Tutor Perini Corporation Acquires Lunda Construction Company
Tutor Perini Corporation (NYSE: TPC) today announced that it has completed the acquisition of Lunda Construction Company.
Established in 1938, Lunda is in the top tier of heavy civil contractors engaged in the construction, rehabilitation and maintenance of bridges, railroads, and other civil structures in the Midwest and throughout United States. Headquartered in Black River Falls, Wisc., Lunda has three operating divisions located in six offices in Wisconsin and Minnesota and has worked in 30 states across the United States. Lunda has over 600 employees and a current backlog of approximately $400 million. Revenues were approximately $400 million in fiscal year ended December 31, 2010.
Under the terms of the transaction, Tutor Perini acquired 100% 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.
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