Studon President Don Sutherland will continue to be CEO, while Studon will continue with the same business name and current staff. Sutherland said about the change:
“The deal boiled down to the respect for people emphasized in both companies’ cultural philosophy and I knew they were a good fit for us after lengthy and careful negotiations.
“[I am] very excited about Studon’s future and the new opportunities now on the horizon for Studon people.”
The acquisition price was $77.8 million, which consisted of an equity price of $67.7. Around $59.9 million of that equity was handled in cash, and $7.8 million in shares.
Studon employs over 500 electricians and the company is a contributor of maintenance, construction, and dispatch services to the gas and oil, petrochemical, and pipeline industries in Western Canada.
Stuart Olson offers contracting electrical services, building construction, and industrial insulation services to clients in provinces around Canada.
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