Greymane Contracting Ltd. has been taken over by commercial manager Alex DeCouto in the first change of ownership during the company's 15 years in business.

Mr. DeCouto, who becomes the new owner and president, described the move as a "natural progression", adding that by doing so he was investing in the construction industry and furthering his own career and those of his new employees.

Having bought the business from Thomas Smith, he now plans to focus on making the business more efficient and lean during these tough economic times, with an increased focus on its customers' needs.

Mr. DeCouto believes the next quarter is going to see a drop in the number of jobs, turnover and value of work in place and started in the construction market.

He said there were several big projects expected to be completed this year as well as some ongoing developments such as Government buildings and Sir John Swan's 141 Front Street.

Having studied construction management at George Brown College in Toronto, Canada, and attained an MBA in construction and real estate from the College of Estate Management at the University of Reading in the UK, as well as a RICS post-graduate diploma in project management, Mr. DeCouto said he always planned to run his own business one day and he jumped at the chance to acquire Greymane, a firm where he has worked for three years and knows inside out.

"I think it was always going to be a natural progression for me," he said.

"Since I started my Masters degree it was something that I wanted to prepare myself for and something that was always a consideration when I moved to Greymane three years ago.

"The deal was a long time in the making - I came over with the agreement of the existing owners wanting to step away during a period of time and getting to know the ropes here.

"It all came to a head in the last few months as we faced a downturn in the economy and the company went through a restructuring, allowing me to take over.

"Now I want to make it as efficient and lean as possible going into the rough period ahead."

Mr. DeCouto, who was the past president of the Construction Association of Bermuda (CAOB), stepping down from the role after four years at last month's annual general meeting and handing it over to Andy Perreira, received a lot of support from different quarters in his acquisition of Greymane, most notably, he said, from the company's banking partner Capital G.

"My future is in Bermuda's construction industry," he said. "Greymane is a sophisticated company and acquiring the business is a way to invest in the industry and chart my own future as well as that of our employees.

"For our clients, it will be business as usual and we will continue to operate as efficiently and competitively as anyone in the industry."

Mr. DeCouto said the company was only as good as its staff and he was pleased to have a good group of people around him, the majority of whom were Bermudian.

"A lot is going to depend on the next six months," he said. "The market here is not so big that we can afford to be so specialised in what you do - you have to be quite broad in your offering.

"But I do think there will be some opportunities with the hospitality sector looking to the upswing in the economy as the US comes out of the recession and there is more demand for hotel beds.

"We have done a number of significant projects including the upgrade and renovation of The Reefs, The Fairmont Southampton and Elbow Beach Hotel and I would like to think that puts us in good stead for future projects that come up."

Mr. DeCouto, who has more than 10 years experience in the construction industry, was a quantity surveyor and project manager at BCM McAlpine for eight years prior to joining Greymane, as well as an assistant quantity surveyor at Woodbourne Associates, beginning his career as a labourer and mason's apprentice with GL Construction Company.

He also sits on the Board of Governors of the Bermuda Employer's Council and is a registered professional member with the Canadian Institute of Quantity Surveyors and the Royal Institution of Chartered Surveyors.

Greymane Contracting completed a $40 million renovation of The Reefs in September.

The company provides construction-management services, general contracting and interior finishing, as well as operating a retail warehouse for building materials at its 12 Bakery Lane location.