Dive Brief:
- As the advanced technology and data center construction markets continue their white-hot streak, San Francisco-based builder Webcor has reached a deal to acquire GCON, a construction management firm with broad exposure to mission critical, data center and semiconductor projects in 10 states, according to an Oct. 17 news release.
- Webcor will use GCON's expertise in the technology space to expand into these high-growth markets. GCON, on the other hand, will take advantage of Webcor's financial strength — and that of its parent company, Japanese international construction firm Obayashi — to pursue larger projects.
- The financial terms of the deal, which is expected to close during the fourth quarter pending regulatory approval, were not disclosed.
Dive Insight:
GCON, which is headquartered in Phoenix, will continue to operate separately under its existing leadership and brand with Webcor’s oversight, per the release. Additionally, GCON will keep its employee base, company vision and brand identity.
Advanced technology builds, such as data centers, have represented the lion’s share of construction activity as of late. The sector has played a key role in propping up construction companies’ backlog and keeping planning on track.
"This is an exciting opportunity for Webcor to expand our portfolio and enter previously untapped markets," said Matt Rossie, Webcor’s president and CEO, in the news release. "GCON brings deep expertise in the technology sector. Together, we'll be able to pursue new opportunities while respecting each of our unique strengths and capabilities."
Webcor isn’t alone in the M&A space. Earlier this month, San Antonio-based Zachry Construction acquired Plano, Texas-based Crescent Constructors in order to capitalize on in-demand water projects. And in the contech space, project management-focused solution provider Buildots announced a deal to buy Genda, a workforce and safety management platform, on Oct. 16.
"We're thrilled to be launching our strategic relationship with Webcor," said Mike Godbehere, GCON CEO, in the release. “We're excited to continue growing and serving our clients with the support of Webcor's resources and capabilities.”
