Newspaper article THE JOURNAL RECORD

Tulsa-Based Flintco Building on New Era after Acquisition

Newspaper article THE JOURNAL RECORD

Tulsa-Based Flintco Building on New Era after Acquisition

Article excerpt

Flintco anticipates a new era of long-term growth under new parent Alberici Contractors, according to Executive Vice President Dave Kollmann.

In some ways that's already started. Although St. Louis-based Alberici did not take Flintco's 40-employee California office in its private deal with the Flint family, Kollmann said employment of the Tulsa-based general contractor now stands at 616, down just 29 from when the January sale closed.

Kollmann sees the acquisition creating a platform for expanding Flintco's six-office network within three to five years, once the two operations maximize their synergies.

"We have the financial resources and the management philosophy that is looking for opportunities to continue the Flintco brand," said Kollmann, division president under Chief Executive and Chairman Tom Maxwell.

The economy's turnaround should aid this, with overall construction spending rising nationwide over the last two years, said Ken Simonson, a senior economist with the Arlington, Va.-based Associated General Contractors of America.

"We've reached the bottom and we're starting to reach the light at the end of the tunnel, and it's finally not a train coming at us," said Kollmann. "It is exciting. We feel there is pent-up demand. Consumer confidence is starting to reach new highs. The stock market is getting healthier. Money is cheap.

"The future is brighter, but our industry lags the economy," he said. "Once the economy turns around, it can take six months to a year to feel the impact."

Flintco's immediate growth prospects start with Alberici itself. The due diligence that privately held contractor invested before its purchase has only increased since that deal closed, Kollmann said.

"We've developed a best practices group between the two companies," he said. "Their accounting group is looking at our best practices, how we function."

Through that yearlong analysis, the companies hope to integrate these skill sets, streamlining operations and improving efficiencies.

In the following year, Kollmann said he expects Alberici and Flintco to start cross-selling services across their various U.S., Mexico and Canada markets. Simonson sees this benefiting both firms.

"Certainly I see a lot of opportunity related to oil and gas," he said. "There's plenty of that where you're sitting in Tulsa. I would well imagine Alberici would want to get positioned more solidly in that industry and that region."

Kollmann said he also anticipates the greater resources of their combined operations to help Flintco land more business in Texas. It recently received the $250 million contract to build Baylor University's new football stadium.

"We see a lot of opportunity in the state of Texas," he said. "Our Austin office is doing very well."

Kollmann said Alberici's specialties align well with Flintco's. …

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