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Quanta Services Acquires Banister Pipelines
PWR | 31 minutes ago
Acquisition enhances Canadian mainline pipeline capabilities

HOUSTON, Nov. 24, 2014 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that it has acquired the business of Banister Pipelines Corp. (Banister), a leading Canadian mainline pipeline construction and maintenance services contractor based in Nisku, Alberta. The acquisition strategically expands Quanta's Canadian mainline pipeline services offering across Canada and provides Banister's customer base with access to Quanta's extensive energy infrastructure resources.
Quanta Services Logo.

"We anticipate unprecedented levels of investment in pipeline and related infrastructure to occur in Canada over the next several years, driven by the development of the Canadian oil sands and unconventional shale formations. Banister's operations significantly enhance our ability to provide pipeline infrastructure solutions to our customers," said Jim O'Neil, president and chief executive officer of Quanta Services. "Banister is led by a strong management team with decades of experience and an excellent reputation in the marketplace. Banister works with several of Quanta's existing customers and provides expansion opportunities for Quanta with other leading Canadian energy companies."

The acquisition of Banister's business closed on Nov. 21, 2014. As a Quanta company, the business will operate under the name Banister Pipelines Constructors Corp. The company is expected to generate approximately US$350 million in revenue for the full year of 2015.

"Joining Quanta provides Banister with significant resources to meet our customers' needs as they execute on large, multi-year energy infrastructure capital programs," said Walter Martinello, chief executive officer of Banister. "Quanta's culture, reputation, strong track record for safe project execution and commitment to excellence make an ideal partner for Banister. We are excited to be part of the Quanta family."

Read more at http://www.stockhouse.com/news/press-releases/2014/11/24/quanta-services-acquires-banister-pipelines#ElFk6yMtfBBvRiSY.99