Raleigh-based Investment banker FMI Capital Advisors has announced the acquisition of Donley’s, Inc.’s construction management (CM) business by DiGeronimo Companies.
The company, to be known as Donley’s IC as part of Independence Construction, expands DiGeronimo’s capacity “and diversifies its portfolio by creating one of the largest and most capable CM businesses in Northeast Ohio,” the Dec. 21 statement says.
FMI Capital Advisors served as the exclusive financial advisor to Donley’s Inc. for this transaction, which closed on Oct. 1.
“This strategic move positions Donley’s to continue investing in and growing our concrete construction business, which ranks 21st nationally and in the top 10 east of the Mississippi in terms of revenue,” Donley’s president and CEO Mac Donley said in the statement.
“We feel this sale is good for our CM employees and customers, and good for Donley’s as the DiGeronimos have built their leading development and construction business over the past 60 years around the same strong family culture and values that we pride ourselves on.”
The acquisition aligns with DiGeronimo’s strategic vision to accelerate growth in its existing CM business by pursuing selective, larger institutional projects and partnerships where the company’s integrated, single-source development, construction and capital service offerings add the most value, FMI says
The sale also features a continuity in leadership, as long-time Donley’s executive vice-president Don Dreier and CM vice-president Greg Consolo will lead the approximately 40 members of the Donley’s CM team who will transition with the business and join Independence Construction.
“DiGeronimo and Donley’s have been doing business together for 48 years; we know each other’s ownership and management teams well,” said Vic DiGeronimo, Jr., Chief Executive Officer of DiGeronimo Companies. “We have worked for each other and next to each other. You get to know a lot about people in those environments and we felt this opportunity to increase our capability and capacity was just a perfect fit.”