Allegiance Capital Corporation, a middle-market, private investment banking firm headquartered in Dallas, with offices in New York and Madrid, Spain, today announced the sale of its client, Pulice Construction of Phoenix, AZ.
The construction and services group, ACS (Madrid: ACS.MC), has acquired 100% of the share capital of the U.S. builder Pulice Construction for an amount of $113.9 million (80 million euros at current exchange rates).
The American company, based in Phoenix, Arizona, specializes in civil work, mainly roads and motorways. In the past five years, Pulice has been the prime contractor for the Arizona Department of Transportation (ADOT).
In addition to Arizona, Pulice is licensed to operate in Utah, Nevada, and California. The company last year recorded a turnover of $244.4 million (170.8 million euros) and EBITDA of $27.2 million (19 million euros).
Meanwhile, Pulice's profit before tax last year stood at $18.8 million (13.1 million euros), while net debt reached $28.9 million (20.2 million euros) and its portfolio totaled $139 million (97.2 million euros).
Florentino Perez, president of Grupo ACS, executed this acquisition in the U.S. through Dredging Construction USA, wholly owned by Dragados, which in turn is a 100% subsidiary of ACS.