The acquisition would allow Wells’ footprint to expand from Canada to New Mexico, Colorado to Indiana.
The construction industry has been undergoing massive transformations lately, with mergers and acquisitions being a prominent strategic initiative. Speaking of which, a recent acquisition incidence in the thriving construction industry is Spancrete’s buyout by Wells Concrete.
It was indeed reported that the United States fifth largest precaster- Wells Concrete had recently taken over a Waukesha-based precaster and machinery producer Spancrete in an attempt to become one of the largest precasters in the Midwest region.
The established acquisition would enable Wells to expand its footprint from Canada to New Mexico, and Colorado to Indiana. For the record, Spancrete, which is based at Stoneridge Drive in Waukesha, is well acclaimed for its precast plants in Crystal Lake, Valders, Sebring, and Illinois, Florida.
Commenting on the acquisition, Chairman of Wells Concrete- Sam Nesius cited that acquisition of Spancrete stands out to be a tremendous milestone for both the buyers and sellers representing the consolidation of two family-owned businesses.
He further added that Wells Concrete and Spancrete’s marketplace, employees, and customers, are almost identical and this stands to be a positive point for acquisition and success of this initiative.
Meanwhile, on the other hand, the CEO of Wells Concrete, Dan Juntunen stated the Wells has being operating alongside Spancrete for over more than 60 years now and has positively admired their dedication to be the greatest innovators in the industry- both in terms of precast and equipment manufacturing.
Besides, this strategic move also allows the companies to combine their efforts, and look forward to continuing the legacy and developing its precast building solutions to offer the best possible products and solutions to its huge customer base.