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Sterling Construction Company, Inc. announced that on Dec. 31 it purchased purchased the remaining 20 percent membership interest in Ralph L. Wadsworth Construction Company, LLC (RLW) that was previously held by RLW’s executive management. The acquisition was an early exercise of Sterling’s option under a Dec. 2009 purchase agreement.
Sterling has retained the services of RLW CEO Kip Wadsworth, President Con Wadsworth and Vice President of Business Development Tod Wadsworth under new employment agreements.
“We are very pleased to conclude this transaction. The terms of the option provide for operational continuity of RLW and a stable platform for organic growth and further integration of our operating units,” said Peter MacKenna, Sterling CEO.
Sterling is a heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure in large markets in Texas, Utah, Nevada, Arizona, California and other states where there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and its water infrastructure projects include water, wastewater and storm drainage systems.