Reed & Reed acquires electrical transmission contractor
Reed & Reed Inc., an employee-owned civil contractor firm based in Woolwich, announced Monday it has acquired PLC Construction of Farmington, N.H., a company that specializes in building electrical transmission infrastructure.
Terms of the deal were not disclosed. The purchase includes PLC’s entire fleet of electrical transmission equipment.
PLC Construction will operate as a division of Reed & Reed from its base of operations in New Hampshire. As part of the acquisition, PLC’s former owner, Carl Haines, and his crews have joined Reed & Reed’s companies.
Jackson Parker, president and CEO of Reed & Reed, said Haines and his crews had regularly performed subcontract work for his company.
“We’ve been impressed with the quality of their work, their on-time performance and their excellent safety record,” Parker said in a news release. “As New England demands more clean energy generation and electric transmission to deliver new sources of clean energy to the markets, this acquisition made sense for a number of reasons. Reed & Reed has expanded our portfolio over the past decade, building electric transmission and most of New England’s wind power generation facilities. Therefore, PLC was an obvious fit with our business.”
Established as a bridge builder in 1928, Reed & Reed is one of New England’s largest heavy civil contractors. Reed & Reed has annual revenue of $125 million and 250 employees, according to a Mainebiz list of Maine-based construction companies published in the April 3 edition. In 2016, Jackson Parker and Thomas Reed sold ownership interest to an ESOP trust.
Its largest project last year was the $100 million Bingham Wind Project.
Reed & Reed’s wind power portfolio includes projects in Maine, New Hampshire, Vermont and Massachusetts. Other non-power projects include the recently announced $17.4 million award from the Maine Turnpike Authority to build an E-ZPass Open Road Toll facility near Exit 44 of the Maine Turnpike and the $15.1 million, seven-month reconstruction of the Route 1 Bath viaduct that is slated to open by Memorial Day.
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