A private equity firm that has taken over the family-owned Auckland builder Dominion Constructors plans to gear it up for a big expansion.
Goldman Sachs JB Were's Hauraki Private Equity No 2 Fund has bought 56 per cent of Dominion, leaving the Russell family with 44 per cent.
Dominion and Goldman Sachs yesterday said Dominion's managing directors, Alf and Brett Russell, would continue to lead the company.
Dominion, with annual revenue of more than $100 million, sold for well over $10 million but parties involved in the deal would not release figures yesterday.
The Mt Wellington-headquartered firm runs one of the building sector's largest labour forces and puts up apartments, shops, bridges, industrial and institutional buildings.
The new owner is planing to push Dominion into a new expansion mode and take on other big builders in tendering for large projects.
Brett Russell said the new owner would give the firm significant growth opportunities. "Our strategy continues to be to strengthen our current market position and develop our current operations."
Paul Chrystall, Goldman Sachs' principal, said his firm would give Dominion additional commercial and professional expertise to allow the firm to develop.
Goldman Sachs already owns scaffolding business Acrow and Brett Russell said although this would be run separately from Dominion there could be synergies between the businesses.
Dominion's associated companies, Russell Bricklayers & Aotea Paving, are not included in the deal and would remain independent firms.
Brett Russell's father, Alf Russell, founded the company as Russell Bricklayers nearly 50 years ago. Brett Russell joined the business in 1983 and the pair bought Aotea Paving in 1989.
Dominion has worked with industry leaders such as Fletcher Construction, Multiplex and Mainzeal.
Goldman Sachs' private equity business has recently bought into retailer Kathmandu and rental business Hirepool.
High profile
Dominion Constructors' major jobs:
* Auckland showrooms for car dealer Giltrap.
* Mainfreight freight terminal, Otahuhu.
* Bridges in Henderson, Papakura and Middlemore.
* Hudson Brown apartment block, Quay Park.
