Scottsdale-based Synergos Cos. has significantly expanded its presence in the residential construction sector with the acquisition of a Florida construction firm, ODC Construction, for a substantial $250 million. According to a report by ABC15, this marks Synergos's first foray into the Florida market.
The strategy behind acquiring companies like ODC Construction, which specializes in foundations, first-floor block masonry, and lumber framing services, is reported to directly address the bottlenecks in residential homebuilding. These include dealing with supply shortages, bringing in more skilled workers, and increasing overall efficiency. "We're not looking to come in, make it better and spin it off," Rich Gallagher, CEO of Synergos, told Business Journal.
Previously, Synergos had strategically acquired other trade companies, such as the HVAC/electrical Austin Cos. in 2020 and Brewer Cos. in 2021, to enhance its production capabilities. The goal is an integrated construction process that aims to reduce cycle times and costs while improving predictability, as outlined by Gallagher.
Backed by Tokyo-based Asahi Kasei Homes Corp., which has already invested over $200 million, Synergos's acquisitions point to a deliberate growth roadmap. Furthermore, their employment initiatives seem to complement this trajectory. "We've got for-hire posters everywhere. We're constantly looking to add talent into the organization at every level," Gallagher explained in Business Journal.
Synergos isn't just expanding geographically, with the company now operational in markets such as Las Vegas and Texas since 2022 and earlier this year, respectively. With over 3,500 employees across multiple states, it is apparent that the company is positioning itself as a versatile entity in the residential construction industry with a particular focus on hiring to combat the industry's workforce shortages.
