Florida company to purchase Wanzek

By | November 03, 2008
Fargo, N.D.-based ethanol plant contractor Wanzek Construction Inc. is being acquired by MasTec Inc. for $215 million$200 million in cash and $15 million in assumed debt, according to the Florida-based company. The transaction is expected to be complete by the end of the year. In the meantime, MasTec is reviewing various funding options, including what the company called "equity and equity-linked alternatives." MasTec's purchase of Wanzek would include 500 pieces of heavy equipment, including several specialized cranes for erecting wind turbine towers. Wanzek employs 1,100 skilled workers and tradesmen. In the past, Wanzek has worked with Poet LLC, Glacial Lakes Energy LLC, Abengoa Bioenergy Corp. and Verasun Energy Corp. Wanzek is currently acting as general contractor for Tharaldson Ethanol LLC in Casselton, N.D.