Granite Pays $130M for Kenny Construction

WATSONVILLE, CA-Granite Construction Inc. has signed an agreement to acquire Kenny Construction Co., a national contractor and construction manager specializing in the power, tunnel, water and civil markets. Under the terms of the agreement, Granite will pay the purchase price of $130 million in cash at closing in exchange for 100% of the outstanding shares of Kenny.

Founded in 1927, Kenny is a privately-owned, Northbrook, IL-based company with approximately 425 employees. Kenny’s revenues are projected to be $270 million for 2012 with approximately 50% of revenues associated with the power sector, 20% associated with tunneling-related work and 30% coming from water/underground and other heavy/civil related work.