Stantec sells MWH Constructors to Oaktree Capital Management
Stantec has agreed to sell MWH Constructors, comprising MWH Constructors UK and US, and Slayden Constructors, to funds managed by Oaktree Capital Management.
The sell-off concludes a strategic review announced in April 2018, which aimed to optimise the value of MWH Constructors, and to provide the best prospects for employees, clients, and shareholders.
“MWH Constructors has growth opportunities in the UK and US, and we believe that this deal will enable it to invest, and pursue growth, while continuing to serve clients,” said Stantec president and chief executive Gord Johnston.
“We look forward to having a partner like Oaktree, with strong financial resources, and a desire to invest in our future, as we continue to be the leading global project delivery company in the water sector,” added MWH Constructors president and chief of global operations Blair Lavoie.
The company joined Stantec as part of the purchase of MWH in 2016.