Tutor Perini Makes Southeast Expansion With $64.5 Million Acquisition of Anderson Construction Firm Online Real Estate Investment Real Estate Today

4
Apr

Tutor Perini Makes Southeast Expansion With $64.5 Million Acquisition of Anderson Construction Firm

Building construction firm Tutor Perini Corp. (NYSE: TPC) strengthened its position in the Southeastern United States by acquiring Anderson Cos., the privately-held parent company of Roy Anderson Corp., Harrell Contracting Group, LLC and Brice Building Co., LLC.

Anderson has a current backlog of $475 million, fiscal year 2010 revenues of approximately $287 million and average annual revenues exceeding $400 million over the last five years. Anderson provides general contracting, design-build, preconstruction, and construction management services to its public and private clients throughout the Southeastern United States.

Under the terms of the transaction, Tutor Perini acquired 100% of Anderson’s stock for $64.6 million in cash, plus an amount to be determined based on Andersons’ operating results through 2013. Tutor Perini will finance the transaction with proceeds from its successful bond transaction, which closed in October 2010.

Anderson, which has over 600 employees, is ranked in the top tier of general contractors in the Southeastern U.S. by Engineering News Record (ENR) and has expertise in gaming, hospitality, commercial, government, health care, industrial and educational facilities. The firm is headquartered in Gulfport, MS, with offices in Birmingham, AL, Jackson, MS, New Orleans, and Pensacola, FL.

Roy Anderson, III will remaining as president and CEO and the firm will continue to be managed by its current senior management team and operate under their current company names.

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