PRIME AE Group, a portfolio company of NewHold Enterprises, has acquired Jacobi, Toombs & Lanz, a provider of engineering, survey and construction services.
Jacobi, Toombs & Lanz (JTL) provides engineering, survey and construction services to the municipal, state, and commercial infrastructure market in Indiana and Kentucky. The company, led by President Mike Harris, was founded in 1955 and has just less than 50 employees at its headquarters near Louisville in New Albany, Indiana, and at its 3 additional offices in Kentucky (1) and Indiana (2).
“We look forward to joining forces with PRIME AE and expanding our reach and team in our current markets and broadening our offerings with their extensive platform, all while keeping the same local roots we have always had,” said Mr. Harris. “Since our founding in 1955, we have been committed to our values of community, integrity and trust and are excited to partner with PRIME AE who shares that same commitment.”
PRIME AE is a provider of engineering and architecture services. The company’s capabilities include architectural, interior and landscape design; construction management and inspection; civil, structural, mechanical, electrical, and plumbing engineering; surveying services; bridge, highway and roadway design and inspection; and water and wastewater collection systems design.
PRIME AE’s markets include commercial and industrial, healthcare, education, hospitality, state and municipal agencies, and civilian and federal defense agencies. Founded in 2007 with just two employees, PRIME AE today operates in 10 states and has more than 485 employees in 22 offices across the Midwest and eastern United States.
“We are thrilled to welcome JTL to the PRIME AE family,” said Kurt Bergman, the president and CEO of PRIME AE. “This transaction is the next step in the evolution of a national multi-discipline architecture and engineering firm focused on innovative technical solutions, superior quality work, with our clients and employees at the center of all we do. The partnership between these two teams will enable expanded opportunities for all team members and deepens our firm’s capability in the Midwest.”
NewHold invested in PRIME AE in December 2019 and the buy of JTL is the company’s fourth add-on acquisition following the buys of Florida-based Prosser (January 2022), Maryland-based Penza Bailey Architects (April 2021), and Kentucky-based Integrated Engineering (November 2020).
PRIME AE continues to expand its geographic footprint, service offerings, and capabilities through both organic growth and strategic acquisitions.
NewHold is a holding company focused on long-term ownership and growth of North American, middle-market industrial and services companies. Each of the firm’s platform strategies is led by an experienced industry executive and is targeted to reach a minimum of $30 million to $50 million of EBITDA.
In addition to its Prime AE infrastructure services strategy, NewHold has three other active platform strategies including (1) environmental services through American AllWaste, a Houston, Texas-based provider of handling and treatment services for non-hazardous waste streams (July 2018); (2) precision manufacturing through F&S Tool, an Erie, Pennsylvania-based plastic injection mold maker and producer of complex components used in medical, healthcare and personal care applications (September 2020); and (3) specialty chemicals through Tedia, a Fairfield, Ohio-based manufacturer of high-purity solvents used in laboratory, life science, biotechnology and pharmaceutical applications (March 2022).
New York City-headquartered NewHold was founded in 2017 and its investors consist primarily of family offices.
© 2023 Private Equity Professional | September 28, 2023
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