Transactions Create Unique Multinational Platform for Growth
DENVER – November 17, 2016 – Brundage-Bone Concrete Pumping, Inc. (“Brundage-Bone” or the “Company”), a leading provider of concrete-pumping services in the United States, announced today that it has completed three strategic acquisitions in the United Kingdom (the “UK Businesses”). The Company has acquired U.K.-based Camfaud Concrete Pumps Limited (“Camfaud”), a national concrete pumping service provider based in the South East of England, as well as Premier Concrete Pumping Limited (“Premier”) and South Coast Concrete Pumping Limited (“South Coast”). Terms of the transactions were not disclosed.
The acquisition of the UK Businesses creates a multinational provider of concrete pumping services while combining respected industry leaders in United States and United Kingdom who have a shared reputation for having the most diverse and extensive concrete pumping fleets in their markets. Tony Faud, Managing Director of Camfaud, will become the managing director of Brundage-Bone’s United Kingdom operations and will be supported by all of the existing senior managers of the UK Businesses. Mr. Faud has also joined the Brundage-Bone board of directors as of the closing of the transactions.
“Brundage-Bone is proud to welcome these outstanding businesses, which are known for excellent customer service, technical excellence across a multitude of complex concrete pumping applications and strong leadership teams,” stated Bruce Young, President and Chief Executive Officer of Brundage-Bone. “The addition of Camfaud, Premier and South Coast fit well with our own business model, and together we can leverage our capabilities on a multinational basis to best serve our customers. Moreover, with the financial support of Peninsula Pacific behind us, we have the right foundation to continue to prudently expand as conditions warrant.”
Faud added: “We’re highly enthusiastic to partner with Brundage-Bone to create a premium international concrete pumping enterprise. Brundage-Bone is a natural fit for the UK Businesses given our shared values and strengths. The UK Businesses will continue to operate under their current trade names which hold such valuable reputations domestically, and our customers should expect no changes from the premium levels of service that they have come to expect from us. We also believe this transaction presents compelling opportunities to our valued employees, who will benefit from working with dynamic companies committed to further growth in the United Kingdom.”
Matt Homme, Managing Director of Peninsula Pacific, the holder of the majority interest in Brundage-Bone, stated: “Like Brundage-Bone, the UK Businesses are centers of excellence in their country and form an outstanding platform for growth in the highly fragmented concrete pumping industry. Peninsula Pacific looks forward to continuing to support the multinational Brundage-Bone team as it provides a highly differentiated construction services offering to its expanding customer base in both the United States and now in the United Kingdom.”
The UK Businesses represent a continuation of Brundage-Bone’s disciplined acquisition growth strategy. Last year, the Company expanded its footprint in the southeastern United States with the strategic acquisitions of Action Concrete Pumping, Inc., AJ Concrete Pumping, LLC and Kenyon Concrete Pumping, Inc.
About Brundage-Bone Concrete Pumping
Brundage-Bone is a leading provider of concrete-pumping services, providing its services to an extensive network of customers serving commercial, residential and infrastructure construction end-markets. In the United States, the Company and its affiliates employ approximately 725 people in nearly 80 locations in 20 states across the western, mountain, south-central, mid-western and southeast regions of the country. For further information on Brundage-Bone, please visit www.brundagebone.com.
About Peninsula Pacific
Peninsula Pacific is a private Los Angeles-based company specializing in customized capital solutions for both established and developing businesses in the consumer and industrial sectors. Peninsula Pacific seeks to capitalize, restructure, and ultimately build meaningful businesses in partnership with strong management teams. For further information about Peninsula Pacific, please visit www.peninsulapacific.com.