New State Buys Mako Steel

New State Capital Partners has acquired Mako Steel, a provider of construction services to the self-storage industry.

Mako Steel designs, supplies and constructs steel buildings for the self-storage, commercial, and industrial sectors. The company’s products and services include single and multi-story buildings; custom buildings; auto, boat, and recreational vehicle storage facilities; and mobile and portable containers.

Customers of the company include both large real estate investment firms as well as independent developers. Mako Steel has facilities in Carlsbad, CA (headquarters); Jacksonville, FL; Vancouver, WA; and Washington, DC, and has constructed facilities in 44 states, Canada, and Mexico. The company was founded in 1993 and is led by CEO Caesar Wright (www.makosteel.com).

“In New State Capital, we have found the ideal partner to provide the necessary resources to take our business to the next level,” said Mr. Wright. “In addition to having confidence in our management team, they also recognize the benefits of the culture we’ve built. As a result, the entire firm is extremely supportive of the transaction.”

“The storage industry is booming for both residential and commercial use, and Mako Steel is best-in-class in terms of managing the entire process from engineering to contracting and construction management,” said Dave Blechman, founder and senior principal of New State Capital Partners. “Building strong partnerships is a cornerstone of our mission, and it was clear from our first meeting that Mako Steel’s management team is actively committed to growth.”

New State invests from $10 million to $50 million of equity in companies with $8 million to $30 million of EBITDA that are active in the business services, healthcare services and industrial sectors. New State closed its second fund, New State Capital Partners II LP, in 2018 with $255 million in capital. The firm was founded in 2013 and is headquartered in Larchmont, NY (www.newstatecp.com).

Stamford, CT-based CoveView Advisors was the financial advisor to New State on this transaction.

© 2019 Private Equity Professional | August 7, 2019

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