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Pinnacle Surety - The Rouse
Company Case Study
Synopsis: Over roughly a ten year period your company is
able to more than triple its revenue. One key component of that
growth is – a solid relationship with Pinnacle Surety which
substantially augments your bonding capacity thereby giving you
an advantage on major projects.
The Situation: You’re already a profitable and successful
company but have not really needed or had major bonding
capacity. Opportunities arise for growth, but your current
bonding relationship seems difficult, unresponsive, and not in
tune with the vision you have for the company. Then you begin a
relationship with Pinnacle Surety.
The Story: The Rouse
Company
www.therousecompany.com is now a major subcontractor
specializing in both the installation and maintenance of
commercial floor coverings. They have worked with some of the
largest and best known general contractors in southern
California including Turner Construction, Snyder Langston,
Swinerton Builders, Matt Construction, C.W. Driver, McCarthy
Construction among others.
Their assignments have included high end and prominent projects
like the Pelican Hill Resort Hotel, LA Live, Bacara, The Sony
Lot, JPL Flight Projects, Harvard Westlake Middle School, St.
Jude Medical Tower, UCSD north campus housing to name a few.
But that success story was much less evident in 2005. According
to Jeffrey Lasher, Chief Operations Officer of The Rouse
Company, their relationship with their former bonding company
was not smooth. They were difficult to work with, created too
much red tape, and even required the owners to pledge personal
property in order to obtain bonding. When cash flow issues
arose, they would not listen to the plans and vision the company
had to resolve those issues.
“Eric Lowey [of Pinnacle] was willing to listen and work with us
to see the vision we had to grow our company,” said Lasher.
“It’s not so much that the actual requirements were different,
but rather in the way that they saw the possibilities with us.
It became a win/win situation.”
Pinnacle suggested that they meet with a new underwriter and
ultimately moved the business there. As of now, The Rouse
Company has an aggregate bonding capacity of $20 million and
Pinnacle would consider more on an as-needed basis.
It is currently a subcontractor on the Kaiser Anaheim Hospital
http://www.buildingtradesnews.com/index.php?option=com_content&view=article&id=534:kaisers-500-million-anaheim-hospital-on-schedule&catid=1&Itemid=77
with a $5 million bond securing their work. They are installing
flooring for barracks at Camp Pendleton,
http://www.defenseindustrydaily.com/USMC-Moves-Ahead-with-Camp-Pendleton-Barrack-Renovations-05709/
and have submitted a bid bond on a major LA Airport expansion
and modernization project
http://www.airport-int.com/news/lax_tom_bradley_terminal_expansion_begins.html
Over a two year period, in 2009
and 2010, while the economic climate was the most challenging in
decades, the company installed more than 435,000 square feet of
flooring in a 41 story residential condominium project in
Century City.
http://articles.latimes.com/2010/jul/24/business/la-fi-century-condos-20100724
Summary: Clearly many factors
have contributed to the success and growth enjoyed by The Rouse
Company. Turner Construction recently recognized them with the
subcontractor of the year award for their quality work, customer
service, and client relationships.
But a key factor in that success has also been their
relationship with Pinnacle Surety, which has allowed them to
pursue and achieve the vision articulated to and understood by
Eric Lowey, President and Founder of Pinnacle Surety.
We can also be
reached at:
714-546-5100 or 1-800-815-7774 |
