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 says no organizational or personnel changes are planned at present for either firm. She adds that John J. “Jack” Donnelly, Driscoll CEO, does not have a Structure Tone title. Structure Tone was founded in 1971; Driscoll in 1929. Driscoll has built many of Philadelphia’s highest-profile projects in recent years, including its tallest building, the 975-ft-high Comcast Center.
Manhattan High-Rise Builder Structure Tone Buys Philadelphia Firm To Expand Market Reach
November 18, 2009