CH2M Hill Wins Prize In Bankruptcy Contest Lockwood Greene is sold by bankrupt J.A. Jones for $95.5 million as bid trumps two competitors
The crown jewel of J. A. Jones Inc. assets left in limbo after the construction firms Sept. 26 bankruptcy has been sold for $95.5 million. Lockwood Greene, its well-regarded engineering unit, is now a wholly owned subsidiary of industry giant CH2M Hill Cos. after a whirlwind auction frenzy that lasted into the wee hours of Dec. 9 and ratcheted up the sale price from an initial $75 million.
Denver-based CH2M Hills persistence and willingness to pay cash clinched the deal, sources say. "The cleaner the deal, the more favorably it was viewed," says one source close to the proceedings. With financial backing from Bank of America, CH2M Hill eventually outlasted Balfour Beatty Inc., the U.S. arm of the British contractor, beating its last bid for the Spartanburg, S.C.-based engineer by $500,000.