Naples Builder Kraft Construction acquired by Manhattan Construction Company
Construction giant buys out Naples-based Kraft
Manhattan Construction Company has acquired a controlling interest in Naples-based Kraft Construction Co. Inc. The deal will create one of the largest privately held general construction companies in Florida.
“Manhattan Construction Group is a subsidiary of Rooney Holdings Inc., an investment company with offices in Naples and Tulsa, Okla.” The chairman of Rooney Holdings, Frances Rooney, is a part-time Naples resident who recently returned to the U.S. after serving as the ambassador to the Holy See from 2005 to 2008. His great-grandfather started Manhattan in 1896. And Rooney states that “he has been in construction all his life.”
Manhattan has offices in Houston, Oklahoma City, Mexico City Atlanta, Washington, D.C. and Tampa. Some of the company’s building projects include the U.S. Capitol Visitor’s Center, the Bush Presidential Library and the Dallas Cowboys’ new NFL Stadium.
Kraft Construction Company, one of the largest privately held construction companies in Florida, was founded in 1968 by George F. Kraft. The current chairman and CEO of Kraft, Fred Pezeshkan, felt that the merger with Manhattan was “the right fit.” “The Kraft name will live on in Florida. Pezeshkan will remain the company’s chairman and CEO, and a shareholder in the company.” This merger will allow Kraft to grow outside of Paradise Coast —immediately in the Tampa area.
Kraft has gone from building high-rise condominiums to schools, hospitals and government buildings and now is exploring new opportunities for growth. With Manhattan’s experience Kraft will be able to tackle projects that it has not done before. Rooney also feels that this merger “is a perfect fit to take advantage of the skills and strengths of both companies here in Southwest Florida.”