Stonebridge Partners is pleased to announce the successful acquisition of Cast-Crete USA, LLC (“Cast-Crete” or the “Company”) in partnership with Cast-Crete’s primary shareholder, Shea Hughes. Shea, whose father Ralph Hughes founded the Company in 1955, will remain on the Board of Directors and will retain his position as the largest individual shareholder. In addition, as part of the transaction, several key managers of Cast-Crete have become shareholders for the first time. The transaction closed in January 2017.
Cast-Crete ( www.castcrete.com) is the largest manufacturer of precast and pre-stressed concrete lintels in the nation and produces engineered products for the residential, commercial and institutional construction industry. The company pioneered the use of precast concrete U-lintels shortly after its founding 60 years ago. Cast-Crete is headquartered in Tampa, Florida and is home to approximately 230 employees, a 350,000-square foot manufacturing facility and eight strategically located branches throughout the state of Florida.
As part of the transaction, Stonebridge brought in Jim Connelly to succeed Shea Hughes as CEO of Cast-Crete. Jim had previously served as COO of the very successful former Stonebridge portfolio company, Jolson-Taylor, the leading Florida specialty concrete pipe and structures producer which it built and sold to Hanson, PLC. Most recently, Jim had been CEO of Venice Communities Development Group.
The investment in Cast-Crete by Stonebridge is an important milestone in the evolution of the Company,” said Shea Hughes. “Jim Connelly is an outstanding CEO who brings a new level of management expertise to the Company. I firmly believe this will be extremely good for Cast-Crete’s employees and customers due to Jim’s significant industry expertise and operational talent and Stonebridge’s availability of resources to invest in the business.”
Debt financing for the transaction was provided by SunTrust Bank and Falcon Strategic Investments (“Falcon”). Stonebridge invited certain equity partners to co-invest alongside Stonebridge, including RCP Advisors, Falcon, Stockwell Capital, and Promus Equity Partners.
Stonebridge Partners (www.StonebridgePartners.com) was founded in 1986 as an operations-oriented private equity firm focused on recapitalizing and investing in family-owned, niche manufacturing, distribution and service businesses ranging in value from $30 million to $200 million. Cast-Crete represents Stonebridge’s 61st investment and continues its successful track record of investing within the building products and infrastructure segments.
For further information, please contact Michael S. Bruno, Jr, Managing Partner, at (914) 682-2700 x13 or msb@stonebridgepartners.com.