Doubles Constructel's Revenues in the US to over $250 million | US to Become Top-3 Country for
Constructel alongside France and
the UK | Balances US Operations between Telecom and Energy | Strong
Balance Sheet to Support Continued M&A
PLYMOUTH, Mich., May 3, 2024
/PRNewswire/ -- Constructel Visabeira
("Constructel"), a subsidiary of Grupo Visabeira and a
leading global provider of telecom and energy engineering services
backed by Goldman Sachs Alternatives ("Goldman Sachs"), today
announced its acquisition of Verità Telecommunications
Corporation ("Verità"), a leading wireline and wireless
services company in the Central US region with over $100m in revenue.
Verità is Constructel's tenth acquisition
since 2021 in its core markets of France, UK, Belgium, Portugal, Germany, and the US. With Verità,
Constructel gains a strong platform in the large and growing
US telecom services market, doubling Constructel's revenues
in the US to over $250m and balancing
Constructel's US business between energy and telecom engineering
services.
Verità, headquartered in Michigan, boasts a workforce of approximately
500 employees and is engaged in engineering, construction, and
maintenance of both fixed and mobile telecommunication
infrastructures. With operations primarily in Central US, Verita
has achieved double digit revenue growth since 2021.
With a reputation for excellence, Verità's expertise,
paired with its client-centric approach and proficiency in
delivering turnkey solutions, aligns seamlessly with
Constructel's growth strategy for the US. By leveraging
Verità's established presence and capabilities,
Constructel aims to deliver high-quality turnkey solutions
to the burgeoning fibre and 5G deployment landscape.
Verità's current management team, under the leadership of
Verità's founder and CEO Michael A.
Falsetti, will continue to lead the company with a focus on
strong client relations, commitment to employees and partners, and
relentless focus on quality of delivery to drive the next wave of
growth.
According to Michael A. Falsetti,
"this strategic partnership will allow us to accelerate our growth,
not only by providing new opportunities to better serve our
existing customers while facilitating new relationships, but also
by fostering the digital and management transformation that was
already taking shape."
For Nuno Marques, CEO of
Constructel Visabeira, "this investment marks a significant
milestone. It positions us at over $250m in sales in the US, while effectively
balancing our growth across the US Energy and Telecommunications
sectors. As we execute our expansion strategy in the US, where we
hold strong long-term ambitions, this investment will play a
pivotal role." He added that "drawing on our shared values and
common vision for the future, coupled with our deep understanding
of Verità's strong foundations, I am confident that we can
leverage commercial and operational synergies to realize the
broadband aspirations of our clients while advancing a trajectory
of sustained profitable growth. Further, the strength of our
balance sheet will allow us to continue to execute on our growth
priorities and strategic M&A strategy in years to come in the
US and Europe."
In addition to its M&A track record, Constructel has
delivered double-digit organic revenue growth and double-digit
EBITDA margins since 2021, reaching over €1.3 billion in revenues.
These figures reflect a year-on-year sales and EBITDA growth ahead
of 20%, underpinned by a combination of strong organic expansion
and a successful M&A track record, anchored on a strong balance
sheet. Constructel has significantly grown its Energy
Engineering Services business, supporting customers with
investments in transmission and distribution grids, renewable
energy and EV charging infrastructure, which contributes to more
than 30% of the company's revenues. In parallel, Constructel
has strengthened its international presence with France & Belgium, UK, US, and Germany together contributing over €1bn to the
Company's revenues.
The transaction is expected to complete in Q2-2024.
About Constructel Visabeira
With more than 40 years of experience, Constructel is one
of the leading European telecommunication and energy service
providers in Europe, with unique
know-how that enables a diversified offer of turn-key solutions.
Constructel's key services include design, implementation,
construction and maintenance of telecommunications and energy
networks. With an increasing international outreach, the company is
currently present in 11 countries (specifically, Portugal,
France, United Kingdom, Ireland, Belgium, Germany, Denmark, Italy, Spain,
Sweden, and the United States) and counts more than 5,900
employees.
For further information, please
visit www.constructelvisabeira.com
About Verità Telecommunications Corporation
Founded in 2013 by Michael
Falsetti, Verità is one of the leading wireline and
wireless services providers in the US Central region. With a
client-centric approach and a track record of excellence,
Verità offers turn-key solutions including design,
engineering, and construction services. Verità has offices in
Michigan, Ohio, Indiana, Illinois, and Missouri and has projects completed in
eighteen states.
For further information please visit www.Veritàcorp.com
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SOURCE Verità