Quanta Services Inc. announced Monday that it had acquired Banister Pipelines Corp., a move that will expand the Houston-based company's pipeline construction and maintenance business in Canada.
Financial terms of the deal, which closed on Friday, were not disclosed. Quanta said Banister, which is based in Nisku, Alberta, will operate under the name Banister Pipelines Constructors Corp. and is expected to generate approximately $350 million in revenue for the full-year 2015.
"We anticipate unprecedented levels of investment in pipeline and related infrastructure to occur in Canada over the next several years, driven by the development of the Canadian oil sands and unconventional shale formations," said Quanta CEO Jim O'Neil. "Banister's operations significantly enhance our ability to provide pipeline infrastructure solutions to our customers."
Banister CEO Walter Martinello concurred. "Joining Quanta provides Banister with significant resources to meet our customers' needs as they execute on large, multi-year energy infrastructure capital programs."