Tokyo-backed Phoenix firm shells out $250 million for Florida construction company

  • 📰 abc15
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Scottsdale-based Synergos Cos. paid $250 million for a Florida construction firm, adding to its growing list of acquired residential construction trade partners.

The acquisition of Orlando-based ODC Construction marks the company's debut in the Florida market, where ODC specializes in foundations, first-floor block masonry and lumber framing services. Synergos acquired local HVAC/electrical Austin Cos. in 2020, then in 2021 acquired Brewer Cos. to add depth and production capabilities to its home construction process.

By putting these various trade groups under one umbrella, the goal is to solve major issues plaguing residential homebuilders today, including supply shortages, lack of available skilled workers, constrained time frames and lack of efficiency, said Rich Gallagher, CEO of Synergos.The company's integrated approach is designed to reduce cycle times, cut overhead costs and improve scheduling predictability, said Gallagher, who noted that these are long-term strategic purchases.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 263. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines