Worcester-based construction firm Greenwood Industries has agreed to have a majority interest in the firm purchased by Dunes Point Capital, an investment firm based in New York.
The transaction also saw DPC purchase a majority stake of Greenwood-affiliated general contractor TWC Phoenix in Boston. The purchase will allow Greenwood to accelerate growth, pursue acquisitions, and expand its service and maintenance arm, according to a Thursday press release from Greenwood.
“Our mission has always been to deliver unparalleled roofing and building envelope solutions while nurturing a culture that puts family and craftsmanship first,” David Klein, CEO of Greenwood Industries and TWC Phoenix and WBJ’s 2023 Large Business Leader of the Year, said in the press release. “This partnership not only provides the resources to fuel our next growth phase but also reaffirms the values that have defined us for decades.”
Terms of the deal and the expected timing of closing were not disclosed.
Founded in 1992, Greenwood has grown into being the third largest commercial contractor in Central Massachusetts, with 250 local employees and 975 total employees, according to data provided by the company to the WBJ Research Department. Consigli Building Group in Milford is the largest, with 850 local employees and 2,500 total employees.
EDITOR’S NOTE: This article has been updated to give a more up-to-date headcount for Consigli Building Group.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
