The acquisition of Florence & Hutcheson doubles Brentwood-based ICA to 600 employees and expands its geographic reach.
"Combining these two companies will generate a great amount of synergy," said Butch Eley, chief executive of ICA.
Financial terms weren't disclosed. Florence & Hutcheson is now a wholly owned subsidiary of ICA, which through the deal gains a presence in new markets such as Georgia and Alabama.
Currently, ICA provides its maintenance services and highway cleanup work to governmental and transportation agencies in Florida, Virginia, Texas and South Carolina. It also works after hurricanes and major storms on emergency cleanup in some cases.
"By understanding the design and construction elements of a project, it will allow us to better provide a longer-term and more comprehensive maintenance solution," said David Rader, executive vice president at ICA.
The senior management team at Florence & Hutcheson will remain in place.
Signal Hill Capital Group LLC served as ICA's financial adviser in the purchase. Regions Business Capital and Triangle Capital Corp. provided the financing.
Florence & Hutcheson has offices in 18 cities in the Midwest and Southeast and provides planning, design-build, construction engineering and other related services.
Reach Getahn Ward at 615-726-5968
or gward@tennessean.com.
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