Western Australian-based construction company Doric has acquired Jaxon Construction, fuelling Doric’s ambition to triple the size of its business by 2011.
Western Australian-based construction company Doric has acquired Jaxon Construction, fuelling Doric’s ambition to triple the size of its business by 2011.
Doric chairman Harry Xydas, who founded Doric in 1989, said the Jaxon acquisition was a great strategic fit following a strong 12-month performance by Doric, and would help Doric to consolidate its role as a leading player in the WA construction industry.
Existing directors of Jaxon have pledged their support, and chairman Jim Donald said the Doric deal was the best option for Jaxon at a stage in its corporate life when it needed to find a new and dynamic parent.
“Doric was a natural first choice given its professionalism and high ethical standards,” he said.
Doric business development manager Keith Somers said Jaxon was a well established and financially strong company and its acquisition allowed for the diversification of Doric, providing breadth across all areas of the construction industry.
Jaxon is strongly involved in the residential sector and has three residential homebuilding brands – Skyline Homes, Discovery Homes and Jaxon Homes.
“Jaxon’s extensive experience in the residential sector will assist us in securing and delivering new property development projects and its strong presence in all of the main regional centres of Western Australia will be a major asset in securing regional resources and engineering projects,” Mr Somers said.
He said Jaxon would continue to trade under its name and run independently.
Late in March, Doric was awarded a $32 million contract as part of a joint venture to build three train stations as part of the New MetroRail Project.
Doric also entered into a joint venture with LandCorp earlier this year to build a residential complex in the agency’s Mandurah Ocean Marina development. Under the joint venture, 10 residential units will be created in a three-storey complex. Doric will not pay for the land up front and LandCorp’s profit will come from taking a portion of the sale price once construction is complete.
Doric has been involved in more than $80 million worth of work at Burswood Resort, and is currently constructing projects at Ellenbrook Shopping Centre and the City of Stirling Civic Building.
