The consideration, paid in cash from the group’s existing facilities, was CA$9.2m (£5.7m), including an estimated CA$0.6m (£0.4m) of acquired net debt.
Geo-Foundations principally serves eastern Canada, where it offers design-build solutions to the construction and mining industries. Its revenue in 2012 was about CA$20m (£12.4m).
The business specialises in micro-piling, ground anchors, and specialty grouting services which, whilst well established in the US, are still relatively new to the Canadian market. Keller said that a combination of increasing market acceptance of these techniques in Canada, along with the introduction of ground improvement techniques and assistance from Keller’s existing US business, is expected to fuel significant growth over time.
“Keller has worked in partnership with Geo-Foundations on a number of projects in recent years, building a relationship of mutual respect,” said Keller chief executive Justin Atkinson. “I am confident that, together, we are well-positioned to fully exploit the opportunities in this attractive market. This acquisition builds on our strong track record of expanding into higher growth geographic regions through both organic growth and targeted acquisitions."
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