Dec. 30—GRAND FORKS — Strata Corporation, a construction materials and contracting services provider headquartered in Grand Forks, is expected to be sold in the first half of 2025 to Knife River Corporation, a similar company based in Bismarck.
Knife River entered into a definitive agreement to acquire Strata earlier this month, according to a statement on Knife River’s website. Strata is valued at $454 million, according to the statement.
Knife River President and CEO Brian Gray said he expects the acquisition will be a “great, long-term fit for us.”
“Strata’s high-quality assets allow us to expand our service territory within a region we know well,” Gray said in a statement.
Strata was founded in 1910 near Arvilla, North Dakota, as Bradshaw Gravel Supply, and now has more than 75 aggregate locations across North Dakota and northwestern Minnesota, 28 ready-mix plants, three asphalt plants and a contracting services division specializing in asphalt paving and concrete construction.
Knife River was founded in 1917 near Knife River, North Dakota, and now operates in 14 states. In 2023, Knife River became a public company trading on the New York Stock Exchange. It is worth $5.79 billion.
Tony Spilde, Knife River’s senior director of communications, provided a statement about the agreement to the Herald Monday, Dec. 30.
“We’re excited about the potential acquisition,” the statement said.
James Bradshaw, Strata’s current chairman and CEO as well as its former president of 46 years, said he believes Strata and Knife River are a great fit.
“It’s not easy building a family business, and it’s even harder coming to the point where you are ready to step away from it,” he said in the Knife River statement. “I believe there is a great fit between Strata and Knife River. Both companies are strongly aligned with our cultures of putting people first and operating with integrity. We want what is best for our team and their future, and we believe that is with Knife River.”
When reached for further comment, a Strata representative referred the Herald to Knife River.
The entire Strata team has built a well-run and well-respected company, and the companies share similar values and cultures, the Knife River statement continues.
“We believe in building strong communities and taking care of our teams, and we look forward to welcoming the Strata team members to Knife River,” the statement concluded. “We currently expect the acquisition to close in the first half of 2025.”
Until the deal is closed, the companies will continue to operate separately, so not much more information is available until then.
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