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The Transaction

McNally International Inc., a third generation heavy construction company owned by the McNally and Hutton families, was acquired by Weeks Marine, Inc., a family-owned marine construction and dredging company based in New Jersey.

About the Company

As a leading tunnelling and marine construction contractor in North America, McNally has been awarded many high profile projects since its inception in 1949, including the Sheppard Subway and the new Spadina South Subway Extension Tunnels in Toronto, the Niagara Falls Hydroelectric Tunnel, the Port Mann Tunnel in Vancouver, the Raglan Mine Wharf in Deception Bay, Quebec, the remediation of the Sydney Tar Ponds in Nova Scotia, and the Euclid Creek Tunnel in Cleveland.

The Situation

At the time Crosbie was retained, a number of key initiatives were underway at McNally including multigenerational succession planning, scaling the business for growth, and implementing a leadership change which saw the two principals step back from the business and the next generation of family members assume key leadership roles together with two long-term management minority shareholders. In addition, McNally was in the midst of securing a number of major contracts which required significant management resources. Given the Company’s success, the shareholders had high value expectations but also wanted to ensure that a partner would embrace McNally’s “values” as a family business.

Crosbie’s Role

Crosbie was retained to work with family members and management to help articulate the business strategy, and to finalize the financial forecasts and management structure. This upfront work was critical in highlighting the value proposition that McNally offered. In addition Crosbie managed the confidential sale process, provided advice on all aspects of the transaction, and led negotiations on behalf of the Company and its shareholders.


Related Industries:

  • Construction & Engineering

Sale Advisory

McNally International

Canada’s leading tunneling and marine construction company has been acquired by

A privately held New Jersey based marine construction and dredging company

Crosbie acted as financial advisor to McNally

Crosbie & Company Inc.
150 King Street West, 15th Floor, P.O. Box 95, Toronto, Ontario M5H 1J9
Tel: 416.362.7726 | Toll Free: 1-866-873-7002 | Fax: 416.362.3447
E-mail: info@crosbieco.com

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