Longtime Nashville construction firm W.L. Hailey has been sold to Layne Christensen Co., a publicly traded company based in Kansas, for $15 million in cash.
W.L. Hailey has annual revenues of about $80 million and operating profits of about $5 million. The employee-owned company was founded in 1925 and now runs offices in 100 Oaks and Atlanta, employs more than 250 people. It has been run since 1998 by Don Ackerman.
Investment bank Morgan Joseph advised W.L. Hailey on its sale, which Jeff Reynolds, president of Layne Christensen's water infrastructure division, said is part of his company's "bolt-on" acquisition strategy. In the past 18 months, the company has paid almost $9 million for four construction and infrastructure firms.
In the first half of this year, Layne Christensen (Ticker: LAYN) lost $7.6 million on revenues of $421 million.
Mission Woods, Kan. |
Davidson County |
Nashville |
Morgan Joseph & Co. Inc. |
Layne Christensen Co. |
W.L. Hailey & Co. |
Donald E. Ackerman |
Mergers & acquisitions |
Construction |
Make and Buy
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