$22M Sarasota contractor acquires construction firm

One of the top contractors in the region has acquired another area firm. Stellar Development, which is headquartered in Sarasota, made the acquisition of CGC Group to expand its footprint and services, according to a statement.

"This acquisition represents a strategic step in our growth strategy, allowing us to expand our service offerings and market reach," Stellar Development President Maurice Opstal says in the statement.

Stellar Development ranked No. 48 on the Business Observer’s 2023 list of the top contractors in the region. A commercial and residential general contractor, the company specializes in commercial/retail, hospitality, institutional/governmental, multi-family, religious and single-family projects, and it reported $22 million in revenue in 2022. 

Acquiring CGC Group will facilitate Stellar Development's expansion in the private sector, according to a statement, since the firm provides pre-construction, construction management, design/build and owner's representative services for commercial, health care and industrial projects.

The acquisition will help clients as well, according to CGC’s leader Craig Campbell.

"I believe the opportunity created by Stellar acquiring CGC is going to allow me to provide better resources and services to my clients and the subcontractors we have worked with for many years,” Campbell says in a statement. He will transition into the role of project executive.

“With the backing of Stellar Development, we can deliver superior projects from both a cost and management perspective," Campbell says. "Being part of Stellar Development feels like coming home.