Argonaut Private Equity has acquired Hammer & Steel Global, a deep foundation drilling and pile-driving equipment provider.
Hammer & Steel’s pile-driving equipment – available for purchase or rental – includes vibratory hammers, diesel hammers, and impact hammers, which drive steel, concrete, or wood piles into the ground to provide foundational support for construction projects.
In addition to pile-driving equipment, Hammer & Steel also offers drilling rigs, which are used for creating deep, precise holes for foundations and excavators, as well as cranes designed for heavy-duty construction tasks.
Hammer & Steel maintains one of the largest rental inventories of domestically produced hot rolled steel sheet piling products in the United States. These are available for sale or rental from the company’s stocking yards in Missouri, Arkansas, Virginia, Texas, Minnesota, California, and Florida.
Hammer & Steel’s customers include construction companies, civil engineers, and government agencies involved in infrastructure development. The company was founded in 1989 by Bob Laurence and Joe Dittmeier and is headquartered northwest of St. Louis in Hazelwood, Missouri, with five additional sales offices and distribution facilities in California, Florida, Minnesota, New Jersey, and Texas.
“The partnership with Argonaut permits us to accelerate the company’s expansion while also providing career opportunities for its employees,” said Rob Strobing, the president and CEO of Hammer & Steel. “The expertise around operational efficiency and experience with rapid growth will help Hammer & Steel serve more customers, all while preserving the legacy of our company.”
“Hammer & Steel provides equipment critical to the continued growth of North America,” said Steve Mitchell, Argonaut’s CEO and managing director. “What is more fundamental to the growth of economies than being able to construct buildings and bridges? Hammer & Steel helps companies across our continent do that.”
Argonaut invests in companies active in the energy services, manufacturing, and industrial sectors. In January 2024, Argonaut held an above-target and hard cap close of its fifth fund, Argonaut Private Equity Fund V LP, with $500 million in capital commitments. The firm was founded in 2002 and is headquartered in Tulsa, Oklahoma.
© 2024 Private Equity Professional | August 27, 2024
