A major Rockford construction firm will soon have new owners.
William Charles, formerly Rockford Blacktop, says the move is a result of the company’s success.
Indiana-based Infrastructure Energy Alternatives is acquiring William Charles Construction Group. Company president Ben Holmstrom says the company’s substantial growth over the last decade created a need to expand.
“We’ve gone from a road building business in northern Illinois to doing really heavy civil large scale projects around the country,” explained Holmstrom.
Under the agreement, IEA will purchase William Charles for $90 million. Holmstrom says the partnership will give it the opportunity to do work for IEA owned companies.
“[We can] go after much larger projects that can be in front of us than what we were able to before,” said Holmstrom. “It’s something we went looking for to find the right partner to take us to the next level.”
William Charles says despite their out of state buyer, it will continue to operate out of Rockford and plans on staying here for many years to come.
“I think you’ll see a lot of the same from us in and around Illinois,” said Holmstrom. “But, we’ll also venture into some new markets now here too.”
William Charles says it’s deeply connected to the region and is proud of its long history. The Rockford company has had it’s roots in the Stateline since the 1800’s. Holstrom believes their next chapter with IEA will mean better opportunities for their workforce.
“The biggest reason we’re here is because of all the employees over the years that have contributed to what it is.”
The acquisition has been unanimously approved by both companies’ boards of directors. It’s anticipated to close by the end of the year.