L.F. Driscoll Co., an 80-year-old builder in Bala Cynwyd, Pa., that build Philadelphia landmarks including One Liberty Place, Comcast Center and the Kimmel Center, has been sold to New York firm Structure Tone, according to
Joseph N. DiStefano’s “Philly Deals” column in the
Philadelphia Inquirer.
Driscoll CEO Jack Donnelly and other executives led a management buyout of the company in 1994; members of the founding Driscoll family were minority owners until the sale, DiStefano reported.
“The construction industry is becoming an industry of giants — global giants, multi-billion-dollar giants,” observed David Richter, president of Hill International Inc., a Marlton [N.J.]-based multinational construction project manager…. “You’re going to see a lot of contractors go under,” or get sold, he predicted.”
(Source: “Philly Deals,”
Philadelphia Inquirer,
Nov. 18, 2009.)
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