H.I.G. Capital, a global alternative investment firm with $59 billion of capital under management, and one of its affiliates completed the acquisition of Penhall Company, a provider of specialty concrete services.
Headquartered in Irving, TX, Penhall has a network of more than 40 branch and service locations throughout the United States and Canada. Since its founding in 1957, the company has served more than 160,000 clients across a broad range of end markets including commercial, residential, industrial and infrastructure. Penhall provides a full range of concrete services, including cutting and coring, specialized demolition, GPR concrete scanning, digital X-ray, utility locating, fiber-reinforced polymer (FRP), grinding and grooving and bridge services.
H.I.G. is partnering with the current management team to accelerate the company’s significant growth opportunities.
“Penhall has a long track record of continuously delivering high-quality solutions to customers across both small local jobs and larger national projects alike, while successfully expanding the company’s geographic footprint and portfolio of services and continuing to reinforce the strong organizational culture that is foundational to our success,” Greg Rice, CEO of Penhall, said. “We are excited to work with H.I.G, which will enable us to further grow our offerings for our customers.”
“We believe Penhall represents a compelling opportunity to invest in a differentiated provider of specialty concrete services,” John Von Bargen, managing director at H.I.G., said. “The company’s long history, industry-leading scale and focus on quality, innovation and service have increasingly positioned the company as a value-added partner to its customers. We look forward to working with the team to build upon their success and support continued growth initiatives.”
