Generational Group Advises Clearwater Construction & Management in Its Sale to Kelso Industries
Generational Group, a leading mergers and acquisitions advisory firm serving privately held businesses, has announced the successful sale of Clearwater Construction & Management, LLC, to Kelso Industries. The transaction closed on July 23, 2026, marking a significant development for both companies as Kelso continues to expand its construction capabilities and strengthen its presence across key regional markets.
The acquisition brings together Clearwater’s experience in general contracting, design-build services, and structural concrete construction with Kelso Industries’ broad portfolio of mechanical, electrical, plumbing, heating, ventilation, and air conditioning services. The combination is expected to expand the range of construction and building solutions available through Kelso’s growing business network.
Clearwater Construction Brings Extensive Regional Experience
Based in Spokane, Washington, Clearwater Construction & Management, LLC, has developed a strong presence in the Pacific Northwest through its work on complex infrastructure and industrial construction projects. The company provides general contracting, design-build, and structural concrete services for projects that require specialized construction knowledge and coordinated project delivery.
Clearwater has completed more than 60 projects throughout the Pacific Northwest, establishing experience across a diverse range of infrastructure categories. Its project portfolio includes water and wastewater treatment facilities, bridges, reservoirs, utility tunnels, dams, fish hatcheries, combined sewer overflow projects, and industrial construction developments.
These projects support essential infrastructure and industrial operations, highlighting the company’s ability to work across multiple construction environments. Water treatment facilities and wastewater infrastructure, for example, require carefully coordinated construction activities to meet operational and technical requirements. Similarly, bridges, reservoirs, tunnels, and dams involve structural considerations and complex project execution.
Clearwater’s experience across these sectors provides an established foundation for its next phase of development under Kelso Industries. Its general contracting and design-build capabilities also complement construction services that require coordination between project planning, engineering considerations, and on-site execution.
The company’s ability to perform a substantial portion of its construction work directly is another important aspect of its business. Self-performing construction activities can give contractors greater control over project coordination, scheduling, and execution, depending on the requirements of individual projects.
Kelso Industries Expands Its Construction Capabilities
Headquartered in Draper, Utah, Kelso Industries provides a broad range of building services to customers throughout the United States. Its offerings include mechanical, electrical, plumbing, HVAC, and other services that support the construction, operation, and improvement of buildings and related facilities.
The acquisition of Clearwater strengthens Kelso’s construction capabilities while adding an established Pacific Northwest business to its expanding portfolio. Clearwater’s experience in general contracting, structural concrete, and infrastructure construction broadens the range of project types that Kelso can support.
The transaction also creates opportunities to combine complementary areas of expertise. Clearwater’s construction experience can work alongside Kelso’s existing building services, potentially enabling the combined organization to address a wider range of customer requirements.
For construction projects involving multiple building systems and structural components, coordination between different service providers is an important consideration. Bringing additional construction capabilities into Kelso’s portfolio may provide greater flexibility in organizing project delivery and coordinating related activities.
Clearwater’s self-performance capabilities are particularly relevant to this strategy. By bringing in a company with established construction expertise, Kelso can expand its ability to execute certain construction activities while building on its existing mechanical, electrical, plumbing, and HVAC services.
The acquisition also strengthens Kelso’s regional reach by adding a company with established project experience and operations in the Pacific Northwest. This geographic expansion may support further business development opportunities in the region as demand for infrastructure, industrial facilities, and building-related services continues to create opportunities for construction providers.
Strategic Opportunities in the Construction Sector
The transaction reflects a broader business strategy in which construction and building services companies expand through acquisitions to broaden their technical capabilities, enter additional markets, and strengthen their competitive positions.
Infrastructure projects frequently require multiple disciplines, from structural construction and general contracting to electrical systems, mechanical installations, and specialized building services. Companies with access to complementary capabilities may be better positioned to pursue projects that require coordinated expertise across these areas.
For Kelso Industries, the addition of Clearwater provides an opportunity to extend its construction offering beyond its existing service portfolio. Clearwater, meanwhile, joins a larger organization with an established nationwide presence in building services.
The combination could create opportunities for collaboration across different project categories and customer segments. However, the practical benefits will depend on how the businesses coordinate their operations, integrate their capabilities, and pursue future projects.
The acquisition also highlights the continuing importance of regional expertise in the construction industry. Clearwater’s experience throughout the Pacific Northwest provides local project knowledge and a record of work across essential infrastructure categories, complementing Kelso’s broader geographic presence.
Generational Group Leads the Transaction
Generational Group advised the parties throughout the sale process. The firm’s Western Region M&A team was led by Lori Galloway, Executive Managing Director, M&A, with Senior Managing Director, M&A, Fred Zweifel and their team guiding the transaction through closing.
Senior Managing Director Ruben Olm and Senior M&A Advisor Bryce Gray established the initial relationship with Clearwater Construction & Management, LLC, helping initiate the advisory engagement that ultimately led to the completed sale.
Ryan Binkley, CEO of Generational Group, highlighted the collaborative effort involved in completing the transaction.
“We were honored to advise both parties through this transaction. Reaching a successful closing required thoughtful collaboration from everyone involved, and we are pleased to see the deal come together in a way that supports the company’s continued growth,” Binkley said.
The successful closing demonstrates the role of mergers and acquisitions advisers in helping privately held businesses navigate ownership transitions and strategic transactions. Such processes typically involve coordination among business owners, prospective buyers, and other stakeholders to move from initial discussions to a completed agreement.
Supporting the Next Phase of Growth
With the transaction completed on July 23, 2026, Clearwater Construction & Management becomes part of Kelso Industries’ expanding portfolio. The acquisition strengthens Kelso’s construction capabilities, adds Pacific Northwest experience, and brings complementary expertise in general contracting, design-build, and structural concrete services.
As the construction industry continues to address infrastructure needs and increasingly coordinated project requirements, the combination positions the businesses to explore opportunities that draw on their respective strengths.
The transaction represents a strategic step in Kelso Industries’ expansion and provides Clearwater with the opportunity to contribute its established construction expertise within a broader building services organization.
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