Mako Steel, a portfolio company of New State Capital Partners, has acquired Rabco Enterprises, a provider of self-storage construction services. New State acquired Mako Steel in August 2019.
Rabco’s services include site planning, installation, and customization options for roof systems, insulation, doors and framing systems. Since its founding in 1988, Rabco has built many different types of steel buildings, including self-storage, agricultural storage, airplane hangars, and sports facilities. Rabco, founded by Ron Raboud and Larry Cox, is headquartered near Orlando in Winter Garden, Florida and is led by President Emmett Owens.
Mako 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. Mako’s customers include both large real estate investment firms as well as independent developers.
Mako has facilities in Carlsbad, California (headquarters); Jacksonville, Florida; Vancouver, Washington; and Washington DC. The company was founded in 1993 and is led by CEO Caesar Wright.
The combination of Mako and Rabco will be led by Mr. Wright and will form a nationwide single-story, multi-level, and custom self-storage construction services company.
“Most self-storage facilities are owned by independent developers, and they will continue to be the core of our customer base,” said Mr. Wright. “A recent industry study notes that developers and general contractors are clamoring for a nationwide player in the storage facility solution space. With a collective involvement in over 4,000 storage facilities, we are excited to partner with Rabco to become the first nationwide, one-stop solution for our partners all across the country.”
“The storage industry has only grown over the past year, and we see that trend continuing,” said Shaun Vasavada, a vice president at New State. “As leaders in their respective markets, both Mako and Rabco have a high-touch, asset-light approach that improves the experience for its customers. In fact, the combined company derives north of 80% of its business from repeat customers, a testament to the strong service they provide and the lasting relationships they have built.”
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, industrials, and consumer 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, New York.
Brown Gibbons Lang & Company was the financial advisor to Rabco on this transaction.
© 2021 Private Equity Professional | March 18, 2021