KAST Construction Announces Buyout of Kolter Group's Ownership Interest

WEST PALM BEACH, Fla., Feb. 7, 2020 /PRNewswire/ -- Two titans in the real estate and construction industry have announced plans for an orderly transition of ownership. Since the Kolter Group's founding of KAST Construction 15 years ago, KAST has enjoyed a meteoritic rise in the construction industry in the Southeast US. On January 27^th, the parties finalized an agreement for management buyout of Kolter's ownership interest in KAST.  Kolter Group will continue to be a client of KAST for its future projects.

"The timing is ideal for our exit in ownership," said Kolter Group CEO Bobby Julien. "Under the leadership of its strong management team, KAST has flourished to become one of the country's largest and most trusted contractors. I'm entirely confident in KAST's continued growth and dominance in their industry. So much in fact, that we look forward to launching several new projects in Florida this year and KAST will be our contractor." 

KAST Construction has become the largest general contractor in Palm Beach County and one of the largest privately held construction companies in the Southeast. With offices in West Palm Beach, Miami and Tampa, KAST Construction's core markets include condominium, multifamily, senior living, hospitality, private clubs, commercial offices, healthcare, municipal, educational and corporate. They are consistently ranked by Florida Trend and Fortune Magazine as one of the "Best Places to Work."  www.kastbuild.com

"KAST and Kolter have had a phenomenal 15-year business relationship," said Mike Neal, CEO of KAST Construction. "Over this period, we've built some of Florida's most unique and iconic hotels and condominium projects together in Florida's most walkable cities including Ft Lauderdale, West Palm Beach, Boca Raton, Delray Beach, Tampa, St Petersburg, and Sarasota. Kolter has been a big part of our growth story across the state and we look forward to continuing our relationship with them on many more projects."

The Kolter Group is among the most experienced real estate investors in the Southeast, having executed investments across major asset classes and all stages of the development cycle. Its portfolio of complementary businesses drives an entrepreneurial culture and allows the company to adapt to change and choose investments on a selective basis.  www.kolter.com

SOURCE KAST Construction

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