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ICA Buys Kentucky-Based Engineering Services Firm

Infrastructure Corporation of America (ICA), a leader in transportation asset maintenance and management, today acquired Florence & Hutcheson, a full-service engineering services firm headquartered in Paducah, Ky. with offices in 18 cities in the Midwest and Southeast United States.

“The acquisition of Florence & Hutcheson expands ICA’s footprint in the transportation sector and will result in growth opportunities for both its traditional business lines and engineering services,” CEO and President Butch Eley said.

ICA maintains public transportation infrastructure, including roadways, bridges, toll ways, rest areas and welcome centers. Through long-term, performance-based contracts, ICA has been able to deliver state governments up to 20 percent annual savings on maintenance costs.

“This is a strategic acquisition that positions ICA as the most comprehensive provider of performance-based highway asset maintenance management services at a time when governments have fewer dollars to protect their infrastructure investments,” Eley said. “With the addition of high-quality engineering, we can provide a more innovative spectrum of services to positively impact the infrastructure life cycle – from planning and design to life-long maintenance.

“Florence & Hutcheson is a company with an outstanding history, and a reputation hard earned through performance,” Eley said. “Combining these two companies will generate a great amount of synergy that will be very dynamic.”

Florence & Hutcheson will continue operations under its current name as a wholly owned ICA subsidiary, and its engineering clients will see no changes due to the ownership transition, Eley said. Florence & Hutcheson senior management will remain in place.

“The U.S. infrastructure continues to increase in its importance to our society and to our economy. By joining forces with ICA, we have broadened our expertise and service offerings from beyond just the initial project design and construction phase to encompass the ultimate objective of maximizing the assets’ complete life-cycle. Together, the ICA/Florence & Hutcheson combination will work hard and effectively to strengthen America’s infrastructure,” said Ben Glunt, Chairman of Florence & Hutcheson.

Florence & Hutcheson, founded in 1965, employs approximately 300 professionals. Its services include planning, design-build, civil, geotechnical, environmental, construction engineering and inspection, and water resources.

The combined company will have about 600 employees in offices across the region.

Signal Hill Capital Group LLC served as exclusive financial advisor to Infrastructure Corporation of America in connection with its acquisition of Florence & Hutcheson. Financing for the transaction was provided by Regions Business Capital and Triangle Capital Corporation (NASDAQ: TCAP).


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