Norwood Completes Management Buy-Out
The Norwood Company, one of the largest commercial construction manager/design-builders based in the Middle-Atlantic Region, has recently been acquired by a team of key managers through a management buy-out. Buyers include the company’s long-time executive management team of Joseph Mitchell, Eric Urbanski, Timothy Kelly and Robert Risnychok, as well as department leaders Gregory Kratz, Eileen Hofmann and Mary Sypher. Each of the seven members of the new ownership group have served in a leadership capacity at Norwood for more than ten years and collectively the group has worked at Norwood for an average of more than 16 years.
The seller, John E. “Jack” Farrell, had been principal owner of Norwood since 1994. Farrell will continue to serve in the capacity of special advisor, while Mitchell will assume Farrell’s former role of President & CEO.
Farrell stated, “I am proud to pass the reins of the company on to this group of talented and loyal Norwood associates. This group of leaders has been in place for more than a decade, and under their leadership, Norwood has become more dynamic in our capabilities, more sophisticated in how we approach our business and stronger than ever in executing our projects. The future of Norwood is in great hands as we look to continue to grow our business and better serve our clients, while cultivating the next generation of Norwood leaders.”