Acquisition StrategySterling announced an agreement to acquire CEC Facilities Group, a leading electrical contractor, for $505 million.
Financial PerformanceShares of Sterling Infrastructure are trading up 5% after reporting strong first-quarter results with beats on revenue, EBITDA, and EPS as well as strong backlog growth of 17%.
Growth OpportunitiesSterling sees a significant opportunity to cross-sell opportunities, such as selling its site development services to CEC’s semiconductor customer base.