North American Construction Group Acquired For US$310 Million By Private Equity Investors

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Houston, Texas and San Francisco, California, (December 8, 2003), – North America Construction Group has been acquired by an investor group comprised of The Sterling Group, L.P., Houston, Texas and San Francisco, California, (December 8, 2003), – North America Construction Group (“NACG” or the “Company”) has been acquired by an investor group comprised of The Sterling Group, L.P., Genstar Capital, L.P., Perry Strategic Capital Inc., Stephens Group, Inc., BNP Paribas Securities, and members of management for US$310 million. NACG, based in Edmonton, Canada, is an energy services company providing civil construction services to major oil and gas companies developing the oil sands of Alberta, Canada and to developers of other Canadian natural resources. The Company offers a variety of services including contract mining, site preparation, piling and pipeline installation. The Company’s revenues and adjusted EBITDA for the twelve months ending September 30, 2003 were US$308 million and US$65 million. The investor group raised US$200 million of 8 About Genstar, Genstar Capital has had a long history of investing in middle market companies active in dynamic markets, including life sciences, healthcare services, industrial technology, software and business services. In June 2007, the firm held the final closing for Genstar Capital Partners V, LP for a total of $1.6 billon, expanding the committed capital to $3 billion. Genstar Capital traces its roots back to Genstar Corporation, a New York Stock Exchange-listed company with more than $4 billion in revenues, whose senior executives founded Genstar Capital in 1988. From 1976 to 1986, Genstar Corporation invested $1.9 billion in 28 acquisitions, sold 40 businesses and entered into 75 joint ventures. By 1986, when Genstar Corporation was sold to Imasco, Ltd, it owned more than 100 businesses around the world. During that time, shareholders of Genstar Corporation significantly outperformed the S&P 500 index and were backing an innovative company with a superb track record of acquiring and integrating underperforming companies. News Source : North American Construction Group Acquired For US$310 Million By Private Equity Investors

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