Cianbro, the Pittsfield-based construction firm with 4,000 employees and operations in 41 states, is expanding its footprint with the acquisition of a Connecticut engineering and construction firm, according to Cianbro CEO Andi Vigue.
A/Z Corporation of North Stonington, Connecticut, which specializes in building construction as well as design, maintenance and energy management, became a wholly owned subsidiary of Cianbro on Friday, the companies said Tuesday. A/Z will retain its name and will stay headquartered in Connecticut, with owner Perry Lorenz staying on as president.
“Their values, their structure and what it is they do is well aligned with Cianbro,” Vigue said.
A/Z’s 500 employees will become shareholders in the expanded company, joining Cianbro’s employee stock ownership plan. Cianbro is fully employee-owned.
Cianbro has been in business for 70 years, and is known for a number of high-profile construction projects it’s taken on in Maine and elsewhere in recent years, including the construction of Bangor Savings Bank’s new headquarters on the Bangor waterfront and the construction of WEX’s new headquarters in Portland.
“This will be our biggest acquisition,” Vigue said. “It will get our volume to $1 billion in sales. It’s $700 million now.”
A/Z Corporation is the result of a merger of two companies founded by Ed Lorenz, the father of current owner Perry Lorenz. Ed Lorenz founded A/Z Electric in 1968 and Ledyard General Contractors in 1972. They consolidated into one company in 1994. The company now operates throughout much of the Northeast and Mid-Atlantic.
In a news release, Perry Lorenz said Cianbro’s acquisition of A/Z “creates greater stability and sustainability for our employees and clients.
“It also means that nothing will change in our current working relationships,” he said. “Knowing that this transition results in stability while keeping our operational strategies intact is a perfect scenario.”
Cianbro did not disclose the value of the transaction between the two companies.