LV company sold for $127 million

Friday, March 3, 2000 | 10:52 a.m.

Industrial services firm Bracknell Corp. of Toronto is acquiring Las Vegas-based Sunbelt Integrated Trade Services Inc. for $127 million.

Employing about 1,100 people, Sunbelt provides infrastructure services to customers in the high-tech, gaming and industrial/commercial sectors; its revenues for this year will exceed $300 million.

Sunbelt's Las Vegas subsidiary, Quality Mechanical Contractors, recently performed work on the Venetian and Paris Las Vegas hotel-casinos. Quality Mechanical currently employs about 350 people in Las Vegas.

In addition to Las Vegas, Sunbelt has operations in Austin, Texas, and Atlanta. Bracknell Director of Corporate Development Joe Ruffo said the acquisition will not affect Sunbelt's U.S. operations.

Under the deal, Bracknell will acquire 100 percent of Sunbelt's outstanding shares, and will finance the acquisition from a combination of its existing bank facility and a subordinated note. The transaction is expected to close this month.

Bracknell President Paul Melnuk said his company expects the acquisition -- Bracknell's largest to date -- will allow the company to rapidly expand into the technology and gaming sector.