Los Angeles-based private equity firm Abacus Financial has acquired Houston-based STAR Concrete Pumping Co. Terms of the deal were not released. With the deal, Abacus Financial–which focuses on commercial real estate and operating companies–adds to its portfolio of concrete-related investments. STAR Concrete provides concrete pumping delivery services throughout the United States, Canada, and the northern part of South America.
Abacus Financial a private equity firm based in Los Angeles CA, announces the completed acquisition of STAR Concrete Pumping Company [Houston, Texas] creating a leading force in concrete pumping delivery services throughout the United States, Canada, and the northern part of South America.
With this acquisition, Abacus Financial ( http://www.abacus-financial.net ) has one of the concrete sector’s broadest portfolios of products, services and end-to-end solutions. The combined offerings are focused on helping clients accelerate growth, mitigate risks and lower costs.
The acquisition is the largest in the concrete sector for 2011. “This is a historic day for Abacus Financial & STAR Concrete Pumping Company, and for the clients we serve,” said the Chairman of Abacus Financial. “Independently, each company is a respected industry leader. Together, we are a continental leader, with the capability to serve our clients — whatever their size, location or industry — with one of the most comprehensive and competitive portfolios.”
STAR Concrete Pumping Company serves a wide variety of concrete professionals ranging from local concrete finishers, to regional and national ready-mix companies, to the largest national and international general contractors and construction managers. STAR Concrete Pumping Company will extend their national leadership role with the ability to provide complete lifecycle capabilities in the completion of refineries, chemical plants, bridges, highways, airports, smelters, power plants, high-rise structures, residential developments and a wide array of other projects throughout the United States, Canada, and the northern parts of South America.
“Today marks the beginning of an exciting new era,” said Jason Smith, Vice President and General Manager of STAR Pumping. “Our clients will benefit from the breadth and depth of our solutions, our newly installed technologies, and our commitment to unsurpassed quality and our ability to provide truly national concrete service delivery. With the resources of Abacus Financial, we have an opportunity to truly redefine the North American concrete services market.”
The Chairman of STAR Concrete Pumping Company stated “Each of these changes collectively will result in a leaner, more responsive and cost effective end product coupled with greater management oversight resulting in a superior state of the art concrete placement and delivery service with exacting predictability and a better end product for our customers and clients”.
Immediate facility, equipment and personnel improvements were announced including:
* Re-Designed STARPumping.com ( http://www.STARPumping.com ) to include blogs, educational videos and equipment photos. The new website will act as a first strike marketing tool bringing in new business while showcasing its vast job portfolio. A new logo has also been unveiled as part of this acquisition.
* Immediate hiring of Jason D. Smith, Vice President and General Manager, responsibilities include all aspects of the day to day operations of the company. The high profile coveted leadership responsibilities include strategic planning, corporate team building, logistics, and organizational accountability, while focusing on company product and service pricing, growth, and profitability.
Mr. Smith’s distinguished background includes 22 years of dedicated operational expertise culminating to District Managing Director for his former employer FedEx Ground, Memphis Tennessee. Mr. Smith is a 1993 graduate of the University of Tennessee, majoring in Business Administration, logistics and transportation. Mr. Smith’s graduate studies include Executive Leadership Training in 2008 from Duquesne University, Pittsburgh PA.
* Immediate hiring of William A. Avelar, Business Development & Customer Services Director, responsibilities include employee accountability and productivity, operating efficiency, budgeting, logistics, equipment utilization, and teamwork, while focusing on core values of excellence and superior customer service.
Mr. Avelar’s distinguished background includes 25 years of dedicated construction operational and concrete pumping expertise which includes branch management, sales management, construction supervision, and concrete pumping. As a Rapor Institute graduate, he obtained two years of construction management training at Northern Arizona University. Mr. Avelar is also an operating engineer with a heavy equipment operator’s license.
* Facilities upgrade includes a new “cloud” state of the art GPS tracking, billing, accounting, and payroll system that provides immediate accountability in real time. This allows dispatch managers to oversee the actual delivery and job site activity. The system provides a visual backup to be viewed later at any time in resolving potential disputes and disagreements.
* Employee operator payroll is governed by the improved GPS system, eliminating the dated “time clock” presently used by much of the industry.
* STAR Concrete Pumping Company has teamed with Verizon to allow their employee communications to utilize the latest cell phone, laptop and tablet technology.
* STAR Concrete Pumping Company has teamed with Salesforce.com for each Business Development Representative. This software, in real time, shall provide sales accountability.
* Equipment improvements include fuel saving reporting software for all trucks & pumps.