Tutor Perini, a California-based civil and building construction company, has declared the acquisition of GreenStar Services, a supplier of electrical and mechanical services and systems in New York.
GreenStar has three operating units such as WDF and Five Star Electric in New York, and Nagelbush Mechanical in Florida. The company has more than 1,900 employees and earned around $560 million as revenue in 2010 and has a current backlog of approximately $1.2 billion.
Tutor Perini has acquired Greenstar through an amalgamation with one of its fully-owned subsidiary and paid $208.4 million as initial purchase price, which includes cash amounting of $100 million at closing of the transaction and $74.9 million in the form of note paid at closing, which is due for payment on 31st October 2011. Tutor Perini holdbacks $33.5 million to get some indemnification commitments.
Greenstar has been serving clients for over 80 years in a wide range of markets such as specialty construction, residential, educational institutions, commercial, infrastructure and transportation. The company currently works on important projects such as Madison Square Garden renovation, the 9/11 Memorial Museum, the path transportation HUB and World Trade Central towers 1, 2, 3 and 4.
The acquired companies will continue to function under their existing names and will be controlled by its present senior management team.
Source: http://www.tutorperini.com/