Phoenix-based Restoration Builders Inc. says it has completed the asset purchase of Noblesville-based Elbert Construction LLC. Financial details of the transaction were not disclosed.
Elbert Construction has offices in Evansville, Indianapolis, Bloomington and Noblesville that now operate as Elbert Construction, a division of Restoration Builders Inc. as a result of the deal.
Restoration Builders Inc. says it is actively seeking to consolidate existing restoration and repair contractors strategically across the country. The company reports it has signed asset purchase agreements with 15 privately held businesses and has scheduled the integration of each business over the next several weeks.
"I am pleased to extend a heartfelt welcome to everyone at Elbert Construction" said John Lorenz, chairman and chief executive officer of Restoration Builders, Inc. "TJ has systematically built a solid foundation for his team and his customers by developing groundbreaking business processes, exceptional vendor relationships and a culture of innovation. I know they will make a great addition to the team at Restoration Builders."
The company projects that the consolidated companies together will generate around $100 million in revenue for 2019.