Midas Companies acquires Culy Contracting, Inc.
Merger creates the market leading provider of manhole rehabilitation services and greatly increases geographical reach.
CAPITOL HEIGHTS, MD, SEPT 11, 2018 -- Midas Companies ("Midas") has acquired Culy Contracting, Inc. ("Culy"), a leading underground utilities company located in Winchester, Indiana with operations in many complementary markets within the Midwest and East Coast. Culy specializes in pipe infrastructure services related to water, stormwater and wastewater in both government and industrial settings. This merges well with Midas's expertise in these areas and establishes the merged companies as the national leader of manhole rehabilitation. The acquisition also allows for growth and geographic diversification, increasing exposure to consent decree driven markets in Indiana, Ohio, Michigan, Kentucky and Tennessee as well as greater access to the Carolinas and Atlanta markets utilizing local labor resources.
In addition to the increased geographic reach, this transaction increases the service offerings for both companies. Culy brings several new solutions to Midas, such as large water work and highly specialized line stopping/tapping, creating a stronger solutions suite with highly specialized services diversified in customer base, end markets and geographies.
"Culy was a logical acquisition for Midas as both companies specialize in infrastructure solutions and successfully create value for their perspective customers. This creates market leading positions while continuing to be a sole provider of comprehensive solutions," said Dan Cathell, Midas's Chief Executive Officer. "This is a strategic opportunity for Midas to expand geographically while continuing to reduce our overall impact on the environment."
Culy's longstanding relationships with utility and industrial customers will be further established with Midas's recent move into the industrial marketplace, offering the combined suite of services to an increased market. This expanded and complimentary services suite will position the Company for growth with no impact to customers. Chris and Doreen Culy will move under the Midas umbrella as the Vice President of Operations and Vice President of Administration and Finance, respectively, for the Culy division, and will play a vital role in the strategic growth of the company.
"Aligning Culy with Midas affords our company the opportunity for greater growth and continued expansion with both our customer base and service offerings," said Chris Culy. "We're very excited to move forward with Midas, a company that shares the same values, strategic vision and familial approach as Culy."
Midas recently acquired Jennings Engineering and in 2015, acquired TV Diversified, both located Florida. The acquisition of Culy provides another strategic partnership for an increased presence throughout the Midwest and East Coast regions.