MT. AIRY, N.C., June 30 /PRNewswire-FirstCall/ -- Pike Electric Corporation (NYSE: PIKE), one of the nation's leading energy solutions providers, has purchased Klondyke Construction, LLC based in Phoenix, AZ.
Klondyke provides construction and maintenance services primarily associated with electric substation, transmission and distribution infrastructure. Klondyke also constructs renewable energy generation facilities. Klondyke generated revenue of approximately $28 million during the last twelve months. Following the close of the acquisition, Howard Varner, President, and Steve McClain, Vice President and Chief Financial Officer, will continue in their current roles at Klondyke.
"The talented individuals that work for Klondyke coupled with their geographic location and union relationships make this a very compelling move for us. This acquisition is consistent with our growth strategy and significantly expands our presence in the southwest," said J. Eric Pike, Chairman and CEO of Pike.
"Pike's siting, planning, and engineering capabilities now provide Klondyke the platform to pursue multiple large scale EPC projects simultaneously. This combination positions Klondyke to offer an even broader level of service to our customers," explained Howard Varner, president of Klondyke.
Klondyke's range of construction services related to substation, transmission and distribution infrastructure complements our west coast engineering capabilities and enables the continued expansion of EPC services. "This combination allows Pike and Klondyke the ability to meet the increased need for substation and transmission infrastructure in the southwest region as more solar and wind capacity is developed and brought on line," continued Mr. Pike.
About Pike Electric
Pike Electric is a leading provider of energy solutions to over 200 investor-owned, municipal and cooperative utilities in the United States. Our comprehensive services include siting, permitting, engineering design, installation, maintenance and repair of power delivery systems, including renewable energy projects. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. For more information, visit us online at www.pike.com.
This press release and other statements we make from time to time in the future may contain forward-looking statements that relate to Pike Electric's plans, objectives and future estimates. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. The terms "should," "believe," "plan," "expect," "anticipate," "estimate," "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and other factors, please refer to the Risk Factor section of Pike Electric's Annual Reports on Form 10-K and in its other periodic filings with the Securities and Exchange Commission. Pike Electric makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement, except as may be required by applicable law.
SOURCE Pike Electric Corporation