US-based conglomerate HC2 Holdings announced on Monday that its infrastructure business DBM Global has acquired a 100pc stake in Banker Steel.
The Banker Steel Group provides fabricated structural steel and construction services to construction companies on the US East Coast and in the Southeastern region. It operates out of Lynchburg, Virginia. The agreement is expected to close during the second quarter of 2021. The companies did not disclose the transaction price.
DBM Global is an American steel fabrication and construction company, and Avie Glazer, chairman of HC2, expects this purchase to increase DBM’s revenue and EBITDA significantly and expand the company’s reach.
Banker’s Steel has overseen a few major building projects like the Washington Nationals Park in Washington DC and the Barclays Center.