The Churchill Corp. (TSX: CUQ) of Calgary, the parent company of Stuart Olson Dominion Construction Ltd., has acquired Winnipeg-based McCaine Electric Ltd. , a private contractor selected for construction projects including the Winnipeg Blue Bomber Stadium. McCaine’s managing partners, John Schubert and Frank Mutcher, will stay on in senior leadership positions at Canem Systems.
The Churchill Corp. (TSX: CUQ) announced Monday it has acquired Winnipeg-based McCaine Electric Ltd. , a private contractor selected for construction projects including the Winnipeg Blue Bomber Stadium.
Calgary-based Churchill, which owns Stuart Olson Dominion Construction Ltd., provides construction, electrical contracting, earthmoving and industrial insulation services.
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It has acquired all outstanding shares of McCaine for consideration of $9 million in cash, $2.5 million worth of common shares, plus up to an additional $1 million in cash subject to earn-out conditions in 2012 and 2013. McCaine, which recorded revenues of $30 million in 2010 and a backlog of $31.5 million, will become part of Churchill’s Canem Systems Group. McCaine’s managing partners, John Schubert and Frank Mutcher, will stay on and report directly to Canem president Al Miller. Canem's services include electrical contracting, information management and building system integration.
Churchill’s other subsidiaries include Insulation Holdings Inc., Laird Electric Inc. and Broda Construction.
In addition to the Blue Bombers stadium, McCaine was selected to perform electrical work at Richardson College for the Environment at the University of Winnipeg, St. Boniface General Hospital Cardiac Centre, the Arts Building at the University of Manitoba, the Winnipeg Airport expansion and the Milner Ridge Correctional Centre expansion.
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