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Management team takes control of Clark Construction Group Management team takes control of Clark Construction Group
(35 minutes later)
Clark Construction Group, the sprawling firm that built FedEx Field, Nationals Park, Verizon Center and many of Washington’s best-known landmarks, has been sold to the company’s management team.Clark Construction Group, the sprawling firm that built FedEx Field, Nationals Park, Verizon Center and many of Washington’s best-known landmarks, has been sold to the company’s management team.
The deal follows the death of the company’s publicity-averse billionaire owner and patriarch, A. James Clark, once dubbed “The King of Concrete” by Forbes, who passed away last March at 87. The deal follows the death of the company’s publicity-averse billionaire owner and patriarch, A. James Clark, once dubbed the “King of Concrete” by Forbes, who died last March at 87.
Jim Clark’s Clark Enterprises, the parent company controlled by the Clark family, held most of the ownership in Clark Construction Group prior to the deal announced Wednesday. Jim Clark’s Clark Enterprises, the parent company controlled by the Clark family, held most of the ownership in Clark Construction Group before the deal announced Wednesday.
Following the transaction, the two companies are independent firms with no common ownership. Following the transaction, the two companies will be independent firms with no common ownership.
Clark Enterprises will continue to be a diversified private investment management company with interests in real estate, private equity and financial markets, according to the company. Clark Enterprises will continue to be a diversified private investment management company with interests in real estate, private equity and financial markets, the company said.
The construction group will continue being a builder, but it will carry on under an experienced leadership team handpicked by Clark. The construction mogul was known to believe that the firm should have owners who had hands-on experience at the firm, and did not just serve in white-collar positions. The construction group will continue being a builder, but it will have an experienced leadership team chosen by Clark. The construction mogul was known to think that the firm should have owners who had hands-on experience at the firm and did not only serve in white-collar positions.
The new owners include Robert D. Moser, Jr., president and chief executive; Harold K. Roach, Jr., executive vice president and chief operations officer; and William R. Calhoun, Jr., vice chairman and executive vice presidentThe new owners include Robert D. Moser, Jr., president and chief executive; Harold K. Roach, Jr., executive vice president and chief operations officer; and William R. Calhoun, Jr., vice chairman and executive vice president
“As part of a long term vision and plan, Clark Enterprises, Inc. and Clark Construction Group, LLC (CCG) have worked together to transfer CEI’s ownership in CCG to current CCG owners/executives.” “As part of a long term vision and plan, Clark Enterprises, Inc. and Clark Construction Group, LLC (CCG) have worked together to transfer CEI’s ownership in CCG to current CCG owners/executives,” the statement said. “Both . . . are pleased that this transaction honors Jim Clark’s legacy.”
“Both. . .are pleased that this transaction honors Jim Clark’s legacy,” according to the satement. The Bethesda, Md.-based construction firm with more than $4 billion in revenue, 4,000 employees and 11 offices across the continent will remain headquartered here, where it began more than a century ago.
The Bethesda-based construction firm with more than $4 billion in revenue, 4,000 employees and 11 offices across the continent, will remain headquartered here, where it began more than a century ago. Terms of the transaction, which closed late last month, were not disclosed. A Clark Construction spokesman declined to comment.
Terms of the transaction, which closed in late December, were not disclosed. A Clark Construction spokesman declined further comment.
Clark built some of the Washington region’s iconic edifices, including the Smithsonian Institution’s National Museum of the American Indian, the Walter E. Washington Convention Center, the U.S. Institute of Peace headquarters and the $435 million U.S. Coast Guard headquarters in Southeast Washington. It also worked on new office, retail and residential complexes such as CityCenterDC.Clark built some of the Washington region’s iconic edifices, including the Smithsonian Institution’s National Museum of the American Indian, the Walter E. Washington Convention Center, the U.S. Institute of Peace headquarters and the $435 million U.S. Coast Guard headquarters in Southeast Washington. It also worked on new office, retail and residential complexes such as CityCenterDC.
But its reach extended well beyond Washington, where it built and renovated prisons, courthouses, airports, military bases, transit systems and the like. Clark constructed high-profile baseball stadiums such as Oriole Park at Camden Yards and Milwaukee’s Miller Park. It also built the Ronald Reagan State Office Building in Los Angeles and the addition to the Lincoln Center for the Performing Arts in Manhattan. But its reach extended well beyond Washington, where it built and renovated prisons, courthouses, airports, military bases, transit systems and the like. Clark constructed high-profile baseball stadiums such as Oriole Park at Camden Yards and Milwaukee’s Miller Park. It also built the Ronald Reagan Building in Los Angeles and the addition to the Lincoln Center for the Performing Arts in Manhattan.
“They dominated everything,” said William A. Regardie, a former publisher of Regardie’s business magazine in Washington. “It was the go-to firm. Its reputation is sterling.”“They dominated everything,” said William A. Regardie, a former publisher of Regardie’s business magazine in Washington. “It was the go-to firm. Its reputation is sterling.”
Clark began as a field engineer at Hyman Construction, a small Washington company. He eventually became number two at Hyman under founder George Hyman. Clark pushed the company to go into bigger, more ambitious projects, convinced the firm could execute and control costs. Clark began as a field engineer at Hyman Construction, a small Washington company. He eventually became No. 2 at Hyman under founder George Hyman. Clark pushed the company to go into bigger, more ambitious projects, convinced that the firm could execute and control costs.
Clark would take over Hyman and change the name.Clark would take over Hyman and change the name.
“You can’t overstate the positive impact that Clark Construction has had on the Washington community, not only as its largest general contractor and one of the region’s largest employers, but as well for its enormous philanthropic contributions over the years to charitable efforts throughout the metropolitan area,” said Michael Glosserman, managing parter of the development firm JBG Cos. “He always wanted Clark Construction to continue this legacy after he was gone. . .This sale accomplishes that, and not only produces a successful outcome for those directly involved but as well a terrific result for our metro area.” “You can’t overstate the positive impact that Clark Construction has had on the Washington community, not only as its largest general contractor and one of the region’s largest employers, but as well for its enormous philanthropic contributions over the years to charitable efforts throughout the metropolitan area,” said Michael Glosserman, managing partner of the development firm JBG Companies. “He always wanted Clark Construction to continue this legacy after he was gone. This sale accomplishes that, and not only produces a successful outcome for those directly involved, but, as well, a terrific result for our metro area.”