COQUITLAM, BC, June 14, 2018 /CNW/ - The Rokstad family announces it has entered into a binding agreement, subject only to Court approval, to re-acquire full ownership of the Rokstad Power Group of Companies, which includes all operations in Canada and the United States ("Rokstad Power") from the Carillion Group. Carillion has held partial ownership in Rokstad since December 2014.
The new agreement allows the Rokstad family to regain control of the business and lead the Company through its next phase of development. "We are ecstatic," said Rokstad Power's Chief Executive Officer Aaron Rokstad. "Building a family-focused culture has been our secret sauce for nearly 10 years in the T & D Services industry. With the reins back in our hands, the potential for the business is tremendous. We have the strength and the know-how to seize those opportunities with our force of highly-skilled professionals, who are committed to working with our customers across North America."
In 2008, Aaron Rokstad observed the need for a fresh and progressive approach in the Transmission and Distribution Services industry. Continuing the tradition started by his father, Bernie Rokstad, Rokstad Power's flexibility, quick response to customers, and commitment to building long-term relationships inspired many of North America's largest utilities to choose, and often partner with the Company.
Rokstad Power is a recognized leader in the industry and provides a full suite of power line construction and maintenance services, with operations across Canada and the U.S. The Company has an impressive project resume, from taking over distressed projects to working in some of the most challenging terrain and weather conditions imaginable, all while ensuring and exceeding some of the highest quality and safety standards expected in the industry.
The transaction is expected to close by the end of June 2018. Rokstad Power's National Head Offices will remain in Coquitlam, BC, and San Diego, California.