Manhattan Construction Group Acquires Kraft Construction Company

TULSA, OK--(Marketwire - August 25, 2008) - Manhattan Construction Group and Kraft Construction Company Inc. announced today that Manhattan has acquired controlling interest in Kraft. With this acquisition, the combined annual revenue of Manhattan and its subsidiaries, including Naples, Fla.-based Kraft, grows to approximately $1.5 billion, forming one of the largest privately held general construction companies serving Florida.

Manhattan Construction Group has a diverse portfolio of construction firms providing general building, bridge building and concrete placement services. Manhattan is also a subsidiary of Rooney Holdings Inc., an investment company with offices in Tulsa and Naples.

"Kraft Construction has four decades of experience as a premier construction services provider in Florida," said Rooney Holdings Chairman Francis Rooney. "This acquisition gives Manhattan a strong presence with expanded operations in the growing Florida market, building on the five years of success we've had with our office in the Tampa Bay area.

"This is an important opportunity for us to team up with a company of similar guiding principles and values with a strong reputation in its markets," Rooney said. "Both Manhattan and Kraft enjoy a high rate of repeat business with our customers and have a large number of long-term employees. We'll have a fresh stream of idea-sharing balanced with rock-solid experience to benefit our customers, ensure a sound financial future for the company and offer new opportunities for everyone who works here. It's a terrific fit."

"This is an exciting time for the employees and customers of Kraft Construction," said Fred Pezeshkan, Kraft chairman and CEO. "Kraft gains the foundation, experience and resources available through Manhattan's extensive portfolio, and Manhattan gains the excellent team, strength and reputation of Kraft's 40 years in Florida."

Pezeshkan said the Kraft name will continue to be used for all of its Florida operations including Naples, Fort Myers, Charlotte County and Sarasota. Because of its proximity and similarity of work type, clients and architects, Manhattan's Tampa office will join forces with Kraft. Pezeshkan said he will remain chairman and CEO of Kraft and that all senior leadership and employees of Kraft and Manhattan are expected to remain in place.

Pezeshkan emphasized the continuing commitment of Kraft in its day-to-day operations. "Beginning today, the only thing that changes for our customers and employees is the significant resource base that Manhattan Construction Group offers," Pezeshkan said. "Because our philosophies and commitments are so similar, very little will change in Kraft's daily operations."

This is the second acquisition this year by Manhattan Construction Group. The company acquired Arkansas bridge building firm Southern Pavers Inc. in January.

Manhattan Construction Group's subsidiaries include Manhattan Construction Company, M.J. Lee Construction Company, recently acquired Southern Pavers Inc., Cantera Concrete Company and now Kraft Construction Company. The largest of the subsidiaries, Manhattan Construction Company, was founded in 1896 and is now in the fourth generation of the Rooney family ownership. Manhattan has built some of the country's most notable structures, including the U.S. Capitol Visitor's Center, the Bush Presidential Library, the Dallas Cowboys' new NFL stadium and Reliant Stadium. The company has offices in Tulsa, Houston, Dallas, Oklahoma City, Mexico City, Atlanta, Washington, D.C. and Tampa.

Kraft Construction was founded in 1968 in Naples by George F. Kraft. With nearly 300 employees, Kraft is recognized as one of the largest privately held construction companies in Florida and ranks among the 100 largest contractors in the U.S. The company's notable projects include Ave Maria University, Florida Gulf Coast University, Naples Community Hospital, Ortiz Jail in Lee County, North Naples Regional Park, North Sarasota Library, Sarasota Police Department, and the High Point Place condominium complex in Fort Myers.

Additional information about each company is available at www.ManhattanConstruction.com and www.KraftConstruction.com.