St. Albert集團出售旗下T.C. Backhoe & Directional Drilling公司

Enterprise Group Inc. of St. Albert has sold its utility construction unit, T.C. Backhoe & Directional Drilling, to TC Infrastructure Services Ltd.

The deal is worth $19.9 million, including a $3-million payment of working capital, and will close July 5, Enterprise said in a news release Monday.

The money will be used to reduce Enterprise’s debt, which stood at $40.6 million as of March 31.

The company, a consolidator of construction service companies in the energy, utility and transportation infrastructure industries, bought T.C. Backhoe in 2007.

The sale will streamline what Enterprise can offer clients and improve the security of its financial position, chief executive Leonard Jaroszuk said in the release.