Patriot Erectors Acquired in Texas
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Patriot Erectors Acquired in Texas

Ranch Creek Partners and Hillstar Capital have acquired Patriot Erectors, a fabricator and erector of structural and miscellaneous steel.

Patriot Erectors provides turnkey structural and specialty steel services for the commercial, industrial, and municipal end markets. It is one of two companies in Texas that is certified by the American Institute of Steel Construction (AISC) to both construct and erect steel structures.

Founded in 1991 with a single truck and a welding machine, Patriot has grown from an erect-only, three-man start-up to a turnkey fabricator and erector with more than 250 employees. The company has a 60,000 sq. ft. fabrication facility and headquarters located near Austin in Dripping Springs, TX. The company is led by CEO Parley Dixon and General Manager Ted Turner (www.patrioterectors.net).

“This transaction comes at a pivotal time for Patriot. With the retirement of CFO, Rex Webb, and the desire to expand the business, this equity investment signifies a new era for the company,” said J.D. Kritser, founder and managing partner of Ranch Creek and Chairman of the Board of Patriot. “Central Texas is one of the strongest construction markets in the country and Patriot, with its unique, turnkey business model, is well-positioned to capitalize on it.”

Ranch Creek Partners invests in companies that have EBITDA from $2 million to $10 million and enterprise values of $10 million to $50 million. The firm is based in Seattle (www.ranchcreekllc.com).

“What really impressed us was Patriot’s outstanding reputation with its customers and the consistent project performance it demonstrated over the years,” said Adam Stern, a Partner of Hillstar Capital.  “We are excited to partner with the outstanding team at Patriot.  They have built a customer-centric culture of performance and accountability that is needed to keep such ambitious projects on time and on budget.”

Hillstar Capital invests both debt and equity in lower middle market companies that have up to $8 million of EBITDA. Sectors of interest include business services, consumer, industrial and healthcare. The firm was founded in 2014 and is based in Dallas (www.hillstarcapital.com)

Financing for this transaction was provided by Houston-based Cadence Bank (www.cadancebank.com).

© 2018 Private Equity Professional | May 24, 2018

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