Aleut Corporation Acquires Patrick Mechanical Inc. of Fairbanks
Anchorage, Alaska - October 3, 2011 - The Aleut Corporation (TAC), one of the 12 Regional Alaska Native Corporations based in Anchorage, Alaska acquired Patrick Mechanical, Inc. (PMI) of Fairbanks, on September 30, 2011.
PMI is a mechanical contracting company that specializes in engineering, design and construction of complex piping and HVAC systems. Current projects include the UAF Life Sciences Building, TCC Ambulatory Healthcare Center and FT Wainwright Barracks 336B, Phase I. PMI's customers include Eielson Air Force Base, Fort Greely, Fort Wainwright, Doyon Utilities, University of Alaska Fairbanks, Tanana Chiefs Conference, Fairbanks Memorial Hospital and the many fine general contractors that serve Alaska.
"We're excited to become part of the Aleut family of companies." said Mike Patrick, PMI's President. "TAC's financial strength and long term commitment will allow us to continue to grow our business and to provide a high level of customer service into the future."
Established in 1994, Patrick Mechanical, Inc. has 48 employees.
"PMI represents a great addition to our Industrial Services line of business here in Alaska." said Aleut Corporation CEO Dave Gillespie."It is a solid cash flow generator that will help us continue to provide dividends for our shareholders. We're also pleased that Mike Patrick, President and Dave Peet, Vice President, have both agreed to stay on with us to continue to run the company."
Other subsidiary holdings of the Aleut Corporation include Aleut Enterprise LLC, Aleut Real Estate, LLC, and Alaska Instrument Company LLC, all of Anchorage, Aleut Management Services of Colorado Springs, Colorado and C&H Testing Company LLC of Bakersfield, California