New York City-based Structure Tone is banking on a boost to its institutional and base-building capabilities in acquiring L.F. Driscoll Co., a major construction-management-at-risk firm in metropolitan Philadelphia. The deal, announced 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 major construction contractors and two of the nation’s largest privately-held CM-at-risk firms, were not disclosed. Structure Tone ranks 6th on ENR’s list of the Top 50 CM-at-risk firms; Driscoll ranks 37th. Structure Tone also ranks 21st on the ENR list of Top 400 contractors, with $3.027 billion in 2008 revenue, while Bala Cynwyd, Pa.-based Driscoll is at 104 with $646 million.