Canadian private equity firm Ironbridge Equity Partners has bought the assets of Armtec LP’s Ontario Standard Precast Concrete division. No financial terms were released. Ironbridge said the business, a maker of precast landscaping and structural concrete building products, will operate as Power Precast Solutions Ltd in Ottawa and Brooklin Concrete Products Corp in other locations. The investment is the eleventh made by Ironbridge Equity Partners II. Armtec, a Canadian maker of infrastructure products and engineered construction solutions, was acquired by Brookfield Asset Management‘s private equity group in 2015.
PRESS RELEASE
Ironbridge Equity Partners acquires the assets of Armtec LP’s Ontario Standard Precast Concrete division.
(Toronto – June 30, 2017) Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce that it has purchased the assets of Armtec LP’s Ontario Standard Precast Concrete division (the “Business”), which will operate as Power Precast Solutions Ltd. (“Power Precast”) in Ottawa, and Brooklin Concrete Products Corp. (“Brooklin Concrete”) in the remaining locations.
The Business is a leading manufacturer of precast landscaping and structural concrete building products, backed by a 60-year history in the industry. With a staff of over 150 employees operating from facilities in Brooklin, Ottawa, Huntsville, Newmarket and Haliburton, the Business serves customers across Ontario as well as Quebec and the state of New York.
“We are excited to work with the great team at Brooklin Concrete and Power Precast,” said Peter Dowse, Partner and Chief Financial Officer at Ironbridge. “They have an outstanding reputation in the industry and we believe the business has great opportunities for growth.”
The investment is the eleventh in Ironbridge’s second private equity fund, Ironbridge Equity Partners II, LP, a fully-committed $154 million fund.
Ironbridge’s team of eleven investment professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. The Ironbridge team has extensive financial and operating experience and works closely with the management teams of its portfolio companies to enhance value.
For more information, contact:
Peter Dowse
Partner and Chief Financial Officer
Ironbridge Equity Partners
(416) 863-0106
www.ironbridgeequity.com
Photo courtesy of Armtec