Maryland-based Midas Companies has acquired an underground utilities company based in Randolph County. Financial terms of the deal for Culy Contracting Inc. are not being disclosed, however Midas says it will allow for growth and an increased presence in the Midwest and on the east coast.
Culy specializes in pipe infrastructure services for water, stormwater and wastewater in government and industrial settings, according to Midas. The company says the acquisition will also increase service offerings for both companies.
"Culy was a logical acquisition for Midas as both companies specialize in infrastructure solutions and successfully create value for their perspective customers," said Dan Cathell, chief executive officer of Midas. "This creates market leading positions while continuing to be a sole provider of comprehensive solutions. This is a strategic opportunity for Midas to expand geographically while continuing to reduce our overall impact on the environment."
Midas says the acquisition will not impact Culy’s existing customers. Owners Chris and Doreen Culy will continue to work under the Midas umbrella in the Culy division as vice president of operations and vice president of administration, respectively.