Calgary-based Stuart Olson Inc. has sold Broda Construction to TriWest Capital Partners and senior management of Broda for $39 million in gross cash proceeds.
Broda is a heavy construction company specializing in aggregate processing, earthwork, civil construction, and concrete production. Stuart Olson acquired Broda in 2010.
Stuart Olson provides building construction, commercial and industrial electrical contracting, and industrial insulation services to public and private clients.
"The divestiture of Broda is the result of a strategic review undertaken to assess our assets and their utilization in the context of our broader business strategy going forward. The proceeds from the sale of Broda will allow us to strengthen our balance sheet and increase our financial flexibility to fund growth initiatives more closely aligned with our strategy of becoming a fully integrated construction company," Stuart Olson CEO David LeMay said.