Larry Puddister, CEO of Pennecon Ltd, a heavy civil construction, energy and real estate company, has led the management buyout of Pennecon’s concrete division. The deal was was supported with undisclosed funding from Canadian mid-market private equity firm Banyan Capital Partners. Going forward, Pennecon Concrete will operate under the name Newcrete Investments LP. Led by Puddister, it will produce and supply ready-mix concrete, precast concrete and masonry products for the construction industry in Newfoundland and Labrador. Banyan is partnered with Canadian asset manager Connor, Clark & Lunn Financial Group.
Management buys out the concrete division of Pennecon
TORONTO, June 3, 2014 /CNW/ – Pennecon Limited (Pennecon), one of Newfoundland’s leading heavy civil construction, energy and real estate businesses, announced today that Larry Puddister, Chief Executive Officer of Pennecon, has led the management buyout of the concrete division of Pennecon. Banyan Capital Partners (Banyan), a Canadian private equity group, provided funding for the deal. Going forward, the concrete division will be renamed Newcrete Investments Limited Partnership (“Newcrete”).
With over 40 years of history, Newcrete is a leading producer and supplier of ready-mix concrete, precast concrete, and masonry products for the construction industry in Newfoundland and Labrador (“Newfoundland”).
Jeff Wigle, Managing Director of Banyan Capital Partners, said “We perceive a significant opportunity for Newcrete to build on its strong position in the concrete and aggregate market in Newfoundland. We look forward to working with the Newcrete team to achieve their objectives.”
Larry Puddister, who is also CEO of Newcrete, said “This is an exciting time for our employees, customers and other stakeholders. Banyan’s support for Newcrete will preserve our unique corporate culture while enabling us to continue growing as a provider of concrete, aggregates and masonry products to the Newfoundland marketplace. I am happy to confirm that it will be business as usual.”
Adam Jezewski, Director of Banyan Capital Partners, said “Newcrete is a great example of the kind of business we look for as investors, with an established reputation in the marketplace, a cohesive, sharp management team and strong client relationships.”
About Newcrete Investments Limited Partnership
Newcrete is a leading producer of construction aggregate and supplier of ready-mix concrete, precast concrete and masonry products to the construction industry in Newfoundland and Labrador. With over 150 employees, Newcrete owns the largest fleet of concrete boom pump trucks, operates the only fully automated block production facility and are the only producer of Concrete Paving Stones and Keystone retaining wall systems in Newfoundland and Labrador.
About Banyan Capital Partners
Banyan Capital Partners is a Canadian based private equity firm that buys and invests in private and public middle-market companies located in North America. As a generalist firm, Banyan provides full or partial liquidity to existing owners or partners with owners wishing to grow their companies and become more successful. Banyan is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management firm whose affiliated companies collectively manage over $51 billion in assets. www.banyancapitalpartners.com
SOURCE Banyan Capital Partners
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Newcrete Investments Limited Partnership
Chief Executive Officer
Banyan Capital Partners
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