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PHOENIX-Kraus-Anderson Construction Co. of Minneapolis is acquiring Phoenix-based Summit Builders, with the merger to be completed in early 2006.

While the acquisition will strengthen the 1986-launched Summit Builders from a resource and financial point of view, operations will remain the same, with the company retaining its name, employees and focus on the Southwest market. The firm also plans to retain its offices in Phoenix, Henderson, NV and Newport Beach, CA.

Jeffrey Stone, Summit Builders’ founder and CEO, tells GlobeSt.com that he wasn’t looking for anyone to acquire the company. “When the opportunity was presented, we recognized it as a mutually beneficial arrangement,” he explains. “I think we thought from the beginning that this made a lot of sense.”

Kraus-Anderson has offices in St. Paul, Duluth and Bemidji, MN as well as regional offices in Madison, WI; Kansas City, KA, Naples, FL and Phoenix. “We’ll continue to focus on the Southwest, but we found we had common clients in the Midwest and West,” Stone says.

In the meantime, Stone says the acquisition benefits Summit Builders from a resource standpoint. “We’re about a $250-million company right now,” he says. “With this merger, our value will be that of a more than billion-dollar company. From an overall financial resources and people resources standpoint, this’ll be mutually beneficial.”

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