Palm Desert, CA, February 27, 2014 --(PR.com
)-- Gold River-based Tricorp Hearn Construction has agreed to sell a stake in the company -- and perhaps a majority interest -- to a Southern California private-equity firm that has ambitions to be a national development powerhouse.
Tricorp Hearn CEO Tony Moayed said Saturday that his company and American Colonial Capital LLC of Palm Desert, also known as ACC, will work out details in the next 60 days. Discussions have been under way for six months, he said.
Moayed declined to estimate the value of the transaction, but described it as a "pretty big deal." Among details to be settled, he said, is whether ACC will buy a controlling stake in his firm. In any case, however, all four principals -- Moayed, Steve Hunter, Ken Cohen and Dave Bruss -- will remain with the company.
ACC is investing heavily in building and construction management companies and aims to have a national footprint in development, Moayed said.
The private-equity firm would gain the expertise of Tricorp Hearn and the commercial building firm would gain a capital infusion to grow, Moayed said. He expects the company, which now has offices in Irvine and Bakersfield, to add offices in Southern California. The Sacramento office also could grow eventually, he said.
For Tricorp Hearn, the deal would mean "we have new opportunities for further expansion into new territories," he said. These include Oregon, Nevada, Hawaii and later perhaps Texas, New York and Florida.
Established in 2004, Tricorp Hearn has about 60 employees. Its projects include multifamily, hospitality, medical, education, government and others. Among its recent projects is 16 Powerhouse, a mixed-use development at 16th and P streets in Sacramento.
Tricorp Hearn ranks No. 14 on the Business Journal's list of general contractors and No. 15 on the list of fastest growing companies. It reported $66 million in revenue in 2012.
American Colonial Capital, a $200 million fund focusing initially on hospitality properties, already works with Tricorp Hearn. Its website lists Moayed as a principal in charge of construction. For more information visit American Colonial Capital, LLC.
About the Company:
American Colonial Capital, LLC is a private equity real estate firm located in Palm Desert, California. The company invests in and develops real properties for its own account. ACC also participates in joint ventures and provides strategic advice to clients on complex real estate transactions through its affiliates, sponsors and advisors. For further information, please visit http://americancolonialcapital.com/.