![]() Blake Apgar, The Salt Lake Tribune, 21 Nov. 2022 Suzanne Harrison flipped a seat on the partisan council, cutting into the GOP’s 6-3 stronghold. Kyle Mizokami, Popular Mechanics, 28 Nov. 2022 China plans to use the South China Sea as a stronghold, where its air and naval forces could protect the submarines by keeping enemy anti-submarine forces at bay. 2022 Former President Barack Obama returned to Georgia Thursday to urge voters in the Atlanta area, a Democratic stronghold, to send Mr. ![]() 2023 Recent years have seen further encroachment by Hollywood films into the Indian content stronghold, while 2022 has seen growing nationwide success by films from South India. Justin Phillips, San Francisco Chronicle, 15 Jan. 2023 In the 20th century alone, San Francisco was a Ku Klux Klan stronghold, barred Black people from settling in certain areas, kept them out of city jobs and demolished the Fillmore, a Black neighborhood and commercial district, leaving it vacant for decades. 2023 South County South County is a Democratic stronghold. 2023 The two escape and join a group of people on their way to a larger stronghold. political environment for Quanta’s growing list of services.Recent Examples on the Web The demonstrations eventually led to counterprotests across the street, aimed at shutting down the vigils that All Lives Matter activists see as destructive to this conservative community in Fauquier County, a traditional Republican stronghold. I view the deal as a positive for Quanta in the medium-term, in conjunction with its buyback plan increase and the positive U.S. shale boom continues to battle OPEC with increased production. While upstream oilfield services providers continue to face a brutal pricing environment, CEO Austin’s positive outlook on ‘industry dynamics’ is cause for optimism in the midstream and downstream markets, which promise to grow significantly as the U.S. Stronghold's recurring revenues, accretive operating income margin profile and strong free cash flow generation align well with our strategic imperatives for long-term profitable growth. With positive industry dynamics, visible cross-selling opportunities and Quanta's support, we believe there is a multi-year opportunity for Stronghold's operations to achieve double digit growth. We remain positive on our 2017 and multi-year outlook and believe Stronghold is a strategic acquisition that will allow us to capture a greater portion of the energy industry operating and capital spend. The deal is a significant one for $5 billion market cap Quanta.Īs Duke Austin, President and CEO of Quanta stated in the deal announcement, ![]() Quanta management expects accretion to increase in 2018, but did not provide an estimate as to how much. Quanta paid $360 million in upfront cash and 2.7 million shares of its common stock valued at $90 million.Īdditionally, Stronghold shareholders may earn an additional amount of up to $100 million ‘if cumulative three-year EBITDA targets are achieved.’Īs of Quanta’s Ma10-Q, the firm had $106.5 million in cash and equivalents, accounts receivable of $1.59 billion and total liabilities of $2.14 billion.Ĭash flow from operations in 1Q 2017 was negative $3.8 million compared to positive $205.8 million in 1Q 2016.Īs to financial effects from the deal, it appears to be accretive to GAAP diluted EPS by $0.02 to $0.03 per share in 2017. petrochemical regions and said that the existing management team will continue in place under CEO Joe Durham as a ‘platform operating unit of Quanta.’ The combined groups have 2,800 employees and provide a wide range of services to the refining and petrochemical industry including: La Porte, Texas-based Stronghold was founded in 2002 and is headed by CEO Joe Durham. Quanta’s acquisition of Stronghold portfolio of services promises to take advantage of increased energy production trends in the U.S. and Stronghold Specialty operate ten specialty services companies that serve the midstream and downstream oil & gas markets across most of the U.S. Contracting services company Quanta Services ( NYSE: PWR) has acquired the Stronghold family of companies for cash and stock valued at $450 million.
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