Ranch Creek Partners LLC and Hillstar Capital have made an investment in Dripping Springs, Texas-based Patriot Erectors LLC, a provider of structural and miscellaneous steel. No financial terms were disclosed.
AUSTIN, Texas and SEATTLE, May 23, 2018 /PRNewswire/ — Ranch Creek Partners, LLC, together with Hillstar Capital, announced they have made an equity investment in Patriot Erectors, LLC (“Patriot”), a leading turnkey fabricator / erector of structural and miscellaneous steel based in Dripping Springs, Texas. The investment in Patriot will enhance the company’s financial strength, while enabling it to meet the needs of its growing customer base in Texas. Patriot will continue to be led by long-serving CEO, Parley Dixon, General Manager, Ted L. Turner and a proven group of seasoned industry professionals.
“This transaction comes at a pivotal time for Patriot. With the retirement of CFO, Rex Webb, and the desire to expand the business, this equity investment signifies a new era for the company,” said J.D. Kritser, founder and managing partner of Ranch Creek and Chairman of the Board of Patriot. “Central Texas is one of the strongest construction markets in the country and Patriot, with its unique, turnkey business model, is well-positioned to capitalize on it.”
Founded in 1991 with a single truck and a welding machine, Patriot has grown from an erect-only, three-man start-up to a true turnkey fabricator/erector that has become the contractor of choice for some of the region’s most high profile and challenging construction projects, including Austin-Bergstrom International Airport, The University of Texas Engineering Education and Research Center and The JW Marriot Austin. Today, Patriot strengthens the backbone of the region’s growing economy by employing over 250 employees.
“Patriot has experienced steady growth over 30 years and gained a reputation for delivering a quality product. We are one of only two companies in the state of Texas certified by the American Institute of Steel Construction in both fabrication and erection.” said Parley Dixon. “This recapitalization allows our newly redefined organization to continue the process of innovation and expansion.”
“What really impressed us was Patriot’s outstanding reputation with its customers and the consistent project performance it demonstrated over the years” said Adam Stern, partner of Hillstar Capital. “We are excited to partner with the outstanding team at Patriot. They have built a customer-centric culture of performance and accountability that is needed to keep such ambitious projects on time and on budget.”
Financing for the transaction was provided by Ross Vaughan and Billy Braddock of Cadence Bank, Houston, Texas.
About Ranch Creek Partners
Based in Seattle, Ranch Creek Partners is private equity investment firm targeting control positions in middle market companies. Ranch Creek takes a long-term approach to value creation, leveraging deep industry knowledge, creativity and a collaborative investment approach to drive value in its portfolio companies. The firm seeks superior financial results by partnering with founders, world class managers and industry leaders to grow portfolio companies over time, whether organically, through acquisitions or a combination of both. More information is available via the web at www.ranchcreekllc.com.
About Hillstar Capital
Hillstar Capital is a Dallas-based investment firm focused on lower middle market companies in a variety of industries. Hillstar focuses on partnering with owners and management teams to accelerate growth through both organic and acquisition opportunities. Hillstar supports our companies with capital, strong financial and operational expertise, and a growing network of resources. Hillstar principals have executed transactions with an aggregate investment value in excess of $1 billion and have over 40 years of combined experience. More information is available at www.hillstarcapital.com.
About Cadence Bank
Cadence Bank, headquartered in Houston, Texas, is an $11.0 billion regional bank with 65 locations in Alabama, Florida, Mississippi, Tennessee and Texas. Backed by 131 years of financial expertise, Cadence provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. More information is available at www.cadancebank.com.
About Patriot Erectors, LLC
Patriot Erectors is a leading steel fabrication and erection company that provides turnkey structural and specialty steel services for commercial, industrial, and municipal end markets. Headquartered in Dripping Springs, Texas, the Company has established a blue-chip customer base consisting of the largest commercial development and construction companies. It is one of two companies in Texas that is certified by the American Institute of Steel Construction to both construct and erect steel structures. More information is available at www.patrioterectors.com.