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SoftBank-backed Katerra acquires NJ construction company

Fields Construction Company to lose its name

From left: Robert Caulfield, James Caulfield and Katerra's Michael Marks
From left: Robert Caulfield, James Caulfield and Katerra's Michael Marks

Fresh off raising $865 million in venture funding, construction startup Katerra acquired Hoboken-based Fields Construction Company.

Fields, founded in 1999 and led by Robert and James Caulfield, will lose its name. Katerra, which announced the deal on Thursday, did not disclose financial terms.

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California-based Katerra, founded in 2015, wants to transform the construction business by making it a little more similar to industries like car manufacturing. Rather than rely on subcontractors, the company handles everything from architecture plans to actual construction. It also has several factories to manufacture its own building components.

In January, the company announced a $865 million funding round led by SoftBank’s Vision Fund. Soros Fund Management and Canada Pension Plan Investment Board are also investors, according to the New York Times.

Fields’ past projects include the Hoboken apartment buildings 1100 Jefferson Street and 1101 Madison Street, according to the company’s website. The company started off as the construction arm of Fields Development Group.

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