Bisnow Scoop: Winmar Acquires AKM Construction
Two DC-based construction firms have joined forces, Bisnow has learned exclusively, trying to break into the conversation for bigger and better projects. Winmar Construction has acquired AKM Construction to form a company, still called Winmar, hoping to break $75M in revenue in 2015. Winmar CEO Edwin Villegas and AKM founder Reginald Arnold have known each other for 20 years, and they decided to join forces to compete in the $50M to $100M project sector, we're told. "I always envisioned growing to a greater capacity, and the timing and strategy worked for both of us for it to happen now,” Edwin said.
The new company's next big thing is constructing the MOXY Hotel at the corner of 11th and K streets NW for Douglas Development Corp, the first of Marriott International's micro-unit line to come to DC. The 13-story, 200-room project will also include the rehabilitation of the adjacent historic buildings. While Winmar has made a name for itself building out the interior of high-profile restaurants like Founding Farmers and Le Diplomate, the merger ensures it will have the resources to chase bigger and bigger projects as the DC market continues apace.