After 41 years in business Roger Schnabel is selling Southeast Roadbuilders to the multinational transportation construction company Colas Group.
When the sale is finalized, Southeast Roadbuilders will become a subsidiary of Colas Group’s Alaska affiliate Colaska.
Regional companies such as AGGPRO Juneau and Secon are also subsidiaries of Colaska.
Southeast Roadbuilders CFO Brenda Josephson said the sale’s letter of intent was signed last Friday.
“It’s going to start the due diligence process,” Josephson said. “They’re going to come in and verify the representations that have been made. The sale will be on or before March 31.”
Schnabel indicated they will keep all the employees now working for Southeast Roadbuilders. Southeast Roadbuilders employs between roughly 15 to 80 employees depending on the time of year and summer construction season.
Colaska did not return a call for comment.
Schnabel said he will stay on for a transitional period after the sale in finalized.
All the property and assets at Southeast Roadbuilders 4 Mile location will be sold, including Schnabel’s house.
Josephson said Colaska approached Southeast Roadbuilders last spring with an interest in buying the company, but discussions only began in earnest recently.
Schnabel built the company, Northern Timber, that originally constructed roads for the timber industry when he was 22 years old. He renamed the business Southeast Roadbuilders in 1996 after the company transitioned to working more on civil construction jobs, Josephson said.
Schnabel’s company worked across Southeast Alaska and completed a host of jobs in Haines including paving sections of Lutak Road, Mud Bay Road, Small Tracks Road, sections of the Haines Highway and streets throughout town. They paved the high school and American Bald Eagle Foundation parking lots. The company also installed the Klehini, Little Boulder and Big Boulder bridges. Schnabel said their first major project was widening and extending the airport, a $5 million job they began in 1991.
“It’s been a wonderful experience for me and it’s been a profession I enjoyed and it’s something I’ve done all my life since I was five years old when my mom and dad bought me a Tonka toy set,” Schnabel said.
Southeast Roadbuilders will remain Secon’s subcontractor during the first phase of the Haines Highway reconstruction.
Schnabel said the sale is between 75 to 90 percent done.
“I’m 63 years old and I don’t really have an exit plan and this made a real nice exit plan for me. I’ll miss the day to day interactions with the employees. I’m not leaving. I’ll still be around and hopefully there will be a continuation as far as relationships go.”