Tutor Perini Corporation Acquires Anderson Companies
April 4, 2011
SYLMAR, Calif., Apr 04, 2011 (BUSINESS WIRE) -- Tutor Perini Corporation (NYSE: TPC) a leading civil and building construction company, today announced that it has acquired 100% ownership of Anderson Companies ("Anderson"), the privately-held parent company of Roy Anderson Corporation, Harrell Contracting Group, LLC and Brice Building Company, LLC.
Anderson has current backlog of $475 million, fiscal year 2010 revenues of approximately $287 million and average annual revenues exceeding $400 million over the last five years. Anderson provides general contracting, design-build, preconstruction, and construction management services to its public and private clients throughout the Southeastern United States.
Under the terms of the transaction, Tutor Perini acquired 100% of Anderson's stock for $64.6 million in cash, plus an amount to be determined based on Andersons' operating results for 2011-2013. Tutor Perini will finance the transaction with proceeds from its successful bond transaction, which closed in October 2010.
Anderson, which has over 600 employees, is ranked in the top tier of general contractors in the Southeastern U.S. by Engineering News Record (ENR) and has expertise in gaming, hospitality, commercial, government, health care, industrial and educational facilities. Headquartered in Gulfport, Miss., Anderson has offices in Birmingham, Ala., Jackson, Miss., New Orleans, and Pensacola, Fla.
Anderson will continue to be managed by its current senior management team, with Roy Anderson, III remaining as President and CEO. Roy Anderson Corporation, Harrell Contracting Group and Brice Building Company will continue to operate under their current company names.
Mr. Anderson said: "We are proud of the success and recognition we have achieved in our industry over the Anderson Companies' combined 150-year history of serving our customers. Our talented associates have always been our greatest asset and their dedication and hard work were key factors recognized by Tutor Perini in this transaction. Partnering with Tutor Perini, with its national resources and strength in the building business, is the next logical strategic step for us to accelerate our growth and be a market leader in the Southeastern United States."
Ronald N. Tutor, Tutor Perini Chairman and CEO, said: "The Anderson Companies are an ideal fit for our building business and this addition dramatically strengthens our position in the Southeastern United States. They have a proven track record of delivering quality projects for their customers on time and under budget."