As
a Goodfellow Bros. Company, Top Grade Construction Gains More
Resources, Increased Bonding Capacity, and Access to New Markets.
LIVERMORE,
Calif. - October 17, 2012 -- Top
Grade Construction, Inc., a premier general
engineering contractor, and Goodfellow
Bros., Inc., a fourth-generation, family-owned
construction firm with headquarters in Hawaii and Washington, today
announced completion of an acquisition agreement under which Top
Grade Construction will operate as a Goodfellow Bros. Company. With
the acquisition by Goodfellow Bros., Top Grade Construction will be
able to expand its operation using Goodfellow equipment and fiscal
resources, and Goodfellow Bros. will further strengthen its Pacific
Northwest presence by leveraging Top Grade's highly skilled employee
base and excellent reputation in the California marketplace.
Under
the terms of the acquisition, Top Grade's daily operations will
remain unaffected. The company will continue to operate as Top Grade
Construction, a Goodfellow Bros. Company, with headquarters in
Livermore, California. However, Top Grade will be able to take
advantage of Goodfellow Bros. resources, including staff, equipment,
and a proven design-build support team, and Top Grade will have
increased bonding capacity due to Goodfellow Bros., Inc.'s financial
strength. At the same time, Goodfellow Bros. will be able to gain
access to the California construction market without having to start
from the ground up.
"We
felt the opportunity to work with the team at Top Grade Construction
was quite attractive when it became evident that they have exactly
what we were looking for - an exceptional group of high-performing
employees, a respected name with strong relationships in the
communities in which they live and work, and most importantly,
similar values and corporate cultures," said Steve Goodfellow,
CEO of Goodfellow Bros.
"What
makes this partnership so perfect is the cultural alignment between
our two organizations," said Bill Gates, founder of Top Grade
Construction. "We are both family-owned firms with a commitment
to providing superior customer service. And we are committed to our
most dedicated asset - our people. Each company also is
well-diversified in both public and private works, and maintains
close client relationships."
Goodfellow
Bros. has been interested in the California market for some time, but
the mature nature of the California construction market made
expansion challenging. In addition, Goodfellow and Top Grade
recognize the need for strong client relationships, and both
companies can build on those relationships in their respective
markets. The firms also share much of the same expertise in
three-dimensional modeling and the use of Global Positioning systems.
The two companies will be able to compete more effectively, using
economies of scale to provide lower cost/higher quality bids for
their clients.
Goodfellow
Bros., Inc. is a family-owned construction firm with more than 100
office and supervisory employees and 450 union trade employees and
operates in Canada, Washington, Oregon, and throughout the Hawaiian
Islands. Top Grade Construction has more than 80 full-time office and
supervisory staff and more than 300 union trade employees, with
headquarters in Livermore and offices in Lodi, California.
Following
the acquisition, the Top Grade executive team will remain largely
unchanged. Brian Gates will remain as Executive Vice President; John
Copriviza as Vice President, Estimating; Frank Williams as Vice
President, Field Operations; and Scott Blaine as CFO. President and
CEO Bill Gates will assume a consulting capacity, assisting in
customer development and complex projects. Steve Goodfellow will
assume the role of CEO and Chad Goodfellow as President.
About
Goodfellow Bros., Inc.
Established
in 1921 in Wenatchee, Washington, Goodfellow Bros. is a
fourth-generation, family-owned business with more than 90 years in
the construction industry. The company has a reputation for
professionalism and integrity that reflects its longstanding
commitment to the individuals, businesses and resources of the
communities in which they live and work. Goodfellow Bros. has
headquarters in Wenatchee, Washington, and Kihei, Hawaii, and
maintains offices in Canada, Washington, Oregon, and throughtout the
Hawaiian Islands. For more information, visit
http://www.goodfellowbros.com.
About
Top Grade Construction
Top
Grade Construction, Inc. is a premier California-based general
engineering contractor with projects spanning from Riverside to
Sacramento. Founded in 1990 and headquartered in Livermore, Calif.,
the company specializes in heavy highway and civil engineering
construction services, including general site preparation, earth
moving, excavation, grading and paving. Top Grade's clients include
many of the major commercial builders, various developers as well as
virtually all of the local city, county, state and federal
contracting agencies. Top Grade Construction has earned its stellar
reputation within the construction industry through its commitment to
providing superior customer service, competitive pricing, quality
workmanship, state-of-the-art equipment and highly skilled,
professional employees on every project. For more information, visit
http://www.topgradeconstruction.com.
Media
Contact:
Lee
Myhre
Marketing
Director
TOP
GRADE CONSTRUCTION, A Goodfellow Bros. Company
50
Contractors Street
Livermore,
CA 94551
(925)
245-2191
