Grupo Soares da Costa, one of the largest groups in the civil construction and public works sector in Portugal, announced that its subsidiary Soares da Costa America, Inc. entered into an agreement with a subsidiary of the Dragados Group to sell the entire share capital of Prince Contracting, LLC.
This US$18 million operation is still subject to approval from external entities and follows the Group's strategy to concentrate its construction activity in the partnership agreement with GAM Holdings, formalized on February 12th.
Soares da Costa America, Inc. has been advised by Espírito Santo Investment Bank.
Prince Contracting, LLC provides construction services for civil construction and transportation projects in Florida and Georgia. The company specializes in highway, heavy construction, and site development. Its primary focus is on transportation and infrastructure development for state and municipal authorities. The company also provides clearing, earthmoving, drainage, utility, road base, bridge, and concrete work services. It serves public and private sectors. The company was founded in 1983 and is based in Tampa, Florida.
Since 2005, Dragados has experienced a steady and sustainable growth in project revenue as well as geographic expansion across the United States and Canada. A part of that growth has come through the acquisition of Schiavone Construction Co. LLC and John P. Picone, Inc., in New York, and Pulice Construction, Inc., in Arizona. Today, Dragados is active in New York, Massachusetts, North Carolina, Florida, Puerto Rico, California, and Washington State.