Clyde Companies, Inc. Acquired Denver-Based Interstate Highway Construction
DENVER, Jan. 4, 2021 /PRNewswire/ -- Clyde Companies, Inc., a construction organization, has announced their acquisition of Denver-based Interstate Highway Construction (IHC) in a stock acquisition finalized on December 31, 2020.
IHC has merged with Scott Contracting, a construction company also operating in the Denver metro area, which was previously acquired by Clyde Companies in 2018. The two companies will be combined as IHC Scott, Inc. (IHC Scott) and will continue to serve the Denver market with high-quality construction products and services.
“We are excited to welcome IHC to the family of Clyde Companies. We are confident this acquisition will strengthen our company’s strategic growth throughout the Intermountain West as we continue to operate committed to our mission statement, “Building a Better Community,” said Jeremy Hafen, President, Clyde Companies, Inc.
IHC began in 1947 as a small contractor in Michigan and over the years has become a highly diversified airport, heavy civil, and highway construction contractor. IHC specializes in concrete paving and has proven expertise managing complex construction projects and building high quality PCC pavements to exacting standards. Today, IHC operates three separate divisions and achieves a wide range of projects in the regions of the Rocky Mountain, Midwest, and Southwestern United States.
“IHC will grow to the next level under Clyde Companies’ ownership. We sought a buyer with strong financial resources, a compatible culture, and similar operational philosophy, and we are delighted with the expanded opportunities Clyde will afford our employees and competitive standpoint in the market,” said Ken Schaeffer, outgoing CEO, IHC.
Clyde Companies, Inc. has been involved in almost every aspect of building and construction in the Intermountain West for nearly a century. The family of subsidiary companies operates throughout the Intermountain West, including Utah, Colorado, Idaho, Nevada, Arizona, and Wyoming. With a workforce of over 4,000 and more than 100 locations, the Clyde Companies collaborate on thousands of projects each year.
The transition and implementation of the merger will take place over the next several months. Jim Golding, President of the Construction Materials and Services Group at Clyde Companies, will oversee the merger with Jim Randall, incoming president of IHC Scott, and Lon Schumacher, division president of IHC Scott.
“The merger of IHC Scott is equally advantageous for Scott Contracting and IHC. IHC will gain advantages from Scott’s expertise and Scott will dually benefit from IHC’s experience,” said Jim Golding. “We anticipate that their individual strengths will combine in a dynamic and successful alliance.”
“This is an exciting time for our company and its employees. We are incredibly happy to join the Clyde Companies organization,” said Jim Randall. “We see the merger with Scott Contracting as a fantastic opportunity for growth for both companies and can’t wait to get started. We know that this relationship will make us a stronger competitor and a stronger company, and we are looking forward to a great future together.”
“We are enthusiastic about the new opportunities and advantages that this alliance will enable,” said Lon Schumacher. “We look forward to providing our customers with an even higher level of quality service and expert infrastructure solutions.”
IHC Scott will continue serving its customers and market with their suite of construction services, including concrete paving, preparation and site work for residential and commercial development, heavy highway construction, and more.
Into the Future
IHC Scott has a strategic plan to expand its construction services and resources to a wider geographic location. The two companies will complement each other and serve their clients, continuing to operate with a variety of divisions in commercial, residential, and public construction services.
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SOURCE Clyde Companies, Inc.