Chicago-based Promus Equity Partners has formed Associated Steel Group to acquire companies in the metals building industry. The firm also announced the acquisition of ACI Building Systems and PrecisionBuilding.com, a Batesville, Mississippi, based designer, manufacturer and seller of metal buildings and roofing systems. Terms were not released.
Promus Equity Partners, LLC (“Promus”), headquartered in Chicago, IL, in partnership with Jon Vesely, an independent sponsor, are pleased to announce the formation of Associated Steel Group, LLC (“ASG”) for the purpose of acquiring companies in the metal building industry. As part of this strategy, they also announce the acquisition of ACI Building Systems, LLC and PrecisionBuilding.com, LLC (together “ACI”), a Batesville, Mississippi based designer, manufacturer and seller of metal buildings and roofing systems.
Led by President and CEO, Tim Ritchie, ACI has established itself as a premier designer and manufacturer of engineered metal buildings and roofing systems. Metal buildings and roofs offer significant cost and efficiency benefits to building owners such as churches, schools, industrial companies, warehouse operators, municipal complexes and retail establishments. “Our commitment to customer service and focus on quality has been critical to the success of ACI. Over the past several years, we have seen metal building systems become a preferred alternative to other construction materials due to its shorter setup time, longevity, versatility, sustainability and aesthetics. Together, these dynamics make the future of ACI very exciting,” remarked Ritchie. ACI is a member of the Metal Building Manufacturers Association, where Tim Ritchie serves on the Executive Committee. Mr. Ritchie was also named CEO and President of Associated Steel Group, LLC.
Steve Brown, a partner at Promus said, “Following a tough economic period, we are confident that the U.S. non-residential building industry is poised for a rebound. Tim Ritchie and his team have positioned themselves well in a favorable geographic market with a loyal customer base of contractors and end-users. ACI is a great start to our broader strategy within the metal building industry.”
SunTrust Bank provided a senior credit facility. Terms of the investment were not disclosed.
About Promus Equity Partners
Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm based in Chicago, Illinois with approximately $500 million under management among its affiliated entities. Promus targets healthy, lower-middle market companies with EBITDA of $15 million or less. Members of the Promus team are proven investors with wide-ranging experiences over numerous economic cycles in a variety of industries. As a family office with a flexible investment mandate, they think creatively and allow each opportunity to guide their investment structure and duration absent the constraints imposed by traditional private equity funds. Their success relies upon partnering with managers and business owners to collaboratively develop plans to accelerate growth and increase value. As a family of investors, they share a common vision to build a portfolio of outstanding
businesses. For more information about Promus Equity Partners, please contact Steve Brown at [email protected]
About Associated Steel Group
ASG, based in Nashville, Tennessee was organized to acquire companies in the metal building and roofing systems industry. ACI was the company’s first acquisition and they are actively seeking additional opportunities. ASG is led by Tim Ritchie, CEO, and Jon Vesely, Chairman of the Board, who both have experience consolidating the metal building industry. For information about Associated Steel Group, please contact Tim Ritchie at (615) 714-6234.
ACI is a leading manufacturer of custom engineered metal buildings, roofing systems and components for the non-residential construction industry. The company focuses on providing innovative building and roofing solutions to the architectural, commercial and industrial markets. ACI operates one of the largest facilities in the industry totaling over 270,000 sq. ft. along with several technical offices located throughout the Southern United States. The company distributes its products through a strong contractor base that promotes ACI building system and roofing solutions in their local market.