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Dominion reinforces its portfolio of services and solutions with the acquisition of the American company International Chimney Corporation (ICC)


This acquisition reinforces the positioning plan relating to the US, providing recurrence in industrial services and a high complementarity level with the acquisition of CDI, closed last May.

Bilbao, 18.11.2016 

In line with its strategy, and with the objectives of its recent IPO process in order to be an important player in the consolidation process of the multi-technology services and specialized engineering solutions sector, Dominion has acquired the American International Chimney Corporation (ICC).


With an experience of almost 90 years and headquartered in Williamsville (New York), ICC is a leading company in the American market relating to the design, engineering, inspection and repair of industrial structures services. Its extensive services portfolio also includes other related services such as insulation, assembly projects, structure transfer, demolition or emergency lighting. Concerning the rationale of the transaction, it must be highlighted both the high level of recurrence of its services and the great complementarity of its portfolio and the Commonwealth Dynamics’s complex-solutions portfolio.


The foregoing will allow to bring a real “One Stop Shop” offer to the industrial clientele portfolio of both companies, in addition to the rest of Dominion Industry specialties and those coming from the Abantia and Protisa acquisitions. Dominion reinforces with this transaction its positioning and critical mass obtaining process in the American market, strategic due to its important industrial infrastructures, as well as incorporates the extensive experience of ICC in the Canadian market.


The amount of the transaction is 15 million US dollars, to be paid as follows: 6 million US dollars, at signing of the purchase agreement, 5 million US dollars in 2017 and 4 million US dollars in 2018. Likewise, an earnout would be paid in 2020 in case that ICC overperformed the objectives set out in the 2017-2019 plan. The volume of the business acquired from ICC in this transaction represents a recurring annual turnover ranging between 35 million US dollars and 40 million US dollars With this acquisition, Dominion shows again its ability to integrate high value-added teams to its “Smart Innovation” model.


Dominion understands the digitalization as the use of digital technologies and innovation to change business models. Dominion's fundamental mission is to help its customers to make their production processes more efficient, either through the complete outsourcing of them or by the application of solutions based on specialized technologies and platforms. Dominion develops its activity through two operating segments: Multitechnical Services “Services” and Solutions and Specialized Engineering “Solutions” and focuses on three fields of activity: Telecommunications and Technology “T&T”; Industry and Energy.