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Completed Transactions > Engineering, Contracting & Construction > R. C. Stevens Construction Acquired By Cianbro

R. C. Stevens Construction Acquired By Cianbro

R. C. Stevens

Date

Apr 2022

Region

Florida

We are pleased to share the sale of our client, R. C. Stevens Construction Co., to Cianbro. The acquisition closed April 1, 2022.

R. C. Stevens, located in Winter Garden, Florida, is one of the oldest and most experienced construction leaders in the southern U.S. Founded in 1926 by Raymond C. Stevens, the company has earned wide recognition through the years as a full-service design/builder, construction manager, and general contractor specializing primarily in two distinct, difficult entry markets: food & beverage and healthcare.

Headquartered in Pittsfield, Maine, Cianbro was founded in 1949 and is one of America’s largest, employee-owned, open shop, construction and construction services companies.

Throughout its 70+ year history, Cianbro has safely and efficiently planned, managed, and constructed many technically complex, historic, and environmentally sensitive projects for a wide variety of public and private clients across the United States.

A total commitment to safety, combined with the enthusiasm of an innovative team of construction professionals, has enabled Cianbro to build a durable reputation for completing projects safely, on schedule, and within budget.

The acquisition will provide a permanent establishment in the southeastern United States and open additional opportunities to expand their markets. Tim Keating, President of R. C. Stevens, will remain active and continue to lead the R.C. Stevens organization as President following the acquisition.

“I am elated for our team members here at R. C. Stevens and what the future holds,” said Keating.

“Cianbro is a well-respected and well-run organization. There is no doubt, they care about their team members. Having their ongoing support for our growth strategy will enhance the offerings to our clients as well as create career growth opportunities for team members.”

“R. C. Stevens is a 95-year-old construction company that we greatly admire in terms of its culture, commitment to people, and of course, the quality of their work,” said Pete Vigue, Chairman of Cianbro’s Board of Directors.

Vigue added, “Whenever an opportunity like this presents itself, we evaluate how well the company’s mission and values align with our own, and R. C. Stevens absolutely aligns. Ultimately, this acquisition will benefit both companies; expanding and complementing Cianbro’s current geographic presence in the southeastern United States, while supporting R. C. Stevens growth strategy.”

Richard Brescia, Executive Vice President of Cianbro, adds “R. C. Stevens has a great reputation in the industry, and they excel in process industrial, healthcare, and commercial construction. Together, we will leverage our collective experience and expertise to benefit existing and future clients within the healthcare, food and beverage, life science, technology, and related building, industrial, and manufacturing markets.”

Generational Equity Executive Managing Director, M&A-Technology Practice Leader, David Fergusson, and his team, led by Sr. Managing Director Mergers & Acquisitions, Terry Mackin, with the support of Senior Vice President, M&A, Tristan Keefe, successfully closed the deal. Senior Managing Director Thomas Hamm established the initial relationship with R. C. Stevens.

“Our marketing produced many qualified suitors for R. C. Stevens,” said Mackin. He added, "In the end our client went with the group that they were most familiar with and trusted would take good care of the legacy that had been built over 95 years.”

If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Engineering, Contracting & Construction M&A Deals page.

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