Connecticut engineering and construction firm A/Z Corp. is now a wholly owned subsidiary of Maine’s largest construction company.
Cianbro, based in Pittsfield, Me., announced the acquisition on Tuesday. The companies did not disclose terms of the deal, which closed March 29.
Headquartered in North Stonington, A/Z has offices and operations throughout the Northeast and mid-Atlantic states. It provides services including design, construction, maintenance and energy management.
A/Z has worked on projects throughout the region. It is construction manager for Yale New Haven Health System’s new regional operations center on Derby Avenue in West Haven. It has also been involved in Mohegan Sun’s Earth Tower, utility upgrades at Wesleyan University, and renovations at a laboratory at Stamford Hospital.
Under the terms of the transaction, A/Z Corp. will retain its name, and owner Perry Lorenz will remain as company president.
All of A/Z’s 500 employees will keep their jobs, officials said in a joint announcement.
According to Lorenz, his father founded A/Z Corp. more than 50 years ago.
“This transition is special and it’s important to me that the legacy of this company will be retained,” Lorenz said. “It is great to see that our team members will become part of a growing, employee-owned organization.”
He said the two companies have much in common, as both value their people and clients.
“Joining the Cianbro family creates greater stability and sustainability for our employees and clients,” Lorenz said.
He said there will be no change to A/Z’s current working relationships.
“Knowing that this transition results in stability while keeping our operational strategies intact is a perfect scenario,” Lorenz said. “I couldn’t feel any better or be more excited about our collective future.”
Richard Brescia, vice president of Cianbro, called the deal a significant opportunity for both companies.
“A/Z Corp. is well respected in the industry and it excels in higher education, manufacturing, science and technology, health care, mission-critical and energy markets,” Brescia said in an announcement. “There are common aspects between our companies, and there are significant opportunities to learn from each other and grow within our various business markets.”
Cianbro was founded in 1949, and it has about 4,000 team members working in 41 states. It does work in various construction markets, from industrial to manufacturing to infrastructure.
Cianbro CEO Andi Vigue said the two companies are compatible and share similar cultures.
“We each grew from small family-owned companies with devoted hard-working employees who are experts in their profession,” Vigue said. “We are excited to welcome the A/Z team members to the Cianbro family.”
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
