Perini Enters Into Letter of Intent to Acquire Cherry Hill Construction

FRAMINGHAM, Mass.-Perini Corporation, a construction services company, signed a letter of intent to acquire Cherry Hill Construction Company Inc., a privately held civil construction company based in Jessup, Md.

Cherry Hill Construction Company Inc. specializes in excavation, foundations, paving and construction of civil infrastructure. Under the terms of the proposed transaction, subject to due diligence, Perini agreed to acquire 100 percent of the company’s stock for $20 million in cash, subject to terms and conditions, including lender approval. Under the terms of the agreement, Cherry Hill Construction will operate as a wholly owned subsidiary of Perini Corp. and will be managed by its current senior management team.

Perini expects that the transaction will be financed through the use of cash on hand and existing capacity under the company’s credit agreement.

Ronald N. Tutor, Perini’s chairman and CEO, stated that the transaction would expand the company’s construction market presence in the Mid-Atlantic and Southeast regions.