Jan 28 2011
Iron Eagle Group, Inc. (OTC: IEAG) (“Iron Eagle”), a construction and contracting services provider in both the commercial and government markets, today announced that it has completed the acquisition of the membership interests of Delta Mechanical Contractors LLC ("Delta").
Averaging in excess of $50,000,000 in annual revenues over the past five years, Delta is the leading regional subcontractor providing commercial and industrial installation of plumbing, heating, ventilation and air conditioning and fire protection services in the regions of Rhode Island, Southeastern Massachusetts and Eastern Connecticut.
Bruce A. Bookbinder, Chief Executive Officer, President, and Founder of Delta, has executed a long term contract with Iron Eagle and has become Chief Executive Officer and President of Delta Mechanical Group, LLC, a 100% owned division of Iron Eagle.
“Delta is the number one subcontractor in their region, with a long history of profitability, quality work, and a tremendous reputation among its peers,” commented Joseph LoCurto, Chairman of Iron Eagle. “I was impressed by Delta’s workforce with over 100 highly qualified field employees and led by a seasoned management staff of 25 employees.”
“I was extremely impressed by Iron Eagle’s management team, industry expertise, and growth strategy,” stated Bruce A. Bookbinder, Chief Executive Officer, President, and Founder of Delta. He continued, “Delta is looking forward to working with Iron Eagle and their extensive industry relationships. They will add to Delta’s high level of customer service, increase operational efficiencies, and further joint venture and organic growth opportunities.”
“Delta represents the ideal acquisition for Iron Eagle,” commented Gary Giulietti, a member of the Board of Directors of Iron Eagle. “This furthers Iron Eagle’s mission of acquiring leading high quality construction companies and capitalizing on the $100+ billion market opportunity created by the federal government’s stimulus package as well as funds that are flowing down to the state and municipal levels for projects throughout the US. I congratulate our management team, led by Joseph LoCurto, Jed Sabio, and Jason Shapiro, on executing another milestone for Iron Eagle.”
Iron Eagle has let all other previously announced letters of intent and definitive agreements expire to allow the Company to focus more on the Delta transaction and other regional leaders and best in class construction companies.
Source: http://www.ironeaglegroup.com/