Pernix Group acquires KBR Building Group for $28 million

LOMBARD - Pernix Group Inc. said it will acquire Charlotte, N.C.-based KBR Building Group for approximately $28 million.

The acquisition will expand Pernix's commercial domestic operations and grow its international business, the company said in a release. KBR will be renamed BE&K Building Group, A Pernix Group Company upon completed of the acquisition at the end of the month.

KBR's experience in the advanced manufacturing, industrial, life sciences, research & development, food & beverage, commercial, mixed-use and institutional markets help expand Pernix's domestic offerings, the company said, as well as expand its commercial market offerings internationally.

"The addition of KBR Building Group's expertise to our growing portfolio will serve to not only improve our domestic offerings, but also allow us to leverage that expertise for a growing number of clients worldwide," said Pernix CEO & President Nidal Z. Zayed. "The addition of KBR Building Group's experienced and innovative team, and portfolio focused on sustainable design and construction adds tremendous value to Pernix, and evidences our continued commitment to delivering excellence in everything we do and build."

Mac Carpenter, President of the KBR Building Group said the merger will provide "the opportunity to continue providing world-class construction service to our clients, while leveraging Pernix's agility, commitment to safety, quality control, and worldwide presence will allow us to continue exceeding our clients' expectations while expanding our reach and allowing us to follow our clients throughout the world."

Morgan Joseph TriArtisan's Industrials team served as Pernix's financial adviser; FTI Consulting provided tax and financial due diligence and Greenburg Traurig, P.A. served as legal advisers to Pernix.