Tutor Perini Corp., Sylmar, Calif., has purchased Fisk Electric Co. for $105 million in cash and an undetermined amount based on future results. Privately held Fisk notes 2010 revenues of about $305 million and a $190-million project backlog, although both dropped this year. The firm has worked with Tutor Perini on several projects, including the $8.5-billion City-Center in Las Vegas. It will operate as a wholly owned Tutor Perini unit, with existing senior managers remaining in place. Publicly owned Tutor Perini had $2.51 billion in revenue for the first nine months of 2010, down 38.3% from $4.07 billion a year
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.