Construction Acquisitions in 2019

Dutch private equity firm Mentha has acquired a majority interest in Van Vulpen, a leading Netherlands-based contractor specializing in underground infrastructure networks and horizontal directional drilling. The deal, approved by the Dutch competition authority (ACM), positions Mentha to support Van Vulpen's continued growth, innovation (including electric drilling rigs) and controlled expansion while Management (Arjan de Nijs) remains a co-shareholder and active leader.

Groundworks Companies, a portfolio company of Succession Capital Partners, has acquired Innovative Basement Systems (rebranded as Innovative Basement Authority). The acquisition brings Innovative's ~80 employees and regional footprint in Minnesota, North Dakota and eastern Montana into Groundworks' national foundation services platform as an add-on to accelerate growth and service expansion.

Reconstruction Experts (a portfolio company of Linx Partners) has acquired Advanced Roofing & Sheet Metal, a Fort Myers, Florida-based roofing services provider that serves multi-tenant housing and HOAs in Southwest Florida. The acquisition is an add-on to expand RE's geographic presence into Florida and deepen its roofing and restoration capabilities.

The State Group (State Group Industrial (USA) Limited) has acquired Delta Services LLC, a Louisville-based electrical contractor that serves industrial and commercial customers across Kentucky and Southern Indiana. The deal expands The State Group’s footprint and service capabilities in the region, adding Delta’s electrical construction, maintenance, fire/security and communications services to its multi-trade platform.

National Fire & Safety, a fire protection platform backed by Highview Capital, has acquired RCI Systems, a Tempe, Arizona-based fire sprinkler contractor founded in 1993. RCI will continue to operate under its current name and branding as an add-on to the National Fire & Safety platform to expand the platform’s geographic footprint and service capabilities.

AVALT acquired Ned Stevens, a leading provider of residential gutter cleaning and exterior home services, from Pittsburgh-based private equity firm Incline Equity Partners. The transaction continues Ned Stevens' expansion across multiple states and transitions ownership following Incline's 2016 investment.

Groundworks Companies, a portfolio company of Succession Capital Partners, has acquired Ohio Basement Systems. The team of nearly 100 employees will join Groundworks while founder Mike Rusk will join Groundworks' advisory board and the Ohio Basement Systems brand will continue to operate under its name as part of the Groundworks platform.

Anser Advisory has acquired Inline Management, a Colorado-based construction management and owner's representative firm that specializes in K-12 school construction and capital improvement projects along the Colorado Front Range. The transaction expands Anser’s education market expertise and establishes a Denver-area office; Anser operates as a portfolio company of RTC Partners.

Harbor Beach Capital (with junior capital partner Aldine Capital Partners) made a control investment in Atlantic Southern Paving, partnering with CEO Michael Curry to support the company's growth. The investment is intended to support organic growth and enable strategic add-on acquisitions to build a larger paving platform.

Florida Home Improvement Associates, backed by York Capital Management, has acquired Statewide Remodeling Holding Company. The deal expands FHIA’s multi-location home improvement platform into Texas—adding Statewide’s offices in Dallas, Austin, Houston and San Antonio—and strengthens FHIA’s scale and service offerings across the region.

Groundworks Companies, a portfolio company of Succession Capital Partners, has acquired Ohio Basement Authority and Florida Foundation Authority. The add-on acquisitions expand Groundworks' foundation services footprint into central Ohio and the Orlando/Central Florida region as part of a larger plan to build a national foundation services platform.

AVS Verkehrssicherung, a Triton-backed traffic safety services provider, has signed an agreement to acquire Lorenz GmbH (Lorenz Markierungen), a road marking and construction site safety company based in Wittstock/Dosse, Germany. The deal — subject to antitrust approval — expands AVS's service capabilities and regional coverage; terms were not disclosed.

Clairvest Group Inc. (TSX: CVG) made an equity investment in Durante Rentals to support a recapitalization and provide capital for growth. Durante Rentals is a leading independent construction equipment rental provider in the New York metropolitan area operating a ~10-branch network and will continue to be led by co-founder and CEO Anthony Durante, who remains a significant shareholder.

Advanced Pavement Group Corp., a Dubin Clark portfolio company, has acquired Dan Malloy Paving Inc., a Downingtown, Pennsylvania paving contractor. The acquisition expands Advanced Pavement Group's footprint across the Northeast and Mid‑Atlantic as an add‑on to its regional branch network.

Eleda Group, a Triton TSM fund portfolio company, has acquired all shares in Salboheds Bygg & Anläggningstjänster AB, a civil engineering and contract services provider in the Västerås area of central Sweden. The add-on expands Eleda Group's regional coverage into the Stockholm–Mälaren region; Salbohed AB reports roughly SEK 400 million in annual revenue and about 50 full-time employees plus 30 contractors.

Anser Advisory has acquired Cambridge Construction Management, a program and construction management services firm based in Clinton, New Jersey. The acquisition expands Anser's Northeast presence (New Jersey, Pennsylvania and New York) and deepens its higher education and K-12 expertise; Anser operates as a portfolio company of RTC Partners, which advised on the transaction.

FirstService Corporation (TSX/NASDAQ: FSV) entered into a definitive agreement to acquire 95% of Global Restoration Holdings, LLC, the second-largest commercial and large-loss property restoration firm in North America. The deal expands FirstService’s scale and capabilities in mitigation, restoration and reconstruction services, and Global Restoration’s management will retain the remaining equity; the seller is Delos Capital.

Groundworks Companies, a Succession Capital Partners portfolio company, has acquired Rod Martin's Complete Basement Systems, a Denver-based foundation repair and basement waterproofing provider. The add-on deal — Groundworks' largest to date — is intended to serve as a strategic foothold for the platform's western expansion and the combined businesses will retain existing staff while leveraging Groundworks' operational infrastructure.

Bernhard Capital Partners led a group of investors to acquire a financial interest in The Lemoine Company, a Louisiana-based full-service construction management firm specializing in disaster recovery and community resilience. The investment will keep existing management in place and provide capital and operational resources to support growth, new service lines, geographic expansion and add-on acquisitions.

Los Angeles-based private equity firm Gallant Capital Partners has completed an investment in Quality Built, a national provider of third-party quality assurance and inspection services for the residential and commercial construction industry. Gallant will partner with Quality Built management (CEO Brian Kramer and President Beth Michaelis) to support growth, expand the company's national footprint, and pursue strategic acquisitions while leveraging Quality Built's software platform and proprietary database.

Century Engineering, Inc. acquired NXL Construction Services, Inc., a Virginia-based construction management, inspection, and surveying firm. The deal expands Century's presence in Virginia (adding Richmond and Christiansburg offices) and preserves existing NXL contracts and staff.

Summit Harbor Holdings, a wholly‑owned subsidiary of Limitless Venture Group (LVGI), has acquired a majority ownership stake in Emergent Design‑Build Solutions, LLC, an architectural and construction firm focused on cannabis and hemp facilities. The existing ownership team will remain in day‑to‑day control; the deal is the first of multiple industry‑support acquisitions targeted by Summit Harbor to build out services for the cannabis/hemp market.

Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) agreed to acquire Capital Pumping, LP and its affiliates in an all-cash transaction to expand its footprint and scale in the fragmented Texas concrete-pumping market. The deal—expected to close in Q2 2019 and financed via equity/equity-linked securities and additional term loans—adds a well-run, family-owned Texas business with an efficient, young fleet and reported adjusted EBITDA of approximately $23 million for 2018.

GHK Capital Partners completed a recapitalization of Brown & Settle, Inc., forming a new holding company to support growth and expanded capabilities. Breakwater Management LP and funds advised by Headway Capital Partners LLP provided preferred equity and Breakwater provided the debt facility; founders Michael Brown, Jr. and Gregory "Tommy" Settle retain roughly one-third of the business and will continue to lead operations.

Construction Partners, Inc. (NASDAQ: ROAD) completed two Florida acquisitions for an aggregate purchase price of approximately $19 million, acquiring a liquid asphalt terminal in Panama City, FL and a hot mix asphalt / ready‑mixed concrete business in Okeechobee, FL. The deals support CPI's vertical integration strategy and expand the company’s geographic presence and materials supply capabilities in Florida.

Summa Equity has signed an agreement to acquire Infobric AB, a Swedish provider of software and IoT hardware for attendance systems, access control, asset monitoring and energy efficiency on construction sites. Infobric, founded in 2004 and headquartered in Jönköping, will be acquired from Jönköping Business Development AB and founders/management shareholders, with management remaining significant shareholders.

The Riverside Company has acquired WA Profiling and Stabilising (WAPS), a Perth-based road profiling and stabilising contractor, as an add-on to its Hiway Group portfolio. The deal adds profiling capabilities to Hiway’s pavement rehabilitation offering across Australia; BNZ provided debt financing and advisors included Herbert Smith Freehills, KPMG and Deloitte.

Noverra acquired Victory Fire Protection from founders Mike and Gaylene Slocum in January 2020 and operated the business as a stand-alone entity for one year. In January 2021 Victory Fire was merged into Noverra’s existing Thorpe Design business to create a larger, market-leading residential fire protection operator in Northern California.