bridge detailer and 3D modeler. Through acquisitions of complementary companies, we continue to enhance the uniquely comprehensive set of services we provide to our customers, which in turn allows us to deliver increased value for our shareholders.”
“Our team is excited to join Schuff Steel and the DBM Global family of companies, including DBM’s other complementary businesses: BDS VirCon, Candraft and PDC,” said Chris Olsen, president of MSS. “We have a rich tradition of providing the finest-quality product, on schedule, to valued customers and our team will continue to make that happen as part of Schuff Steel.”
DBM said it will complete the acquisition with cash on hand and that the agreement is expected to close in the fourth quarter of 2017.
HC2 Holdings Inc. is a publicly traded diversified holding company that acquires and grows businesses across the business sectors of construction, marine services, energy, telecommunications, life sciences and insurance. Founded in 1994, HC2 is headquartered in New York City.