Sandy-based Layton Construction has become part of STO Building Group of New York City in what the two entities are calling a merger. According to a release from the companies, the deal “will allow both firms to leverage each other’s geographic reach to better serve clients with multiple locations and enhance the services and areas of expertise they can offer across that expanded footprint.”{mprestriction ids="1,3"}
Financial details of the transaction were not disclosed. The merger is expected to be completed by the end of December. Layton Construction will retain its name, logo and cultural identity. Its current leaders will retain ownership positions in the organization and maintain their roles as the senior leadership team of the business. It is anticipated that new job opportunities will be created as a result of the merger to support the company’s projected growth for 2020 and beyond, the company said.
The merger will create the fourth-largest construction company in the U.S., according to Drew Thorstrom, Layton marketing manager.
“Joining the STO family provides our customers greater support nationwide and our employees greater opportunities to grow professionally and personally,” said David S. Layton, president and CEO of Layton Construction. “This is the next logical step in our evolution as a growing, successful company. The alignment of both our cultures and our ability to adhere to our "Layton Way" was a driving factor — it allows us to capitalize on relationships nationwide and expand our areas of expertise while continuing to provide our customers with the predictable outcomes they have come to expect from Layton.”
Layton Construction is a nationally ranked commercial contractor with building experience for virtually every industry, including healthcare, retail, hospitality, manufacturing, distribution, education, office, industrial, detention, tenant improvement and public facilities. The company was founded in 1953 by World War II veteran Alan W. Layton. Today the company has offices in Arizona, California, Colorado, Florida, Hawaii, Idaho and Tennessee. Some of the company’s signature projects include the Eccles Theater in Salt Lake City, the Faena Forum in Miami, the University Hospital in San Antonio, the Montage Deer Valley in Park City, Rice-Eccles Stadium at the University of Utah, Monarch Beach Resort in Dana Point, Kapi’olani Medical Center in Honolulu, Koloa Landing on Kauai, Saint Alphonsus Medical Center in Boise, The Ritz-Carlton Paradise Valley, Nationwide Insurance Scottsdale, the Boise Airport, the Westdrift Hotel in Los Angeles, the Ae`o Tower in Honolulu and Vanderbilt University Residential Towers in Nashville. Layton employs about 1,000 people.
“Layton is a terrific addition to our family of companies,” said Robert Mullen, STO Building Group CEO. “Not only will their reach bring us into new areas of the country, but their expertise will enhance the services we can offer our clients, such as their extensive, national portfolio of projects in the healthcare and industrial sectors. Our ability to offer stock ownership to employees was another key factor in their decision. We are thrilled to have them join STO.”
Formerly operating as the Structure Tone Organization, STO recently restructured as the STO Building Group to provide a platform for growth that allows each of its member companies to maintain their cultural identity while leveraging the strengths of a multi-company organization. In the past three years, Canadian firm Govan Brown and U.S. firms Ajax Building Co. and BCCI Construction have merged with STO Building Group.
“Opportunities like this with Layton are the very reason we shifted our company structure to STO Building Group last year,” said James Donaghy, STO Building Group executive chairman. “We value the reputation and heritage of the firms who merge with our organization, and each has kept its name as a way to honor that legacy. As we continue to grow, we want to respect that history, but also reflect the collective expertise our companies offer and allow our employees to benefit from the larger organization’s resources.” {/mprestriction}
