H.I.G. Capital, a prominent global alternative investment firm boasting $59 billion in capital under management, has successfully finalized the acquisition of Penhall Company, recognized as North America's largest provider of specialty concrete services.
Penhall, founded in 1957 and headquartered in Irving, Texas, operates an extensive network comprising over 40 branch and service locations across the United States and Canada. Over the years, the company has served more than 160,000 clients spanning various end markets, including commercial, residential, industrial, and infrastructure. Penhall offers a comprehensive suite of concrete services, such as 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. Capital will collaborate with the current management team to expedite the realization of significant growth opportunities for Penhall.
Greg Rice, CEO of Penhall, expressed enthusiasm about the partnership with H.I.G., stating, "Penhall has a long track record of continuously delivering high-quality solutions to customers across both small local jobs and larger national projects alike. We are excited to work with H.I.G., which will enable us to further grow our offerings for our customers."
John Von Bargen, Managing Director at H.I.G., highlighted the strategic importance of the acquisition, stating, "We believe Penhall represents a compelling opportunity to invest in a differentiated provider of specialty concrete services. 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."
About Penhall
Headquartered in Irving, Texas, with a network of over 40 branch and service locations throughout the United States and Canada, Penhall is North America’s largest provider of specialty concrete services, including cutting and coring, specialized demolition, grinding and grooving, GPR scanning, and digital X-ray. Penhall serves customers across various end markets including commercial, residential, industrial, and infrastructure.
