Stuart Olson buys Alberta industrial maintenance, construction firm Tartan for $12M
By David KennedyConstruction Financing
CALGARY—Stuart Olson Inc. is expanding its reach in the industrial maintenance, construction and plant turnaround business.
The Canadian contractor said Nov. 7 it has acquired Calgary-based Tartan Canada Corp. for approximately $12 million. The company, which primarily serves clients in the industrial and energy industries, was founded in 1953 and employs about 400 workers.
“This acquisition represents an important milestone for our Industrial Group to further its abilities as an integrated solutions provider,” David LeMay, president and CEO of Stuart Olson, said in a statement. “Our growth strategies are centered on building both scope and scale by targeting the addition of complementary trade services.”
The company plans to fully integrate Tartan into its Industrial Group. Tartan has a backlog of approximately $50 million and posted revenue of about $70 million for the 12 months prior to Sept. 30.
Along with the acquisition, Stuart Olson reported its third quarter earnings results Nov. 7.
Revenue for the quarter came in at $223.7 million, the company said, versus $268.1 million in Q3 2017. Meanwhile, the contractor said it added about $205 million to its backlog over the three-month period, bringing its total backlog of work to $1.6 billion.