LOS ANGELES, CA--(Marketwired - September 06, 2016) - Platinum Equity announced today it has acquired Fabcon, a manufacturer of precast, pre-stressed concrete wall panels for nonresidential construction applications, from affiliates of the company's founders.
Financial terms of the transaction were not disclosed.
Fabcon is headquartered in Savage, Minn., and has four manufacturing facilities located in Kansas, Minnesota, Ohio and Pennsylvania. The company offers customers a comprehensive one-stop service offering that includes engineering, fabrication, erection and project management.
"Fabcon has a well-deserved reputation for safety, high-quality products and exceptional customer service," said Platinum Equity Principal Dan Krasner. "We have great respect for everything the company has accomplished and look forward to working with the management team to help the business maximize its potential."
Mr. Krasner said Platinum Equity will bring its financial, operational and M&A resources to bear in support of the company's continued growth.
"We've met with Platinum Equity several times already and they like the direction in which Fabcon is going," said Fabcon CEO Mike LeJeune. "We feel that they are a great fit for us because they support our overall strategic initiatives."
Mr. LeJeune recently announced plans to retire following the transition to new ownership. Tom Kuckhahn, a 21-year veteran of the company who is currently Vice President of Manufacturing and Engineering, will take over as CEO following Mr. LeJeune's retirement.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 25 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations -- a trademarked strategy it calls M&A&O® -- acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 175 acquisitions.
Founded in 1971, Fabcon is based in Savage, Minn. and currently employs about 835 people. The company began by producing 8-foot wide concrete wall panels and floor slabs for use in apartment buildings and retail projects, but over the years, expanded in capabilities and markets served. FABCON is committed to a tradition of quality, innovation, and a readiness to seize new opportunities to serve precast concrete customers.