Four
top executives have amicably parted from Sylmar, California based Tutor Perini
Corp. subsidiary Perini Building Company to form a new construction business
focused on acquisition and repositioning of distressed commercial developments The
quartet is partnering with Portland, Oregon based venture financer Bighorn
Capital in the creation of Las Vegas based Caspers Construction Company LLC.
According to Caspers new President Pat Hubbs, “Our goal is to generate $400
million in revenue within the first 12 months.”
The
new business is named after departing Perini Building CEO Mark Caspers, and he
and Hubbs are joined in the new venture by former Perini executives operations
vice president Joe Miller and general counsel Scott Ryan. “We will be looking
at mostly private negotiated work in the residential, hotel, office and retail
markets, as well as data centers,” Hubbs explained. The new design-build-development
firm will be 100% turnkey. “We will be fully integrated handling everything
from estimating and design to construction and development in house,” according
to Hubbs.
Founded
in 1894, Tutor Perini started this year with an annualized revenue rate of
$3.65 billion. The four departing executives have been involved in construction
of such major projects as Las Vegas’ Cosmopolitan and City Center, and Queens,
New York’s Aqueduct Casino. Tutor Perini does not expect direct competition
from Caspers Construction.
Though
it will have its origins in Las Vegas, Caspers Construction has already
announced plans to expand during first quarter 2013 into the Chicago and Miami
markets, focusing on properties in the $40 million to $150 million range, with
financial backing from Bighorn Capital. The founding executives of Caspers
Construction predict annual profit growth of 10% to 15% over its first five
years.
