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Dive brief:
- As technology advances and the data center construction markets continue their white streak, San Francisco-based builder Webcor has reached an agreement to acquire GCONa construction management company with extensive exposure to mission-critical, data center and semiconductor projects in 10 states, according to an Oct. 17 press release.
- Webcor will use GCON’s expertise in the technology space to expand into these high-growth markets. GCON, on the other hand, will leverage the financial strength of Webcor, and that of its parent company, the Japanese international construction company Obayashi, to undertake larger projects.
- Financial terms of the deal, which is expected to close in the fourth quarter pending regulatory approval, were not disclosed.
Diving knowledge:
GCON, which is headquartered in Phoenix, will continue to operate separately under its existing leadership and brand with oversight from Webcor, according to the statement. In addition, GCON will maintain the employee base, company vision and brand identity.
Advanced technology builds such as data centers have accounted for the lion’s share of construction activity lately. The sector has played a key role strengthen the backlog of construction companies i keep planning on track.
“This is an exciting opportunity for Webcor to expand our portfolio and enter previously untapped markets,” Matt Rossie, president and CEO of Webcor, said in the press release. “GCON brings a wealth of experience in the technology sector. Together, we will be able to pursue new opportunities while respecting each of our unique strengths and capabilities.”
Webcor is not alone in the M&A space. Earlier this month, San Antonio-based Zachry Construction acquired Plano, Texas-based Crescent Constructors in order to capitalize on demand water projects. And in the contech space, provider of solutions focused on project management Buildots announced an agreement to buy Gendaa workforce and safety management platform, on October 16.
“We are delighted to launch our strategic relationship with Webcor,” said Mike Godbehere, CEO of GCON, in the statement. “We are excited to continue to grow and serve our customers with the support of Webcor’s resources and capabilities.”
