Suffolk expands D.C. presence with Dietze purchase
Written on January 14, 2010
Suffolk Construction is acquiring northern Virginia’s Dietze Construction in a deal that will increase the Boston firm’s presence in the hot Washington, D.C., market and in the business of building government installations with strict security requirements.
Terms were not disclosed.
“In this economic environment, it is critical that we continue to seek opportunities to expand our business, diversify our work and exceed client expectations. Dietze is a highly respected firm with a strong reputation in the mid-Atlantic region,” John Fish, chairman and CEO of Suffolk, said in a prepared statement.
With federal spending soaring and executives wanting their companies near federal operations, commercial real estate in Greater Washington remains extremely strong even as the best of the remaining markets in the country pull back.
“Our partnership with Suffolk will provide us the resources, investments and proven processes to expand our offerings to our existing clients, strategically create opportunities to work in new market segments, and uncover more opportunities to work with new clients,” Ralph Dietze, president and CEO of Dietze Construction Group, said.
The deal follows Suffolk’s September 2009 acquisition of William A. Berry & Son., a 150-year-old company based in Danvers, Mass., that bolstered Suffolk’s presence in the health care sector.
Suffolk has 1,200 employees and posted revenue of about $1.7 billion in 2009.
Dietze, which will formally be called “Dietze, a division of Suffolk Construction,” has 80 employees and does about $150 million in busniness a year. Suffolk was founded in 1982. Dietze was founded in 1993.
Filed in: business.