Welsh Construction has changed ownership though the Minnetonka firm is still in familiar hands.
Mike Schraad, Meghan Huber and Allen Overturf have now taken over the reigns.
Welsh Construction, which was founded in 1977, was the only division to continue under the Welsh name after Canada-based Colliers International announced in April that it had purchased the brokerage, real estate management, facility services, and architecture divisions of Welsh Companies.
Welsh Construction will retain its offices and its name under the new ownership. Schraad, who previously served as vice president of operations, will serve as president. Huber, who was the senior project manager of tenant improvement, will act as vice president and director of tenant improvements. Overturf, the former corporate controller and director of financial reporting and analysis, will serve as chief financial officer.
“I am thrilled that Mike, Meghan and Allen have made the decision to carry on with the Welsh torch, their combined 27+ years with Welsh Construction is a testament to their dedication, creativity and entrepreneurial spirit,” said Jean Kane, chief executive of Welshco Holdco LLC, in a statement.
Terms of the sale, which closed June 30, were not disclosed.