Promus Equity Partners in partnership with Jon Vesely, an independent sponsor, have formed Associated Steel Group (ASG) for the purpose of acquiring companies in the metal building industry. ASG has completed its first acquisition with the purchase of ACI Building Systems.
ACI Building Systems is a designer, manufacturer and seller of non-residential metal buildings and roofing systems. The company operates a 270,000 sq. ft. manufacturing facility and is based in Batesville, MS (www.acibuildingsystems.com).
“Our commitment to customer service and focus on quality has been critical to the success of ACI. Over the past several years, we have seen metal building systems become a preferred alternative to other construction materials due to its shorter setup time, longevity, versatility, sustainability and aesthetics. Together, these dynamics make the future of ACI very exciting,” said President and CEO, Tim Ritchie. ACI is a member of the Metal Building Manufacturers Association, where Mr. Ritchie serves on the Executive Committee. Mr. Ritchie was also named CEO and President of Associated Steel Group.
Associated Steel Group (ASG), based in Nashville, was organized to acquire companies in the metal building and roofing systems industry. ASG is led by Tim Ritchie, CEO, and Jon Vesely, Chairman of the Board, who both have experience consolidating the metal building industry.
SunTrust Bank provided a senior credit facility in support of this transaction.
“Following a tough economic period, we are confident that the U.S. non-residential building industry is poised for a rebound. Tim Ritchie and his team have positioned themselves well in a favorable geographic market with a loyal customer base of contractors and end-users. ACI is a great start to our broader strategy within the metal building industry,” said Steve Brown, a partner at Promus.
Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm with approximately $500 million under management among its affiliated entities. Promus targets lower-middle market companies with EBITDA of $10 million or less. The firm is based in Chicago, IL (/www.promusequity.com).
