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California co. completes Lunda acquisition
By: Joe Yovino//July 5, 2011//
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California-based Tutor Perini Corp. completed its acquisition of Lunda Construction Co., Black River Falls, Friday for $163.5 million.
Lunda, a heavy civil contractor that does work on bridges, railroads and dams, has three operating divisions spread across six offices in Wisconsin and Minnesota. The company, which will keep its name, has more than 600 employees and a backlog of $400 million, according to a news release from Tutor Perini.
Under the terms of the transaction, Tutor Perini acquired 100 percent of Lunda’s stock for $163.5 million, consisting of $141.8 million in cash at closing and $21.7 million in notes payable in five years, plus a structured earnout based on the achievement of certain profitability targets for the next three years.
Lunda will continue to operate under the current company name and will continue to be managed by its current senior management team, with Larry Lunda remaining as president and CEO, according to the release.
There should be little evidence of the acquisition for Lunda’s clients, Ken Burk, executive vice president and chief financial officer for Tutor Perini, said previously.
“We intend to operate Lunda the same way they’ve been operating,” Burk told The Daily Reporter. “We don’t envision any particular structural changes in terms of offices and locations.”
Read previous stories mentioning Lunda
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