Sterling appoints two new directors to its board

THE WOODLANDS, Texas - Sterling Infrastructure, Inc. (NASDAQ:STRL), a $7.1 billion market cap company that has delivered over 100% returns to investors in the past year, announced on Thursday the appointment of B. Andrew (Andy) Rose and David (Dave) Schulz to its Board of Directors, effective immediately.

Rose, a former public company CEO with over 30 years of experience in finance, private equity, and industrial manufacturing, previously served as President and CEO of Worthington Enterprises. He will join the Compensation and Talent Development Committee and the Corporate Governance and Nominating Committee.

Schulz, who currently serves as Executive Vice President and Chief Financial Officer at Wesco International, a Fortune 500 company, brings more than 25 years of leadership experience in finance and operations. He has been appointed to the Compensation and Talent Development Committee and the Audit Committee.

"Their proven leadership and financial expertise - shaped by their diverse experience across public and private companies - bring meaningful strategic value to our organization," said Joe Cutillo, Sterling’s CEO, in the press release.

Roger Cregg, Chairman of Sterling’s Board of Directors, noted that the new appointees bring "operational excellence, deep financial expertise, and a proven track record of leading organizations through transformation and growth."

Sterling Infrastructure operates through various subsidiaries in three segments: E-Infrastructure, Transportation, and Building Solutions, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions of the United States and the Pacific Islands. The company has demonstrated robust financial performance with a 21% gross profit margin and strong analyst support, with four analysts recently revising earnings estimates upward according to InvestingPro analysis.

In other recent news, Sterling Infrastructure, Inc. announced a definitive agreement to acquire CEC Facilities Group for $505 million, which includes $450 million in cash and $55 million in stock. This acquisition is anticipated to close in the third quarter of 2025, subject to customary conditions, and is expected to significantly contribute to Sterling’s E-Infrastructure Solutions segment. Sterling estimates that CEC will generate $390-415 million in revenue and $51-54 million in EBITDA for the full year 2025. The company projects that this acquisition will add approximately $0.63-$0.70 to earnings per share on a fully diluted basis for 2025. Additionally, Sterling has renegotiated its credit agreement, extending the maturity to June 2028 and increasing the facility size, which includes a $300 million term loan and a $150 million revolving credit facility. In terms of leadership, Nicholas Grindstaff has been appointed as the new Chief Financial Officer, effective July 10, 2025. DA Davidson has raised its price target for Sterling Construction to $265 from $205, maintaining a Buy rating, following Sterling’s announcement of the CEC transaction. This increase reflects the potential growth and value that the acquisition could bring to Sterling’s operations.

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