Granite Construction Inc. has purchased Kenny Construction for $130 million.
Kenny, headquartered in Northbrook, Ill., employees about 425 employees with estimated 2012 revenue of $270 million. Granite says half of that is work in the power sector, with the remaining coming from tunnel-related work, water/underground, and heavy/civil.
The backlog is said to be about $390 million.
“This acquisition is an important milestone for Granite as we continue to execute on our strategic plan to diversify, strengthen and grow our business,” said president/CEO James H. Roberts. “The addition of Kenny’s expertise in the power, tunnel and underground markets will significantly expand our presence in these key areas as well as enable us to leverage our capabilities and geographic footprint to take advantage of opportunities across the country.”
According to a report in the Chicago Sun-Times, the Kenny family will not have a management role.