The Italian firm Astm last month completed a merger of its subsidiary Itinera with New York-based Halmar International LLC, in hopes of getting a piece of the U.S. construction market, including public-private partnerships. The $60-million deal, closed July 5, involves 50% of Halmar’s share capital and control.
Chris Larsen, Halmar principal, says Astm approached Halmar a year ago. Due diligence included traveling to Italy to meet the members of the Gavio Group, which owns Astm. “We were impressed with them and saw that the key to the company really is how much people enjoy working for them.”
The merger will aid Halmar’s business plan to grow from about $250 million in yearly revenue to to $500-600 million over the next 5 to 6 years, Larsen adds. “The management structure stays the same. We’re discussing how to develop a plan to send some Americans internationally to gain experience, and to send Italian engineers here.”
Halmar’s current projects include the $247-million replacement bridge over Mill Basin, $160-million in work at LaGuardia airport, and the $158-million Harrison Station replacement. The firm teamed with CCA Civil on New York City Dept. of Transportation’s largest single contract, a $409-million replacement of the Alexander Hamilton Bridge, and with Granite on numerous other major projects.
Itinera is involved in numerous projects throughout the Middle East, Europe, Africa and Latin America. The Gavio Group operates over 3,000 kilometers of toll road concessions in Italy and Brazil.