BOULDER — Congruex, a Boulder-based company formed in May by a co-founder of Level 3 Communications Inc., has made its first acquisition as it begins its plan to develop an engineering- and construction-management platform for broadband networks.
Financial terms of the deal were not disclosed.
Congruex, led by chief executive Bill Beans and executive chairman Kevin O’Hara, a co-founder of Level 3, plans to acquire and grow engineering and construction companies focused on the utility and communications services sectors.
The acquisition of Georgia-based CCLD Technologies follows Congruex’s recent partnership with Crestview Partners, a New York-based private-equity firm with experience in cable, telecommunications and business services. Crestview and the Congruex leadership team have committed to fund $200 million of equity to the new platform as part of what is expected to be a total investment of approximately $500 million to consolidate the sector as the broadband industry increases its spending on infrastructure.
Beans, in a prepared statement, said the company is evaluating more acquisition opportunities that eventually will allow Congruex to become a large “pure engineering firm” in the United States.
Founded in 1999, CCLD operates across four lines of business: construction, engineering and design, unmanned aerial vehicle services, and disaster recovery network services. It has developed applications of light detection and ranging, or LiDAR, for outside plant engineering. The firm engages in engineering and construction of large project work for broadband providers in the United States.