Perini acquires Keating Building Corporation
By Richard High16 January 2009
Perini has acquired Keating Building Corporation for US$ 43 million in cash, plus an amount to be determined based on results for 2009 to 2011.
A privately held construction, construction management and design & build company, Keating is expecting 2008 revenues of about US$ 425 million and a backlog of US$ 860 million. Following the acquisition it is expected to operate as a wholly owned subsidiary of Perini and will continue to be managed by its current senior management team.
In a statement on its website, Perini's chairman and CEO Ronald N. Tutor, said, "We are very pleased to announce this transaction, which expands our building construction market presence in the Eastern half of the United States, including the important Northeast and Mid-Atlantic regions. We expect to realize significant synergies from the acquisition by deploying Keating's resources in the regional gaming, hospitality and public works building markets in the Eastern US."
Based in Philadelphia, US and covering the major construction markets of the Northeast and Mid-Atlantic states, Keating was founded in 1976 and is one of the largest general building contractors in its region of operation. Licensed to provide construction services in Pennsylvania, Connecticut, New Jersey, Delaware, Maryland, Florida, Virginia, Texas, and the District of Columbia, Keating Building Corporation has a history of successfully completed corporate campuses, gaming, hospitality, education, pharmaceutical and institutional projects.