Today Houston-based Quanta Services Inc. (NYSE: PWR) announced that it acquired Canada-based Banister Pipelines Corp. in an effort to increase northern business interest.
Quanta, a midstream energy transmission and pipeline company said the deal makes sense since Banister is a leading mainline pipeline construction and maintenance services contractor.
According to Quanta, the company said Banister is expected to generate $350 million in revenue next year, but did not disclose the price of the sale. Jim O’Neil, CEO at Quanta states, “Banister’s operations significantly enhance our ability to provide pipeline infrastructure solutions to our customers.” Additionally, O’Neil said he plans to keep Banister’s “strong management team with decades of experience and an excellent reputation in the marketplace.”
The company will continue to operate under the Banister brand.