Colas completes acquisition of American Suit-Kote for $480 million
Bouygues' road subsidiary adds a company specialized in bitumen to its U.S. operations, which generated approximately $460 million in revenue in 2025. Approval from American antitrust authorities comes with asset divestitures that Colas must implement, as North America already represented 26% of its activity at the end of 2025.
100% of Suit-Kote acquired from the Suits family
On October 20, 2026, Colas Inc., the American subsidiary of Colas, finalized the acquisition of 100% of Suit-Kote Corporation's capital. The shares were sold by the Suits family. According to the press release published on October 21, 2026, the transaction was completed following the review procedure provided for under American antitrust regulations, the Hart-Scott-Rodino Antitrust Improvements Act, and after concluding discussions with American competition authorities.
The transaction was carried out on the basis of an enterprise value of $480 million. This valuation measure encompasses the equity and debt of the acquired company: it is not to be confused with the target's operations. Suit-Kote generated revenue of approximately $460 million in 2025.
Suit-Kote operates in three road-related businesses. The company distributes liquid bitumen, manufactures bituminous emulsions, and carries out road construction and maintenance work. Its operations cover several states in the northeastern United States.
From an accounting perspective, integration follows the transaction completion date. As of October 20, 2026, Suit-Kote's results will be consolidated in the group's financial statements as of December 31, 2026. Colas' 2026 fiscal year will therefore include the new subsidiary only for the period following the acquisition.
Asset divestitures required in exchange for approval
The green light from American antitrust authorities does not come without conditions. Colas indicated that it will implement the asset divestitures and associated measures required as part of the granted authorization. The scope ultimately retained by the group will therefore depend on these commitments made to regulators.
The transaction fits into an organization already largely focused on international operations. Colas generated consolidated revenue of 16 billion euros in 2025, with 59% outside France. The group claims a presence in approximately fifty countries, 62,000 employees, a network of 2,000 operating units supporting 3,500 production units and nearly 45,000 construction sites per year.
North America occupies a central place in this framework. Colas has been present there for more than 60 years and employs 12,500 employees. At the end of 2025, the region represented 26% of the group's revenue, making it its second market after France.
According to Colas, this acquisition strengthens the group's industrial footprint in North America and consolidates its position in the regional bitumen distribution market.
Northeastern United States at the center of integration phase
The acquisition is part of a targeted international development strategy focused on certain geographic areas, particularly the United States, Northern Europe, and Germany. "This acquisition significantly strengthens our presence in the United States and illustrates our growth strategy focused on markets where Colas has strong positions and significant development prospects," declared Pierre Vanstoflegatte, Chief Executive Officer of Colas.
The operational priority is now focused on integration. John Harrington, Chief Executive Officer for the United States at Colas, indicated that the group would concentrate "on integrating teams and on the development opportunities that this combination will enable in the northeastern part of the country."
This completion occurs a few weeks after another Colas operation, of different scale: in early October 2026, the Bouygues subsidiary had announced the acquisition of Golfe Bois Création, a Breton company specializing in green spaces and wooden structures.
