Perini Corp., a Framingham, Mass.-based contractor, announced on Jan. 15 that it has completed the acquisition of Keating Building Corp., a Philadelphia-based contractor. Keating, which ranked No. 226 on the 2008 ENR Top 400 Contractors list, anticipates fiscal year 2008 revenues of approximately $425 million and a backlog of $860 million. Under terms of the transaction, Perini acquired 100% of the company’s stock for $43 million in cash, plus an amount to be determined based on operating results for 2009-2011.
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.