Coquitlam-based Rokstad Power is returning to the hands of the Rokstad family.
In 2014, the family sold 60% of the Coquitlam-based company that builds and maintains power lines to international construction giant Carillion PLC, which is based in the United Kingdom. But Carillion, facing a debt of $2.3 billion, went into liquidation in January of this year.
On Thursday, the Rokstad family announced it was buying back full ownership of Rokstad's Canadian and American operations. The agreement is subject to court approval.
"We are ecstatic," said Rokstad CEO Aaron Rokstad in a press release. "Building a family-focused culture has been our secret sauce for nearly 10 years in the [transmission and distribution] services industry. With the reins back in our hands, the potential for the business is tremendous. We have the strength and the know-how to seize those opportunities with our force of highly skilled professionals, who are committed to working with our customers across North America."
Rokstad, which has its Canadian head office on Golden Drive, employs about 500 people in western Canada and the United states. The release said the transaction is expected to close by the end of the month.
