New York City-based Structure Tone is banking on a boost to its institutional and base-building capabilities by acquiring L.F. Driscoll Co., a major construction-management-at-risk firm in metropolitan Philadelphia. The deal, announced on Nov. 16, allows Structure Tone to leverage Driscoll’s experience in healthcare, higher education and high-rise base building. Financial details of the deal, which combines two of the nation’s largest privately held CM-at-risk firms, were not disclosed. Structure Tone ranks 21st among ENR Top 400 contractors, with $3.1 billion in 2008 revenue, while Bala Cynwyd, Pa.-based Driscoll is ranked 104th with $646 million in revenue. A Structure Tone spokeswomen
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.