Suffolk Expands Services Beyond Construction
Suffolk, one of the most innovative and successful contractors in the USA, unveiled a diversification strategy. It is focused on leveraging the company’s core competency of construction and expanding into additional service lines to create a fully-integrated platform that adds value for clients across the entire building lifecycle. As part of the strategy, Suffolk launched a contemporary brand positioning and identity.
“Commitment to forward progress and innovation, especially in a world of constant change and disruption, is absolutely critical for success. We’re thinking differently and finding new ways to add value and deliver on our promise to clients,” said John Fish, chairman and CEO of Suffolk.
Suffolk’s diversification strategy will focus on expanding services beyond its core construction capabilities into vertical service lines, positioning it as an end-to-end business capable of delivering on its value proposition: “Invest. Innovate. Build.” The vertical service lines include real estate funding, design, technology investment, and research and development.
Suffolk Capital is the company’s real estate funding service line formerly known as Suffolk Ventures. It will strategically invest in sophisticated technology start-up companies and entrepreneurial ventures that will help fuel its innovation eco-system to drive the pace of change in the industry.
Suffolk’s design-assist vertical will leverage technology to incorporate cost and constructability insights into conceptual designs to create efficiencies in the design process and shorten the development cycle. Suffolk plans to construct the “Garage,” an incubation space for academic partnerships, startups, co-working spaces, and industry-related research and experimentation.
Suffolk’s existing self-perform arm will continue offering general requirements, equipment rentals, concrete services, and drywall services. Suffolk plans to eventually launch vertical service lines including enterprise risk management and insurance, supply chain management, and facilities management. The company will continue leveraging its core competencies and expertise by providing valuable construction management services for clients
As a result of its diversification strategy, Suffolk will be positioned to add value across the entire lifecycle of a building
“Suffolk’s relentless pursuit to remain relevant in a constantly changing world is evident in its experimentation with new technologies, its implementation of innovating processes, and its continuous investment in its people. Staying relevant to all of its stakeholders has been at the heart of Suffolk’s growth strategy,” said Boris Groysberg, advisor to Suffolk and professor of business administration at Harvard Business School.
Building on the equity in the core business, the company’s new brand identity lays the foundation for expansion and elasticity beyond the traditional construction category. The new brand is different from any other in the industry, in a category in which marketing and brand are often overlooked.
Suffolk’s new tagline, “Prove impossible wrong,” is a bold, ambitious call to action that supports its greater purpose to redefine what is possible, challenge boundaries and dream big.
Source: Suffolk, Boston, MA, February 3, 2020