In a move that will give it asphalt paving operations in all the counties of Hawai’i, Grace Pacific Corporation announced it is acquiring Niu Construction, Inc. of Hanama’ulu. Terms of the deal were not released. Grace Pacific intends to continue
In a move that will give it asphalt paving operations in all the counties of Hawai’i, Grace Pacific Corporation announced it is acquiring Niu Construction, Inc. of Hanama’ulu.
Terms of the deal were not released. Grace Pacific intends to continue operating Niu with its current name, and retain all current employees.
As of yesterday, it was not known whether or not Niu’s founding partners, brothers Bobby and Willie Keao, will remain with Niu. The deal calls for Grace Pacific to buy all Niu’s stock held by the brothers.
Bobby Keao is out of town until Wednesday, and could not be reached for comment. Willie Keao yesterday did not return a telephone call seeking comment.
The transaction is expected to close in two months.
Niu, founded in 1985 as a general contracting and asphalt paving company, has 19 employees including the brothers. The brothers were named Kaua’i small business persons of the year by the U.S. Small Business Administration in the mid-1990s, and Niu has an asphalt and concrete manufacturing plant near Hanama’ulu Stream and the Kapule Highway bridge in addition to offices in Hanama’ulu town.
“We are very excited about having Niu Construction join the Grace Pacific family,” said Bob Wilkinson, Grace Pacific president and chief executive officer. “Niu Construction is a well-established and well-respected company.
“And the acquisition will strengthen Grace Pacific’s presence and operations on Kaua’i.” Yesterday, Wilkinson said Grace Pacific currently doesn’t have any operations on Kaua’i.
“This is a strong opportunity for our company,” said Bobby Keao, Niu president, in a press release issued last week. “Grace Pacific will continue the legacy that we have built over the years. And with the addition of Grace Pacific’s resources and expertise, Niu Construction will continue to grow and strengthen its presence in the Kaua’i market,” Bobby Keao said.
Grace Pacific Corporation is a local, employee-owned company with 330 workers throughout the state. The company has asphalt paving operations on O’ahu, Moloka’i, Maui and the Big Island, as well as quarries in Makakilo and Kalaeloa on O’ahu, and on Moloka’i.
Grace Pacific is the parent company of Puu Makakilo, Inc., and Grace Pacific Precast, Inc.
Among Niu’s major current paving projects are the Rice Street widening in Lihu’e, and various other jobs through state contracts. While Niu used to be the only paving contractor listed in the Kaua’i telephone book, now they are one of three.
