An unknown buyer acquired 50% interest in Myers & Sons Construction L.P. from Sterling Infrastructure, Inc. for $18 million.
December 30, 2022
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An unknown buyer acquired 50% interest in Myers & Sons Construction L.P. from Sterling Infrastructure, Inc. (NasdaqGS:STRL) for $18 million on November 30, 2022. Financials of Myers and Sons for 2021 are Revenue as $167.4 million, Gross profit as $11.2 million, Operating income as $0.3 million and Net income as $1.2 million.
An unknown buyer completed the acquisition of 50% interest in Myers & Sons Construction L.P. from Sterling Infrastructure, Inc. (NasdaqGS:STRL) on November 30, 2022. In accordance with the Agreement's payment terms, Sterling to receive $12 million in January of 2023, $2 million on or before December 31, 2023, $2 million on or before June 1, 2025, and $2 million on or before December 31, 2027.
Sterling Infrastructure, Inc. operates through a variety of subsidiaries, specializing in E-Infrastructure, Transportation and Building Solutions in the United States. Its segments include E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment is a provider of large-scale specialty site infrastructure improvement contracting services in the Southeastern, Northeastern and Mid-Atlantic United States. It serves large, blue-chip end users in the e-commerce, data center, distribution center, warehousing, energy sectors and more. The Transportation Solutions segment is comprised of heavy highway, aviation, and rail, and relies heavily on federal and state infrastructure spending. The principal markets of this segment are Arizona, Colorado, Hawaii, Nevada, Texas, and Utah. The Building Solutions segment is comprised of its residential and commercial businesses. It focuses on concrete construction of multifamily foundations.
STERLING INFRASTRUCTURE, INC. 
