RJM Construction has bought itself back from NorthMarq Companies, the real estate branch of Pohlad Companies.
RJM, founded in 1997 by Bob Jossart and Joseph Maddy, was bought by NorthMarq in 2008. Jossart said separating will allow the Minneapolis-based company to grow by pursuing work with other developers and brokers.
"This brings us back to where we began, as an independent general contractor committed to serving our clients, and builds on our accomplishments during the past seven years under Pohlad ownership," Jossart said.
Terms of the deal were not disclosed.
RJM has built projects for United Properties, the development arm of NorthMarq Companies, but its ability to pursue even more work was limited because the companies share a "common parent."
"Now I can talk with other developers who said they couldn't work with us because we're part of the NorthMarq family," Jossart said.
Historically, more than half of RJM's work has been in the health care sector, but the company also built YMCAs and other community-based work for several municipalities.
All 150 employees in Minneapolis, Denver and Phoenix will remain with the company. Jossart will continue as president and Maddy as chief operating officer.
RJM is one of the state's largest general contractors, with revenue of $214 million last year. It's building several commercial projects in three states, including the Portland Tower condos being developed by Jim Stanton and Shamrock Development in downtown Minneapolis and the Be the Match headquarters in the North Loop neighborhood.
The Be the Match project is being developed by United Properties, the development arm of NorthMarq. Both projects are under construction.
"RJM has been a solid partner with NorthMarq Companies, and we see a strong future for them as they return to being an independent operating business," said Ed Padilla, chief executive of NorthMarq Companies, in a statement. "We are continuing to pursue geographic growth in our brokerage, real estate advisory, property/facilities management, commercial mortgage banking and loan servicing businesses."
The Pohlad Companies have significant holdings in several sectors, including a dozen car dealerships that are part of its Twin Cities Automotive division. Late last year the company divested itself of its banking holdings when it sold Marquette Financial Companies, which included Meridian Bank and Marquette Asset Management, to Kansas City-based UMB Financial Corp.