Whipple Has New Owner With Eye On Expansion
A Michigan-based private equity firm has acquired Worcester's Whipple Construction and plans to expand aggressively along the East Coast, according to Geoffrey Evancic, who became president of Whipple as part of the deal.
Evancic, who declined to disclose financial terms of the deal, said Whipple plans to open an office in Boston this June and another in New Jersey in the third quarter, and expects to double the company's business this year.
Evancic said Eagle Venture Partners is a holding company for construction companies with around $20 million in annual sales. He said the acquisition of Whipple made sense to the group because of its range of expertise building housing, health care facilities, public buildings and other types of projects.
Christopher George, president of George & Co. of Worcester, which represented Whipple in the deal, said former owners Rodney A. White and John J. Anderson had been trying to sell the business for a few years and plan to retire after helping with the transition.
He said the rest of the company's staff will be staying on.
Evancic, who has previously worked for construction companies including Callahan Inc., Lincoln Property and Toll Brothers, said he anticipates adding more clients in Central Massachusetts as well as expanding geographically. He said the company's plans call for doubling its business this year and again in years four and six of the new ownership.
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