Benzinga | Jan 4, 2022 04:43PM EST

MYR Group Acquires Powerline Plus Companies; Terms Not Disclosed

MYR Group Inc. ("MYR" or "MYR Group") (NASDAQ:MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced that its Canadian subsidiary, MYR Group Construction Canada, Ltd. has acquired all issued and outstanding shares of capital stock of Powerline Plus Ltd. and its affiliate (collectively, the "Powerline Plus Companies"). The Powerline Plus Companies together comprise a leading full-service electrical distribution construction company, founded in 1990 and headquartered in Toronto, Ontario. Over the last two years, the combined average annual revenues of the Powerline Plus Companies were approximately $80 million.



"The addition of the Powerline Plus Companies to MYR Group continues to strengthen our Transmission & Distribution segment service offerings and geographic reach, while expanding our market position as we continue to provide additional services to both new and existing customers," said MYR Group's President and CEO, Rick Swartz. "The Powerline Plus Companies bring a high-quality workforce and strong management team with decades of experience, who share our culture, values and commitment to delivering superior service to our customers through operational excellence. We expect that the Powerline Plus Companies' diverse project portfolio, strong reputation, design skills, civil solutions and other services will enhance our ability to capture projects. We are excited to welcome the employees of the Powerline Plus Companies to the MYR Group organization and look forward to making this a smooth transition."

The Powerline Plus Companies will become MYR Group subsidiaries and will primarily operate as Powerline Plus.