Goodfellow Brothers Inc., which has offices in Kihei, has expanded operations to California with the acquisition of Top Grade Construction Inc., which is involved in the construction of the National Football League's San Francisco 49ers' new stadium.
The fourth-generation, family-owned construction firm with headquarters on Maui and in Washington state Thursday announced the completion of the acquisition, which "further strengthens its presence in the Northwest and immediately expands its operation into California by leveraging Top Grade Construction's highly skilled employee base and excellent market reputation," a Goodfellow news release said.
Under the terms of the acquisition, the California company will continue to operate as Top Grade Construction, a Goodfellow Bros. Co., with headquarters in Livermore. Top Grade will be able to take advantage of Goodfellow Bros. resources, including staff, equipment and design-build support team. The acquisition also gives the California subsidiary increased bonding capacity, drawing from Goodfellow Bros.' financial strength.
The financial terms were not released.
Top Grade's resume of clients includes the majority of Bay Area general contractors, various developers and virtually all of the local city, county and state contracting agencies. The company is currently the civil contractor on the construction of the new 49ers stadium being built in Santa Clara, the news release said.
"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. Goodfellow and Top Grade recognize the need for strong client relationships, and with this acquisition both companies can build on those relationships, the news release said.
The two firms also share much of the same expertise in three-dimensional modeling and the use of global positioning systems. Both companies will be able to compete more effectively, using economies of scale to provide lower cost and higher-quality bids for their clients, the news release said.
"For all of us at Goodfellow Bros., this is a wonderful opportunity. It is a chance to work with exceptional people in an exciting community, with a brilliant future. We look forward to making this a great success," said Chad Goodfellow, president of Goodfellow Bros.
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, Calif. The company has projects spanning from Riverside to Sacramento. Founded in 1990, the company specializes in heavy highway and civil engineering construction services, including general site preparation, earth moving, excavation, grading and paving.
Goodfellow Bros. has more than 100 office and supervisory employees and 450 union trade employees. Established in 1921 in Wenatchee, Wash., the company has headquarters in Wenatchee and Kihei and also maintains offices in Canada and Oregon.
* Goodfellow Bros:
* Top Grade Construction: