One of the largest construction firms in Southern Nevada is being sold.
Martin-Harris Construction owner Frank Martin is selling his company’s assets to Big-D Construction Corp., a builder with offices throughout the West, according to an announcement today.
Terms were not disclosed.
The deal is slated to close this month, and Martin expects “no changes to local management or business operations,” a news release said.
The sale is not expected to result in any layoffs or impact current contracts, the release said.
Martin, president and CEO, will remain at the helm of his Las Vegas-based company through 2016. At that time, his son, Frank “Guy” Martin and other executives will assume day-to-day responsibilities, though Frank Martin will stay on as an advisor under a five-year consulting agreement.
To prepare for the transition, Frank Martin recently promoted his son from vice president of estimating to senior vice president, and promoted Paul Toplak from vice president of business development to vice president of operations.
Martin, who founded the company in 1976, said in the news release that the changeover “allows us to continue to do the excellent work that has been paramount to our success and to ensure that Martin-Harris Construction, its employees and clients are here for future generations.”
Martin-Harris has a sweeping portfolio of government, retail, medical, office, casino and other projects that it has worked on.
The company booked $128 million in billings in the year ending June 2013, second-highest among local general contractors, according to VEGAS INC research.
According to today’s announcement, Martin-Harris has more than $200 million in annual revenue.
Big-D, founded in 1967, boasts $600 million in average annual revenue and has completed 150 million square feet of projects, according to its website. The company has offices in Arizona, Utah, California, Minnesota and Wyoming.