Cianbro announced today its acquisition of A/Z Corp., a Connecticut-based engineering-construction firm providing diverse industry services including design, construction, maintenance, and energy management, with a focus on technology-oriented markets.
Terms of the acquisition, which closed on March 29, were not disclosed.
Cianbro, which is based in Pittsfield, is Maine’s largest construction company.
Headquartered in North Stonington, Conn., A/Z has offices and ongoing operations in the Northeast and Mid-Atlantic states. As a wholly owned subsidiary of Cianbro, it will retain its name, and the company’s owner, Perry Lorenz, will remain as president of A/Z.
A/Z’s client list includes many Fortune 500 and 1000 companies. It reported $245 million in direct revenues last year, according to the company’s website. https://www.a-zcorp.com/about-az/our-heritage/
All of A/Z’s 500 employees will join the Cianbro team and its’ Employee Stock Ownership Plan, according to a joint news release by the two companies.
Founded in 1949, Cianbro is 100% employee-owned and is an Engineering News Record top 100 U.S. construction firm with approximately 4,000 team members operating in 41 states. Cianbro performs work in diverse construction markets including industrial, manufacturing, infrastructure, power and energy and building.
The company also invests heavily in workforce development through The Cianbro Institute, a professional growth and education center located at the company’s Pittsfield campus.
“Cianbro and A/Z are compatible organizations with very similar philosophies towards people, operating culture, workplace safety, and towards their respective clients,” Cianbro CEO Andi Vigue said in a news release. “We each grew from small family-owned companies with devoted hard-working employees who are experts in their profession. The A/Z Corp. culture fits very well with the Cianbro culture, work ethic, and an unwavering commitment to team member health and safety. We are excited to welcome the A/Z team members to the Cianbro family.”
Cianbro Vice President Richard Brescia described the integration of A/Z Corp. into Cianbro’s operations as a “significant opportunity for both organizations.”
“We have been in business for 70 years and continue to find new ways to innovate, grow, and diversify our operations,” he said. “A/Z Corp. is well respected in the industry and it excels in higher education, manufacturing, science and technology, health care, mission-critical and energy markets. There are common aspects between our companies, and there are significant opportunities to learn from each other and grow within our various business markets.”
“My father founded A/Z Corp. more than 50 years ago,” Lorenz said. “This transition is special and it’s important to me that the legacy of this company will be retained. It is great to see that our team members will become part of a growing, employee-owned organization. I first worked around Cianbro when I was working for my father in 1986 on a job site in southeastern Connecticut. I learned quickly that we have a lot in common in terms of how we value our people and clients.”
Lorenz said joining Cianbro “creates greater stability and sustainability for our employees and clients,” adding that nothing will change in the two companies’ current working relationships.
“Knowing that this transition results in stability while keeping our operational strategies intact is a perfect scenario,” he said. “I couldn’t feel any better or be more excited about our collective future.”
Cianbro’s growth strategy
Peter Vigue, chairman of Cianbro’s board of directors, said the acquisition is part of Cianbro’s growth strategy in which it evaluates strategic opportunities “very carefully and thoughtfully to understand if there is a cultural ‘fit’ within the entire organization.”
“In the case of A/Z Corp., joining the companies together made perfect sense given our similar backgrounds and cultures,” he said. “This will expand our capacity, our reach, our skill sets, and our abilities to learn from each other. This is a great outcome for Cianbro and for A/Z Corp., and I am very excited about our future.”
“At Cianbro we say ‘It’s all about people,'” added Mike Bennett, vice president at Cianbro. “Our team members own the company and take a lot of pride in their work. A/Z Corp.’s team members are equally devoted and dedicated to their work and bring significant experience and expertise to our business.”
Cianbro is Maine’s largest construction company, with 4,000 employees, including almost 1,000 in Maine, and annual revenue of $873.2 million, according to the 2019 Mainebiz Book of Lists.
It operates in five markets — building; oil, gas and chemical; infrastructure; power and energy; and industrial and manufacturing — across more than 40 states.
Among recent noteworthy projects is the replacement of the Sarah Mildred Long Bridge located on the Piscataqua River between Kittery and Portsmouth, N.H. The new 2,800-foot concrete vertical-lift bridge was constructed at a higher elevation than the existing bridge, with a vehicular structure stacked over a railroad level, as well as a longer lift span at 300 feet.