Pipeline construction contractor Minnesota Limited has been acquired by Vectren Corp., an Evansville, Ind., energy company.
Big Lake pipeline company sold to Indiana firm
Minnesota Limited, with 500 employees, agreed to be acquired by Indiana-based Vectren Corp. for an undisclosed sum.
Terms of the deal, announced Thursday, were not disclosed.
Minnesota Limited is based in Big Lake, and is one of the Midwest's largest specialty contractors in the natural gas and petroleum industry, with 500 employees.
It posted revenue of $110 million last year. Vectren, which has more than $2 billion in annual revenue, said in a statement that it expects Minnesota Limited to add to its earnings in the first year.
The company's management team and headquarters are expected to remain in place.
The acquisition "provides a platform for long-term success and growth for our company and employees," said Minnesota Limited CEO Christopher Leines, in a statement.
Minnesota Limited focuses on pipeline construction and maintenance, as well as construction of pump and compressor stations and refineries. It is licensed to operate in about 40 states, but its base has been in the Upper Midwest.
Carl Chapman, Vectren's president and CEO, said in a statement that Minnesota Limited will expand its geographic reach. "We believe this area is well positioned for growth given the need for new pipeline infrastructure to support the rapid development of new sources of natural gas found in shale formations and the need to upgrade our nation's aging pipelines, including gas, oil, water and wastewater."
Vectren's stock rose 21 cents Friday to close at $27.41 a share.
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