H.I.G. Capital, a global alternative investment firm with $59 billion of capital under management, has acquired Penhall Company, the leading provider of specialty concrete services in North America.
Penhall, founded in 1957, has over 40 branches and offers a variety of concrete solutions for commercial, residential, industrial, and infrastructure projects. H.I.G. plans to work with Penhall’s management team to boost the Company’s growth potential.
Greg Rice, Penhall’s CEO, added, “Penhall has a long track record of continuously delivering high-quality solutions to customers across both small local jobs and larger national projects alike, while successfully expanding the Company’s geographic footprint and portfolio of services and continuing to reinforce the strong organizational culture that is foundational to our success. We are excited to work with H.I.G, which will enable us to further grow our offerings for our customers.”
John Von Bargen, Managing Director at H.I.G., said, “We believe Penhall represents a compelling opportunity to invest in a differentiated provider of specialty concrete services. The Company’s long history, industry-leading scale, and focus on quality, innovation, and service have increasingly positioned the Company as a value-added partner to its customers. We look forward to working with the team to build upon their success and support continued growth initiatives.”
H.I.G. Capital to acquire Travis Perkins’s plumbing & heating business for £325 million
H.I.G. Capital reaches agreement to acquire DX Group for £314.8 million