Construction Acquisitions in 2023

Australis Equity Partners, through a subsidiary, has acquired Sunrise Premiere Pool Builders, LLC, a full-service inground pool construction company headquartered in Arnold, Maryland. Sunrise, founded in 1999 and operating a 3,000 sq. ft. facility, specializes in residential inground pools and works with subcontractors; Australis said the acquisition will be leveraged to facilitate future construction-industry acquisitions.

Dunes Point Capital, LP formed Roofing Services Solutions, LLC and acquired Noland's Roofing, Inc., a Clermont, Florida-based residential re-roofing and exterior services provider. Dunes Point Capital Fund III provided the controlling equity and M&T Bank provided debt financing; Noland's operates three Florida locations and employs approximately 70 people as the first investment in a platform consolidation strategy in the aftermarket roofing services space.

H.I.G. Capital, through an affiliate, has completed the acquisition of Penhall Company, North America’s largest provider of specialty concrete services. Headquartered in Irving, Texas, Penhall operates over 40 branch and service locations across the U.S. and Canada and will partner with H.I.G. and current management to accelerate growth and expand services.

Escajeda Masonry & Concrete, part of Escajeda Holdings, has acquired New Castle, Pennsylvania-based Alex Restoration & Masonry Repairs. The acquisition expands Escajeda's footprint in the tri-state area, adds historic restoration and preservation expertise, and will keep Alex Restoration operating under its name from its New Castle and Erie offices.

FirstService Corporation has acquired a significant controlling interest in Roofing Corp of America from Soundcore Capital Partners; the transaction closed on December 15, 2023. The purchase price is US$413 million, funded with cash and borrowings, with Roofing Corp management (including CEO Randy Korach) retaining the balance of the equity and continuing to run the business. Headquartered in Atlanta, Roofing Corp operates 16 regional branches across 11 U.S. states, employs more than 900 people, and generates approximately US$400 million in annual revenue.

David Galloway, a former co-owner, completed a management buyout to become sole owner of Brazos Commercial Roofing on December 15, 2023. Generational Equity advised on the transaction; Brazos Commercial Roofing is a Clute, Texas–headquartered commercial and industrial roofing and waterproofing services provider.

Chaney Enterprises, a construction material supplier based in Gambrills, Maryland, has acquired Concrete Solutions, LLC, a ready-mix concrete operator with plants in Raeford and Goldston, North Carolina. The purchase expands Chaney's footprint into central North Carolina and brings its planned total of three North Carolina ready-mix locations (Raeford, Goldston and an expected Powells Point site).

U.S. Waterproofing, a Rotunda Capital Partners portfolio company, has acquired Engineered Solutions of Georgia (ESOG), a Smyrna, Georgia-based provider of residential foundation repair, basement waterproofing and crawl space encapsulation. The add-on expands U.S. Waterproofing's Southeast footprint and foundation-repair capabilities; ESOG founders Jay Eastland and Luis Cuevas will continue to oversee the business.

Broadwing Capital Management LLC has made a growth investment in Campany Roof Maintenance LLC, partnering with founders Ed and Deb Campany to support expansion of the South Florida roofing services provider. Broadwing will provide operational support and capital to scale Campany's roofing maintenance, repair, and replacement services for condominium associations, commercial properties, and high-end single-family homes.

Evive Brands, a portfolio company of The Riverside Company, has acquired The Brothers that just do Gutters. The transaction is an add-on to Evive's franchise platform to expand into broader residential services and strengthen its footprint in home exterior/franchise services; financial terms were not disclosed.

CAMP Construction Services, a Sterling Investment Partners portfolio company, has acquired Finite Reimaging, a Duluth, Georgia-based provider of renovation and maintenance services serving hospitality, retail and multifamily customers. The add-on expands CAMP's Southeast presence and hospitality capabilities while enabling Finite to access CAMP's broader service offerings and national infrastructure.

Granite Construction Incorporated (NYSE: GVA) has acquired Lehman-Roberts Company and Memphis Stone & Gravel Company, expanding its materials and paving footprint in the Memphis metropolitan market. The deal adds asphalt plants and sand & gravel mines (with substantial reserves) to Granite’s operations and will be financed with a $150 million term loan plus revolver and cash on hand; the acquired companies’ leadership will remain in place.

New Home Co., an Irvine-based homebuilder backed by Apollo-managed funds, has acquired Hamilton Thomas Homes to enter the Texas market. The deal brings roughly 2,000 lots (about 12 planned communities) in Houston and Austin and retains founders John Bohnen and Jennifer Keller to lead New Home Co.'s newly formed Texas region.

Bertram Capital portfolio company ReVamp Companies has merged with The Vinyl Outlet, a Buffalo-based residential fencing and decking installer, to expand ReVamp's fencing and decking division and extend its service territory into Western New York. Terms were not disclosed; ReVamp will leverage Bertram Capital's in-house technology team, Bertram Labs, to support customer acquisition and operational expansion.

Lafarge Canada Inc. led an equity investment in Toronto-based EXACT Technology Corporation to accelerate digital solutions for the concrete and construction industry. The strategic investment brings industry expertise and global reach to help EXACT scale its hardware and software offerings for concrete monitoring, curing and tracking.

Soil Nail Holdings, an investment platform affiliated with KKR, has acquired Ideal Fencing Corp. from U.S. Fence Solutions, a portfolio company of Building Industry Partners. Ideal, based in Erie, Colorado, is a fabricator and installer of highway and bridge guardrail, chain-link, and iron fencing and employs a team of just over 50 people.

Herc Rentals has acquired Summit Equipment Rentals, a three-location equipment rental operator in Southern California. The deal expands Herc Rentals' presence in the Los Angeles and San Diego markets; Summit operates facilities in Menifee, Chula Vista and Garden Grove and offers aerial work platforms, earthmoving equipment, water trucks and tools.

Groundworks, the national foundation and water management solutions company, has acquired Eco-Soil Stabilizers, a Canyon Lake, Texas-based family business that provides proprietary soil stabilization injection technology. The acquisition adds Eco-Soil's soil-stabilizing capability to Groundworks' service offering and supports the company's continued expansion in Texas and nationwide.

Sterling Infrastructure, Inc. (Nasdaq: STRL) acquired Professional Plumbers Group, Incorporated (PPG), a Wylie, Texas-based plumbing contractor serving residential home builders in the Dallas area, for $50 million in cash plus an earnout. PPG, which generates approximately $50–55 million in annual revenue, will join Sterling's Building Solutions segment to expand its residential plumbing capabilities and cross-sell to its existing builder customers in the Dallas market.

Gemspring Capital Management, through an affiliate, has acquired Fenceworks, LLC, a Riverside, California–based fencing installer and distributor. Financial terms were not disclosed; Fenceworks operates ~15 locations in California with approximately 500 employees and provides installation and wholesale distribution to homebuilders, commercial customers, and local fencing providers.

Milwaukee-based Roofed Right America (RRA), a commercial roofing platform backed by Great Range Capital, has acquired Upstate Roofing & Painting, a Rochester, New York-based provider of reroofing, painting and repair services. Upstate — its first add-on for the RRA platform — will continue to be led by President Bob Morgan and brings a team of more than 100 employees serving commercial clients across Western and Upstate New York.

The Bay Crane Companies, Inc. has acquired Locke Crane Services, LLC, a family-owned crane, rigging and heavy-haul services provider, expanding Bay Crane's New England footprint and branch network. The acquisition adds Locke's fleet and experienced team to Bay Crane’s regional operations to broaden its turn-key lifting and heavy-haul capabilities across New England.

HB Capital has acquired Structural Building Components LLC, a Deerfield Beach, Florida-based specialty contractor that provides structural shells for single- and multi-family homes. The deal facilitates a sale of equity from the current owner(s) toward employee ownership, and SBC will continue to operate under its existing management and brand.

The JF Petroleum Group has acquired Jones Covey Inc., a Southern California-based general contracting and fuel-infrastructure services firm. The deal expands JF's installation, construction, maintenance and compliance capabilities and creates a coast-to-coast turn-key fueling solutions platform; terms were not disclosed.

Six Pillars Partners led a recapitalization of Royalty Roofing and sister company Majestic Facility Experts to support national growth and pursue add-on acquisitions. Capital for the transaction was provided by Centerfield Capital Partners, Petra Capital Partners, Concentric Investment Partners, and UMB Capital Corporation; founder Andy Royalty remains as President and the Company completed a strategic bolt-on at closing.

Percheron Capital has acquired SafeBasements, a Minnesota-based foundation repair and basement waterproofing services company, as the first investment in a new platform focused on foundation repair and waterproofing. Percheron named industry veteran Deb Dulsky as CEO to lead growth and expansion across the Midwest, leveraging SafeBasements' vertically integrated products and experienced team.

Alta Equipment Group has agreed to acquire Burris Equipment Co., a three-location construction and turf equipment dealer and rental business based in Waukegan, Illinois, for $14.0 million in cash. The deal — expected to close in Q4 2023 — expands Alta's presence in the Chicago market, adds rental fleet capacity and OEM relationships, and preserves Burris's brand while the selling owners retire.

Turner Brothers, LLC, a Massachusetts-based concrete building services company, has acquired Woodland Tilt-Up, Inc., a Florida-based specialty tilt-up construction contractor, to establish a presence in South Florida. The acquisition supports Turner Brothers’ strategic expansion into the Southeast to better serve commercial, multi-family, residential, and distribution clients.

Trumark Homes has acquired Wathen Castanos Homes to expand its homebuilding footprint into Central California, making Trumark’s portfolio contiguous across Northern to Southern California. The deal bolsters Trumark’s regional scale and supports its goal to exceed $1 billion in revenue in 2024.

Branford Castle Partners II, an affiliate of Branford Castle Partners, has made a strategic investment in Marine Floats, a Tacoma, Washington-based specialty marine contractor that designs, fabricates and installs marinas, floating docks and waterfront structures while providing environmental and permitting advisory services. Branford will partner with founder and President Logan Brown to support growth and expand the company’s offerings and reach across the Pacific Northwest; terms were not disclosed.

Pave America has partnered with and added Kansas Asphalt, a Bucyrus, Kansas–headquartered asphalt and concrete paving and maintenance provider, to its platform as an add-on to expand its national footprint. The transaction brings Kansas Asphalt’s self-performing locations and subcontractor network into Pave America’s platform, which is backed by private equity sponsors including Shoreline Equity Partners (and referenced Trivest Partners in the announcement).

Bow River Capital made a strategic growth investment to combine Westport Pools and Progressive Commercial Aquatics into Landmark Aquatic, a national commercial aquatic services platform. The combined company will offer design, construction, maintenance, renovation and chemical supply services to municipal, education and private-club clients across the United States, with existing equity owners retaining meaningful stakes and continuing to lead operations.

Cairngorm Capital-backed SageHome has acquired Safe Showers LLC, a San Antonio-based bath remodeling business that specializes in fast installations for seniors, veterans, and others with access difficulties. The deal expands SageHome's geographic footprint into Texas and the U.S. South; Safe Showers' leadership (Chris and Joan Edelen) will remain with the business.

Great Day Improvements, a vertically integrated direct-to-consumer home improvement platform, has acquired K-Designers, a Sacramento-area remodeling contractor specializing in siding, windows, doors, roofing and bathroom remodeling. The acquisition lets Great Day enter the California market and strengthen its presence across the Western U.S.; Angle Advisors served as exclusive advisor to K-Designers.

U.S. Waterproofing, a portfolio company of Rotunda Capital Partners, has acquired Foundation Solutions 360 (FS360), a Fraser, Michigan-based residential foundation repair and basement waterproofing services provider. The deal expands U.S. Waterproofing's Midwest footprint and service capabilities; FS360 founder Joe Marth will remain overseeing operations as the combined platform pursues further growth and add-on acquisitions.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Hubbard Paving & Grading, Inc., a Walhalla, South Carolina-based paving and grading contractor. The deal adds a hot-mix asphalt plant and related operations to CPI's South Carolina platform King Asphalt, Inc., expanding CPI's service footprint in the Upstate/Greenville metro region.

The JF Petroleum Group has acquired the assets of Star Construction Inc. and SCI Petroleum Inc., relocating those assets to its Charleston, South Carolina Dykstra Construction branch. The deal brings former owner Brian Starer and licensed master electrician Brett Barnes into JF's Dykstra Construction leadership team and expands JF's installation, construction, and electrical capabilities in the Southeast.

Pave America, a national asphalt and concrete maintenance platform, acquired Central States Paving & Concrete (CSPC) in a transaction that closed in September 2023. The deal expands Pave America's Midwest footprint—adding CSPC locations in Wisconsin, Indiana and Kansas—and Grove Mountain Partners (the seller) retains a significant equity stake in the combined platform.

The Valcourt Group has acquired Superior Grouting & Restoration Services, LLC (SGS), a Riverdale, Maryland–based provider of waterproofing, grouting and concrete restoration services. The acquisition expands Valcourt's service footprint and technical capabilities in the Washington, D.C. metropolitan area and adds experience servicing water and wastewater treatment facilities.

Ditch Witch of South Texas, a portfolio company of Bluestem Equity, has acquired Ditch Witch of Houston. The add-on expands the platform's footprint in the Texas construction and infrastructure markets and brings the Houston dealer's sales, rental, and service capabilities into the Bluestem-backed network.

Tecta America Corporation has acquired Pieros Construction Co. (operating as Pieros Roofing), a Somerville, New Jersey-based commercial roofing contractor. Pieros will continue operating under its leadership as Pieros Roofing, a Tecta America Company, and the deal expands Tecta’s presence and service capabilities in Central and Northern New Jersey.

Core Roofing Systems, a Shoreline Equity Partners-backed commercial roofing platform, has acquired McCurdy-Walden, a Jacksonville-based commercial roofing and waterproofing contractor. The deal expands Core's presence in Florida and positions McCurdy-Walden as a regional sub-platform under Core's growth strategy; financial terms were not disclosed.

OMERS Private Equity has signed a definitive agreement to acquire a majority stake in Knight Commercial, a Dallas-area provider of commercial restoration, reconstruction and roofing services. The investment will fund footprint expansion and pursue growth through M&A while Knight Commercial co-founders Adam McKelvey and Peter Tredennick remain significant shareholders.

Hillcore Group has completed the acquisition of Midlite Construction Ltd., a Fort McMurray-based powerline construction and maintenance company. The deal expands Hillcore's industrial and utility services capabilities and strengthens its regional presence across Alberta and Western/ Northern Canada.

Crescendo Capital Partners completed a majority recapitalization of Nevada Drywall, Stucco & Stone Inc. (NDSS) on September 15, 2023, with Stonehenge Capital providing senior debt and equity co-investment. NDSS principals (including co-owner Marc Garrick) retain equity and remain in leadership; GulfStar Group served as exclusive financial advisor to NDSS.

Gold Medal Pools, based in Lewisville, Texas, acquired Champion Pool Service and the Service & Maintenance division of Foley Pools to expand its service footprint in North Texas. These deals are part of Gold Medal Pools' acquisition-led roll-up strategy (its 21st company) to scale maintenance and service capabilities across the Sunbelt.

Diverzify, a national commercial flooring and interior services provider, has acquired Phoenix-based Wholesale Floors, LLC to expand its West Coast and Arizona presence. Wholesale Floors, a nearly 45-year-old commercial flooring distributor and contractor focused on healthcare and education clients, will join Diverzify's network of brands as part of the company's continued roll-up strategy.

CertaSite, a commercial fire protection and life safety company headquartered in Indianapolis, has acquired Eastman Fire Protection of Troy, Michigan. The acquisition — CertaSite's eighth in Michigan — expands its local footprint and capabilities; all Eastman employees were retained and the business will operate within the CertaSite platform.

Tecum Equity Alpha Management ("TEAM") has acquired Matthews Wall Anchor and Waterproofing, which will join TEAM's Dry Acquisition LLC (dba The Basement Doctor) platform alongside Basement Doctor and NASH Distribution. The add-on expands the platform's basement waterproofing, foundation repair, crawl space encapsulation and remediation capabilities and preserves continuity of ownership with existing Matthews leadership engaged in the transition.

GNI Management Group Inc., an Ironbridge Equity Partners portfolio company, has acquired Winnipeg-based Advanced Insulation Inc., a provider of insulation services focused on new-home construction and retrofit markets in the Winnipeg region. The deal expands GNI’s geographic footprint into Manitoba; Advanced’s president Evan Lavallee will remain as branch manager to support integration and local growth.