Pasadena, CA-based C.W. Driver earlier this month acquired Good & Roberts (G&R), a 34-year-old San Diego-based construction company for an undisclosed amount. The transaction will improve C.W. Driver’s efforts into different key market sectors, says Joe Grosshart, regional vice president in C.W. Driver’s San Diego office.
Jack Good, founder of Good & Roberts says the cost of the transaction has not yet been quantified. He says the cost is based upon the schedule of projects completed by the new combined company over the next five years.
G&R will operate as a subsidiary of C.W. Driver, allowing C.W. Driver to expand into new markets and broaden its current San Diego market share.
Grosshart says the acquisition was the right move because the Roberts company is very strong in markets that CW Driver wants to be involved in, such as life sciences, technology, aerospace and defense.
“[Good & Roberts] are also more entrenched in the private side of the market and their business model is more conditioned to smaller sized projects and tenant improvement project, so it helps CW Drivers ability to do both large and small projects.”
“With the economy the way it is, I believe many owners are looking to improve their existing properties, versus building new ground-up facilities and so Good & Roberts’ expertise in the tenant improvement market and smaller project market is going to be a real benefit to our business,” he adds.
On the flip side of this, Grosshart and Good say C.W. Driver brings improved access to financial and technical resources to Good & Roberts.
“It’s a great thing for both companies,” says Good. “If you are trying to build your business it’s much easier to acquire a company that’s doing what you want to get into than it is to start from scratch and work up.”
Officials say that daily operations and Good & Roberts’ project approach will remain unchanged and involve a gradual shift in management. Jack Good will remain engaged with the company in his current capacity for the next five years. Joe Grosshart will assume the day to day management as president of Good & Roberts.
After the management transition, Robb Good, who has served as the president of Good & Roberts for the last 3 years, will oversee technology advancements at C.W. Driver and its subsidiaries. Robb previously served as vice president of Information Services at another major construction company for over 10 years during which he was named one of the top 100 premier technology leaders in the country, according to ComputerWorld Magazine.
The Good & Roberts acquisition complements other recent additions to C.W. Driver’s group of companies designed to focus on specific market niches. These include Driver Urban, formed in 2012 to specialize in the multi-family residential market and Driver SPG, formed in 2011 to specialize in "special projects" in the Greater Los Angeles and Orange County markets.