ATWEC Technologies has acquired US-based commercial and residential construction company The Birch in a preferred stock deal.
The acquisition, which resulted in a change of control, is expected to add more than $6m in annual revenue to ATWEC’s financials.
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The merger is a part of ATWEC’s growth strategy, aiming to bolster its market presence and thereby enhance its product and service offerings.
The Birch is anticipated to extend the company’s reach in key markets, enabling improved customer service through an expanded portfolio.
The integration of ATWEC’s operational efficiencies with The Birch’s infrastructure is also projected to yield cost savings and optimise operational performance.
Moreover, the acquisition is set to improve The Birch’s financial stability, providing a solid balance sheet and increased access to capital for future growth initiatives.
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By GlobalDataThe combined entity is poised to benefit from a diverse and experienced leadership team.
Josh Ploch of The Birch will take over as new CEO and Angus Martin will assume the role of new COO.
Ploch said: “We have enjoyed working with Darnell [Stitts, former CEO] to bring ATWEC back into compliance. Now, we can start building and preparing a foundation for significant growth.
“We will be changing the company name to The Birch, divesting non-accretive assets, growing the core commercial and residential construction business, expanding operations, making new accretive acquisitions, and preparing for an audit and up-list.”
