DiGeronimo Companies today announced its intention to acquire the Construction Management business from Donley’s. The combined businesses, to be known as Donley’s Independence as part of Independence Construction, expands DiGeronimo’s capacity and diversifies its portfolio by creating one of the largest and most capable CM businesses in Northeast Ohio.
“DiGeronimo and Donley’s have been doing business together for 48 years; we know each other’s ownership and management teams well,” said Vic DiGeronimo, Jr., Chief Executive Officer of DiGeronimo Companies. “We have worked for each other and next to each other. You get to know a lot about people in those environments and we felt this opportunity to increase our capability and capacity was just a perfect fit.”
The acquisition aligns with the company’s strategic vision to accelerate growth in its existing CM business by pursuing selective, larger institutional projects and partnerships where DiGeronimo’s industry-leading integrated, single-source development, construction and capital service offerings add the most value.
“Being a market leader in what we do and where we do it is central to our strategic vision,” said Mac Donley, President and CEO of Donley’s. “The concrete business is how Donley’s started almost 80 years ago. This strategic move positions Donley’s to continue investing in and growing our concrete construction business, which ranks 20th nationally and 8th east of the Mississippi in terms of revenue.”
The sale also features a continuity in leadership, as long-time Donley’s Executive Vice President Don Dreier and CM Vice President Greg Consolo will lead the approximately 40 members of the Donley’s CM team who will transition with the business and join Independence Construction.
“We feel this sale is good for our CM employees, good for our customers, and good for Donley’s,” said Mac Donley. “The DiGeronimos have built their leading development and construction business over the past 60 years around the same strong family culture and values that we pride ourselves on.”
“Success in the construction business comes down to the type of people you have,” said Kevin DiGeronimo, principal of DiGeronimo Companies. “Culture is everything to us and both organizations have some of the best people in the industry. We’re excited to welcome the Donley’s CM team into our family of companies.”
Both companies have signed a letter of intent to move forward with the CM business transaction, which is expected to close on or about October 1, 2020.