Construction Acquisitions in 2020

Lithko Contracting, together with equity partners The Pritzker Organization and DNS Capital, acquired the assets of Capitol Concrete Contractors, Inc. on December 31, 2020. The asset purchase expands Lithko’s presence in the Austin / Central Texas market; Capitol is a regional concrete contractor with over 300 coworkers specializing in foundations, tilt-walls, slabs and site work.

Tecta America Corporation, a portfolio company of Altas Partners, acquired J Reynolds & Co., Inc., a commercial roofing and waterproofing contractor based in Saginaw, Texas; the transaction closed on December 31, 2020. Kratos Capital advised J Reynolds on the sale as J Reynolds becomes part of Tecta’s national platform to expand its commercial roofing and waterproofing capabilities and geographic reach.

RedTeam, an Orlando-based construction management software provider, acquired the Fieldlens mobile field management plan-markup technology to integrate its plan-markup and field-collaboration capabilities into the RedTeam platform. Fieldlens' mobile-first tool will be integrated into RedTeam and offered as a standalone product to expand RedTeam's capabilities for general contractors and subcontractors.

Virginia Beach-based Groundworks, a Cortec Group-backed foundation services platform, acquired Atlanta-headquartered AquaGuard Foundation Solutions on December 10, 2020. The add-on strengthens Groundworks' presence in the Southeast and expands its residential waterproofing and foundation repair capabilities; terms were not disclosed.

Aurora Capital Partners completed a growth investment in Premier Roofing, a Denver-based roofing service provider and vendor-managed network, to support the company's geographic expansion and acceleration of its multi-family segment. Premier operates six branches across Colorado, Nebraska, Missouri and Minnesota and will use the capital and Aurora's buy-and-build strategy to open additional locations and scale operations.

SQUAN, a telecommunications design/build firm based in Englewood, New Jersey, has acquired ElecComm (ECC), an electric and communications line construction company headquartered in Wilmington, Massachusetts. The acquisition expands SQUAN's infrastructure services and geographic reach across New England and into New York, integrating ECC's 24/7 emergency outage and high/low voltage line construction capabilities.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Gelder & Associates, Inc., an asphalt and paving contractor that operates a hot-mix asphalt plant in Raleigh, North Carolina. The acquisition adds a local hot-mix plant and paving capability to Construction Partners' southeastern operations, strengthening its ability to serve customers in the Raleigh metro area and capture synergies with nearby operations.

Total Capital Partners-backed GRITIT has acquired Doncaster-based surfacing and civil engineering business NMC Group Ltd. The add-on deal doubles the size of the GRITIT Group, creates a combined ~£50m external-infrastructure compliance and maintenance provider and is intended to expand capabilities and cross-sell services across GRITIT's nationwide client base.

HomeServe USA Corp. has acquired Dukes of Air, LLC, a Mesa, Arizona-based residential HVAC company with approximately 30 employees. The acquisition expands HomeServe's footprint in the Phoenix metro area (its third local HVAC acquisition since 2019) and continues the company's trades growth strategy across the U.S.

DPIS Builder Services, a portfolio company of Saw Mill Capital, has acquired the Ei Companies, a Las Vegas-based provider of energy inspections and MEP design services. The deal expands DPIS' geographic footprint into the Western United States and creates a nationwide platform for engineering, inspection, testing and certification across the residential construction market.

Halstatt Legacy Partners-backed portfolio company Satterfield Paving has acquired Triangle Traffic Painting, a Durham, N.C.-based striping and pavement maintenance contractor. The add-on expands Satterfield's paving and maintenance capabilities in central North Carolina; terms were not disclosed and operations will be consolidated at Satterfield's Durham headquarters.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Rose Brothers Paving Company, Inc., an asphalt and paving contractor based in Ahoskie, North Carolina. The transaction adds six hot‑mix asphalt plants in eastern North Carolina, expanding Construction Partners' footprint and market access in the state while retaining Rose Brothers' local leadership under Tim Rose.

CoConstruct, the Virginia-based SaaS provider for independent home builders and remodelers, has acquired CBUSA, the largest U.S. group purchasing organization for custom and semi-custom builders. The deal integrates CBUSA's group purchasing network into CoConstruct's construction management platform to lower hard costs for builders and expand CoConstruct's value proposition.

Lafarge Canada Inc. has acquired the Alberta-based assets of Mixcor Aggregates Inc., adding 26 aggregate sites and approximately 50 employees to Lafarge's operations. The transaction expands Lafarge's footprint in Alberta and supports its sustainable/green construction strategy.

Installed Building Products, Inc. (IBP) has acquired Norkote, Inc., a specialty coatings and insulation installer headquartered in Everett, Washington. The acquisition (terms undisclosed) adds approximately $10 million of annual revenue and expands IBP's commercial presence in Washington and Oregon.

Day & Zimmermann, the family-owned U.S. construction and engineering firm, has acquired EMC Power Canada Ltd., an Ontario-based specialist in trade services and construction for power generation and distribution. The purchase expands D&Z’s union staffing, project management and service capabilities in the Canadian power market.

D.R. Horton, Inc. acquired the homebuilding operations of Braselton Homes in Corpus Christi, Texas, purchasing lots, homes-in-inventory and an active sales backlog for approximately $23 million in cash. The transaction includes ~95 lots, 90 homes in inventory, 125 homes in sales backlog and control of ~840 lots via purchase contracts; Braselton will operate as a separate division within D.R. Horton as the buyer expands its Texas footprint.

Affiliates of CriticalPoint Capital have closed the acquisition of AECOM's Power Construction division and launched the business as an independent company, United E&C, Inc. CriticalPoint said it will partner with United's management to build a stand-alone infrastructure engineering and construction platform serving power generation, transmission & distribution, and renewable markets.

Southfield Capital and its portfolio company Milrose Consultants announced a strategic partnership with Beverly Hills–based Permit Advisors, a permit expediting and consulting firm. The deal brings Permit Advisors into Milrose's national platform to expand permitting, code compliance and project management capabilities across new geographies and end markets.

Dream Finders Homes has acquired Fayetteville, North Carolina-based homebuilder H&H Homes. The deal expands Dream Finders' footprint into North Carolina and preserves the H&H brand while retaining key leadership to run the Carolinas division.

Neighborly, the world's largest franchisor of home service brands, acquired ShelfGenie, a custom glide-out shelving solutions franchise headquartered in Atlanta, Georgia. The deal brings ShelfGenie's franchise system and installation capabilities into Neighborly's portfolio to expand its in-home service offerings and drive growth across the Neighborly network.

Sunroc Corporation, a subsidiary of Clyde Companies, completed an asset acquisition of Boise-based Hi-Grade Underground, Inc., expanding Sunroc's utilities capabilities in the Treasure Valley and across Idaho. Hi-Grade's former owner Dave Clifford will remain involved and transition into a Utilities Manager role with Sunroc following the acquisition.

Ardian's North America Direct Buyouts team has agreed to acquire a majority stake in Acousti Engineering Company of Florida from the Verner family and retiring members of management, with the ongoing management team retaining a meaningful minority interest. The investment will support a management-led leadership transition and accelerate Acousti's geographic expansion and growth across its specialty interior systems and finishing services.

Synergos acquired Austin Electric Services LLC, Austin Concrete & Stone LLC and Austin HVAC LLC (collectively "Austin Companies") to expand its family of residential construction trade partners in Arizona and further integrate electrical, concrete and HVAC capabilities for homebuilders. Leadership at the acquired companies remains unchanged and Ernst & Young Capital Advisors acted as exclusive financial advisor to Synergos' parent in the transaction.

Global consulting firm J.S. Held has acquired Perry Associates LLC, a Greater Boston–area construction consulting firm, to expand its Construction Advisory Services practice in the Northeastern United States. The deal adds Perry's expertise in commercial management, project scheduling, and construction claims to J.S. Held's broader technical, scientific, financial, and strategic consulting platform.

Titan Home Improvement, a Fort Lauderdale-based platform owned by affiliates of York Capital Management, acquired Paradise Home Improvement, a South Carolina-based provider of replacement windows and doors, roofing, bathrooms and other home improvement services. The deal is an add-on to Titan's platform (its fourth acquisition since 2019) and expands Titan's footprint across North Carolina and South Carolina markets as it builds a national network of home improvement contractors.

Main Street Capital Corporation completed a $26.0 million investment to facilitate a minority recapitalization of Superior Rigging & Erecting Co., funded via a combination of first-lien senior secured term debt and a direct equity investment. Superior, headquartered in Atlanta, Georgia, provides rigging, steel erection and crane & equipment rental services across the southeastern United States; Main Street also provided access to additional term debt to support future growth.

Craft Work Capital Partners, a joint venture backed by Aterian Investment Partners, has made a strategic investment in Rogers Mechanical Contractors, a third-generation, family-owned provider of HVAC, mechanical and plumbing contracting services based in Villa Rica, Georgia. The investment will support Rogers' continued growth serving distribution center, e-commerce and logistics customers while preserving the company's culture and management continuity.

Sunroc Corporation, a subsidiary of Clyde Companies, has completed an asset acquisition of Depatco, Inc., an Idaho Falls-based civil construction and aggregates company. The transaction expands Sunroc’s geographic footprint and product offerings in Eastern Idaho while Depatco’s Stoddard family owners will remain involved in the business.

Arcline Investment Management, a growth-oriented private equity firm, has acquired Jersey Elevator, an independent provider of elevator maintenance, modernization and installation services based in Aberdeen, New Jersey. Arcline said it will support the company's expansion through investments in technology and additional acquisitions while partnering with management to drive growth.

Scottsdale-based private equity firm Eberhart Capital acquired M. J. Van Damme Inc., a Gwinn, Michigan construction and mine-site services company, in a deal reported at $20-$50 million. The acquisition expands Eberhart Capital's construction and regional capabilities, adding trucking, quarry and land-reclamation expertise and a 130-employee operating base in the Upper Midwest.

Restoration Builders, Inc., a Scottsdale, Arizona-based insurance restoration consolidator, announced the acquisition of JC Roofing and Gutters, LLC, a Pflugerville, Texas-based gutter and exterior restoration services provider, on August 4, 2020. The deal expands Restoration Builders’ nationwide contractor network and adds JC Gutters’ ~5 locations and 50+ employees, strengthening its presence in the southern Texas roofing and insurance-restoration market.

Exchange Income Corporation (EIC) completed the acquisition of all issued and outstanding shares of Window Installation Specialists, Inc. (WIS) for US$45.0 million. The deal integrates WIS into EIC’s Quest Window Systems platform to vertically expand supply-and-install glazing capabilities on the U.S. West Coast; WIS founder and CEO Louis Mark committed to remain in his role.

Virginia Beach-based Groundworks, a PE-backed national foundation services platform, acquired Foundation Systems of Michigan (FSM) on July 9, 2020. The add-on expands Groundworks' footprint into Michigan and the Midwest, bringing FSM's ~200+ employees and multi-branch operations onto the Groundworks platform backed by investors including Cortec Group and Succession Capital Partners.

Toronto-based private equity firm Lynx Equity Limited has acquired DeBenedetto's Commercial Flooring LLC, a Portland, Oregon-based full-service commercial flooring provider. The deal is an add-on to Lynx's existing flooring portfolio (including Floor Solutions) and is intended to capture market share in the Portland area while leveraging operational synergies and experienced personnel.

Groundworks, a Virginia Beach–based national foundation services platform, acquired AFS Foundation & Waterproofing Specialists of Huntsville, Alabama, adding seven offices, more than 300 employees and over $65 million of annual revenue. The deal is an add-on to Groundworks’ PE-backed platform (supported by Succession Capital Partners and Cortec Group) and strengthens the company’s Southeast footprint while advancing its strategy to build a national, vertically integrated foundation services brand.

Diverzify has acquired ProFloors of Florida and entered a strategic partnership with Lane's Floor Coverings and Interiors, expanding Diverzify's national commercial flooring platform and adding floor installation and maintenance capabilities. The deal increases the Diverzify enterprise footprint (now representing 21 business service locations) and strengthens its shared-services, installation and maintenance offering for commercial customers.

Anser Advisory, a portfolio company of RTC Partners, has acquired H.R. Gray, a Columbus-based owner's representative and construction management firm with ~76 employees. The acquisition expands Anser’s geographic footprint in Ohio and Pennsylvania and adds H.R. Gray’s expertise in water and wastewater project delivery to Anser’s service offering.

Eberhart Capital, a Scottsdale, Arizona-based private equity firm, has acquired The Equipment Source, LLC, a Naples, Florida-based tool and equipment rental company serving contractors and consumers. The Equipment Source will join Eberhart Capital sister company Contractor Sales & Service, and management transitioned from founder Billy Martinez to Steve Acquafresca as general manager; terms were not disclosed.

Beacon Mergers & Acquisitions completed a sell-side mandate to facilitate the sale of a 22-year-old commercial landscape construction business to an undisclosed strategic buyer. The transaction was driven by the owner’s succession plan and was completed in late April 2020 after a confidential marketing and due-diligence process despite COVID-19 related challenges.

Calera Capital has acquired a majority stake in Thayer Power & Communication, a Columbus-area provider of power and telecommunications line construction and maintenance services. The seller was The Anderson Group (Thayer's prior private equity sponsor), and Calera said the investment will support Thayer's organic growth and a targeted acquisition strategy.

Construction Partners, Inc. (NASDAQ: ROAD) acquired two hot‑mix asphalt plants located in Pensacola and Defuniak Springs, Florida, expanding its footprint in the Florida panhandle. The plants provide strategic access to aggregate rail terminals and support the company’s ability to serve public and private roadway and Department of Defense projects in the region.

NewSpring Mezzanine participated in an investment to support a majority recapitalization of GLH Construction led by Jackson Partners. The capital will be used to hire additional employees and invest in sales and marketing as GLH, a Windsor, Colorado-based infrastructure contractor, pursues regional growth.

Main Street Capital Corporation completed a $24.4 million portfolio investment in Cody Pools, Inc., providing a combination of first-lien senior secured term debt and a direct equity investment alongside unnamed co-investors. The financing also includes a credit facility to support Cody's growth and working capital as the Austin-area pool designer and builder — founded in the 1990s and operating across Austin, San Antonio, Houston and Tampa — continues to expand its residential and commercial business.

Comfort Systems USA, Inc. has agreed to acquire TAS Energy Inc., a Houston-based provider of modular engineered construction systems for data center, power and industrial customers. TAS is expected to contribute approximately $170–$190 million of annualized revenue and $15–$17 million of EBITDA and will expand Comfort Systems USA's modular construction capabilities and geographic capacity.

FHIA Holdings, a York Capital-backed home remodeling platform, has acquired Mad City Windows & Baths, a Wisconsin-based residential remodeler. The add-on expands FHIA's geographic footprint into Wisconsin and strengthens its portfolio of home improvement services including windows, doors, siding, roofing, and kitchen/bath remodeling.

Day & Zimmermann, the family-owned construction and engineering firm, has acquired Pittsburgh-based Minnotte Contracting Corporation to expand its union mechanical contracting, maintenance and project management capabilities across the Ohio Valley. The acquisition strengthens D&Z’s capacity to serve power, industrial and natural gas/petrochemical customers and addresses scarcity of skilled union labor in those markets.

London-based special situations investor Blantyre Capital has made a multi‑million pound growth investment in The McAvoy Group, a leading offsite modular building manufacturer serving the UK and Ireland. The McAvoy family remain shareholders and active in the business; funds will support the group's expansion programme and digital construction strategy, with a Blantyre director joining the board.

Alpine 4 Technologies, Ltd. (ALPP) has acquired Excel Fabrication, LLC, a Twin Falls, Idaho-based metal fabrication and construction services company. The acquisition expands Alpine 4's Construction Services portfolio and adds fabrication, installation, maintenance and repair capabilities serving industrial and food & beverage customers across the western United States.

Ei Risk Management Corporation (a member of Ei Companies) has acquired ABCO Engineering Corporation, a Denver-area construction quality assurance firm. The deal expands EiRM's construction quality assurance capabilities and positions the combined business as a broader, integrated provider of QA and risk-management services to the construction and insurance industries.