An affiliate of Peninsula Pacific has acquired Brundage-Bone. No financial terms were disclosed. Brundage-Bone is a provider of concrete pumping solutions.
PRESS RELEASE
DENVER, CO – August 19, 2014 – An affiliate of Peninsula Pacific Strategic Partners, LLC (“Peninsula Pacific”), a Los Angeles-based investment firm focused on providing capital to middle-market businesses in durable industries, today announced that it has acquired Brundage-Bone Concrete Pumping, Inc. (“Brundage-Bone” or the “company”), the leading provider of concrete-pumping services in the United States, in partnership with company management. Brundage-Bone currently operates 51 locations in 16 states in the western, mountain, south-central and mid-west regions of the country.
Founded in 1983 in Denver, Brundage-Bone has built its reputation on providing an unparalleled fleet of specialized concrete pumping equipment that allows the company to deliver differentiated concrete placement solutions. The company’s unique services facilitate substantial labor cost savings to customers, shorten concrete placement times, enhance worksite safety, and improve construction quality. None of the company’s management or employees will be affected by this transaction.
Bruce Young, President and CEO of Brundage-Bone, reinforced that “We believe Peninsula Pacific is the perfect partner for the company at this stage in its development. The Peninsula Pacific team recognizes the value of Brundage-Bone, our employees, and the many loyal customers and vendors who rely on our services. We look forward to working together with our new partners as we continue to grow the company. We would also like to thank our outgoing shareholders for their strong support and guidance in recent years.”
Brent Stevens, Chairman of Peninsula Pacific, added: “We are excited to partner with Bruce and the team at Brundage-Bone. In addition to its differentiated equipment fleet and highly skilled employees, the company has outstanding relationships with a deep network of national and local contractors across numerous markets. We look forward to supporting management’s growth strategy in the years to come.”
“We believe this is an opportune time to invest in Brundage-Bone, the unquestioned industry leader in concrete pumping,” stated Joshua Phillips, Managing Partner of Peninsula Pacific. “With the construction industry in the early stages of a rebound, Brundage-Bone is well positioned to grow in this increasingly attractive market niche. By providing the right financial resources to support the company’s operating needs, we intend to work with Brundage-Bone’s management team to pursue its strategic initiatives in existing and adjacent geographies.”
About Peninsula Pacific Strategic Partners, LLC
Peninsula Pacific is a Los Angeles based investment fund that provides capital to solve the commercial and liquidity needs of durable middle-market businesses. The firm works flexibly in both control and non-control investments, whether in equity, debt or structured securities. For further information about Peninsula Pacific, please visit www.peninsulapacific.com.
About Brundage-Bone Concrete Pumping, Inc.
Brundage-Bone is the leading provider of concrete pumping services, providing its services to an extensive network of customers serving commercial, residential and infrastructure construction end-markets. The company employs approximately 550 people across the western, mountain, south-central and mid-west regions of the United States. For further information on Brundage-Bone, please visit www.brundagebone.com.
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