Peninsula Pacific Strategic Partners has acquired Brundage-Bone Concrete Pumping, a provider of concrete-pumping services.
“We believe this is an opportune time to invest in Brundage-Bone, the unquestioned industry leader in concrete pumping,” said Joshua Phillips, Managing Partner of Peninsula Pacific. “With the construction industry in the early stages of a rebound, Brundage-Bone is well positioned to grow in this increasingly attractive market niche. By providing the right financial resources to support the company’s operating needs, we intend to work with Brundage-Bone’s management team to pursue its strategic initiatives in existing and adjacent geographies.”
Brundage-Bone provides its concrete-pumping services to customers in the commercial, residential and infrastructure construction end-markets. The company employs approximately 550 people and operates 51 locations in 16 states in the western, mountain, south-central and mid-west regions of the country. Brundage-Bone was founded in 1983 and is headquartered in Denver (www.brundagebone.com).
“We are excited to partner with CEO Bruce Young and the team at Brundage-Bone. In addition to its differentiated equipment fleet and highly skilled employees, the company has outstanding relationships with a deep network of national and local contractors across numerous markets. We look forward to supporting management’s growth strategy in the years to come,” said Brent Stevens, Chairman of Peninsula Pacific.
Peninsula Pacific Strategic Partners makes control and non-control investments of equity or debt in middle-market businesses that have annual revenue of up to $750 million and enterprise value up to $500 million. The firm has a generalist approach and targets various industries, including those which have temporarily fallen out of favor. Sectors of particular interest include automotive, aerospace & defense, building products, business services, chemicals, consumer goods, distribution, energy & power, food & beverage, healthcare, industrial and manufacturing, metals & mining, paper & packaging, and transportation & logistics. The firm is based in Los Angeles (www.peninsulapacific.com).
“We believe Peninsula Pacific is the perfect partner for the company at this stage in its development. The Peninsula Pacific team recognizes the value of Brundage-Bone, our employees, and the many loyal customers and vendors who rely on our services. We look forward to working together with our new partners as we continue to grow the company,” said Bruce Young, President and CEO of Brundage-Bone.
2014 PEPD • Private Equity’s Leading News Magazine • 8-20-14