Orion Group Holdings, Inc. has acquired J. E. McAmis, Inc. and JEM Marine Leasing LLC for approximately $60 million, net of cash acquired.
“ We are very pleased to welcome the J.E. McAmis team to Orion ,” said Travis Boone , President and Chief Executive Officer of Orion. “This acquisition reflects the disciplined execution of our strategy to be the premier marine construction contractor in attractive end markets delivering long-term shareholder value.”
Purchase consideration of approximately $60 million, subject to customary adjustments, includes the following:
Additional contingent consideration includes $10 million on profit earned on projects in backlog plus 40% of profit on select near-term pursuits, Orion said.
Founded in 1973, J.E. McAmis has a proven track record for delivering complex marine construction projects in challenging environments with work spanning jetty and breakwater construction, dredging, environmental restoration, and dam and spillway construction.
Also, JEM has strong client relationships with the U.S. Department of Defense and U.S. Army Corp of Engineers and a broad portfolio of marine and real estate assets valued at $34 million.