Contractor Tutor Perini Acquires New York Firm

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Tutor Perini Corp. has acquired GreenStar Services Corp., considered one of New York’s largest providers of electrical and mechanical systems, for more than $208 million.

After the markets closed Friday, the Sylmar general contractor said it acquired GreenStar through a merger with a wholly-owned Tutor Perini subsidiary. GreenStar has more than 1,900 employees and a unit in Florida. Current projects include the World Trade Center reconstruction, the 9/11 Memorial Museum and renovation of Madison Square Garden. Revenues last year were about $560 million, and the current backlog is about $1.2 billion.

“GreenStar is one of the largest specialty contractors in the United States and represents our expansion in the Northeastern markets,” Chief Executive Ron Tutor said in a statement.

The purchase price consists of $100 million in cash paid at closing, a $74.9 million promissory note issued at closing, and $33.5 million of holdbacks to secure certain indemnification obligations. The note is payable no later than Oct. 31.

Separately, Tutor Perini said it completed a more than $163 million acquisition of Lunda Construction Co., which was announced last month. Lunda of Black River Falls, Wis., will continue to operate under the same name and senior management team.

Tutor Perini shares earlier closed down 17 cents, or less than 1 percent, to $19.01 on the New York Stock Exchange.

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