AcquisitionsApr 30, 2026, 05:02 PM
GVA Acquires Kenny Seng Construction for $164.1M; Q1 Revenue +30.4%
AI Summary
Granite Construction Inc. (GVA) completed the acquisition of Kenny Seng Construction for $164.1 million in cash on April 23, 2026, funded partly by a $170.0 million draw on its revolving credit facility. For the first quarter ended March 31, 2026, the company reported a 30.4% increase in revenue to $912.5 million, but net loss attributable to GVA widened to $41.7 million, or $0.96 per diluted share. Cash and cash equivalents significantly decreased to $265.7 million from $529.2 million at year-end 2025, primarily due to substantial debt repayments and share repurchases.
Key Highlights
- GVA acquired Kenny Seng Construction for $164.1M cash on April 23, 2026.
- Acquisition funded with $170.0M draw on senior secured revolving credit facility.
- Q1 2026 revenue increased 30.4% to $912.5M from $699.5M YoY.
- Q1 2026 net loss attributable to GVA widened to $41.7M from $33.7M YoY.
- Basic net loss per share was $0.96, up from $0.77 YoY.
- Cash and cash equivalents decreased to $265.7M from $529.2M QoQ.
- Net cash used in financing activities was $255.1M, including $288.8M debt repayments.
- Construction segment revenue rose to $766.1M from $614.6M YoY.