Clark Construction | August 23, 2022
Clark Construction Group joined San Diego State University (SDSU) leaders, city officials, and distinguished guests to cut the ribbon on the state-of-the-art Snapdragon Stadium.
Designed as a hub for sports and entertainment, the new 35,000-capacity venue provides a home field for SDSU Aztec Football, as well as for professional and collegiate soccer, NCAA championship games, concerts, and other cultural events.
As the design-builder in charge of design and construction efforts on the multi-purpose venue, Clark Construction led a high-performing team of more than 250 firms, including engineers, and trade contractors. Gensler Sports was the lead designer.
The stadium's signature design elements, including concourse level "neighborhoods," and standing-room-only "piers" that jut out over stadium seating to conjure a coastal vibe are designed to reflect the city's diverse communities and combine to create a venue that is authentically San Diego.
The stadium is a part of the first phase of development at SDSU Mission Valley, a mixed-use, medium-density, transit-oriented development that will expand the university's educational, research, entrepreneurial, and technology programs. An Innovation District is projected to provide educational opportunities for up to 15,000 additional students and, once complete, SDSU Mission Valley will also include retail, housing, and the development of community parks and open space. It is expected to bolster the university's local economic impact by an estimated $3 billion per year.
Snapdragon Stadium's construction has served as a boon to the San Diego economy. Local firms were awarded $250 million in construction contracts on the project. Throughout construction, Clark also helped lead training programs to ensure a local and diverse workforce had the opportunity to work on the project. In aggregate, a combined 4,000 workers logged 1.2 million hours to successfully deliver Snapdragon Stadium.
"This project is a testament that construction is a team sport, With everyone working toward the goal of winning together, we were able to deliver a high-quality venue on time, on budget for SDSU and the greater San Diego community."
-Albert Valdivia, Clark's vice president in charge of construction operations for the project.
San Diego's newest landmark is a product of a two-year intensive construction effort. To make way for the new venue, Clark demolished Qualcomm Stadium, the former home of the San Diego Chargers. Crews erected the structure using a combination of cast-in-place concrete, precast concrete, and steel. To shape the stadium, crews raised the site nearly 30 feet and erected 2,500 steel beams.
"We appreciate all the hard work to get Snapdragon Stadium complete in time for our first game against Arizona, We are looking forward to fans coming to a stadium that they can be proud of – a stadium that is authentic to San Diego. We feel we've created an unmatched experience in collegiate athletics, and in all events that come to the stadium."
-J.D. Wicker, director of intercollegiate athletics at SDSU.
Snapdragon Stadium will make its official debut during the Aztec Football season opener against the University of Arizona Wildcats on September 3. Famed musicians Jimmy Buffett and Jason Mraz will perform the first concert at the arena on October 22. More information about Snapdragon Stadium is available online: https://snapdragonstadium.com/
About Clark Construction Group:
For more than a century, Clark Construction Group has been transforming the ideas and visions of its clients into world-class projects that make the United States a stronger, safer place. As one of the nation's largest asset creators, Clark has offices strategically located across the country to serve the needs of its clients.
RailWorks Corporation | August 24, 2022
RailWorks Corp. ("RailWorks" or "the Company"), the leading North American specialty construction and maintenance rail contractor, announced today it has acquired H&H Engineering Construction ("H&H"), a rail maintenance and construction contractor for the Western United States providing services for transit, ports, freight railroads, and rail served industrial companies.
The transaction follows RailWorks' recently completed acquisition of Progress Rail's Rail Welding Services Division, a specialized provider of flash butt welding ("FBW"), enabling RailWorks to utilize best-in-class FBW capabilities and offer rail customers expanded maintenance of way services. Financial terms of these transactions were not disclosed.
RailWorks provides comprehensive specialty railroad construction and maintenance services, which include track construction, turn-key rehabilitation and maintenance, and innovative solutions for predictive track maintenance. The integration of H&H will strategically expand RailWorks' presence on the West Coast with a best-in-class team of professionals serving a diverse base of rail customers. As part of the RailWorks team, the H&H teams will be able to leverage FBW crews and equipment from the Rail Welding Services Division, leading to additional incremental growth opportunities.
RailWorks is a portfolio company of Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, which it partnered with in November 2021 to drive long-term strategic growth and expand its core offerings and capabilities.
"This is an exciting time for RailWorks. These complementary acquisitions represent a significant expansion of our offerings and the ways in which we can service our valued customers across the country, As we continue to grow our business and execute on a shared vision with our partners at Bernhard Capital, we see a number of exciting opportunities to further expand our offerings and continuously enhance the safe, high-quality services customers expect from RailWorks."
-Kevin Riddett, RailWorks President and CEO.
In addition to executing on its strategic growth objectives, RailWorks has also remained committed to expanding its industry-leading commitment to safety. In May 2022, the company announced a partnership with Miller Ingenuity's ZoneGuard product line, a roadway worker protection system to detect track vehicles entering active work zones, provide advanced technology to the RailWorks portfolio, and improve overall roadway worker protection. Through this partnership, RailWorks is expanding the Company's commitment to a safety-first culture and working to accelerate safety technology adoption throughout the North American rail market.
"RailWorks' services are essential to supporting a critical mode of transportation for much of the country's population, These acquisitions and our new technology partnership solidify RailWorks' position as the industry leader for rail system maintenance, repair, and construction services. We are excited to continue to work closely with Kevin and his exceptional team to further expand the company's technology offerings and solutions-oriented approach, while maintaining RailWorks' commitment to its customers and to employee safety."
-Mark Spender, Partner at Bernhard Capital.
About RailWorks Corporation:
Founded in 1998, RailWorks Corporation provides track construction, electrical systems construction, maintenance services and products throughout the United States and Canada for major transit authorities, Class I and short-line railroads, and rail-served commercial and industrial companies. Trusted RailWorks brands include L.K. Comstock Inc., PNR RailWorks, NARSTCO, and HSQ Technology.
About Bernhard Capital Partners:
Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. Bernhard Capital Partners has deployed capital in four funds across several strategies, has approximately $2.9 billion of gross assets under management and is ranked as one of Private Equity International's 300 largest private equity firms worldwide. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating and growing services and infrastructure businesses.
Cornerstone Building Brands | July 28, 2022
Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”), the largest manufacturer of exterior building products in North America, today announced that Clayton, Dubilier & Rice (“CD&R”) has successfully completed the acquisition of Cornerstone Building Brands.
Holders of a majority of the shares of Cornerstone Building Brands common stock not owned by CD&R and its affiliates voted to approve the acquisition at the Special Meeting of Stockholders held on June 24, 2022. The acquisition also received the approval of the holders of a majority of the shares of Cornerstone Building Brands common stock outstanding at the Special Meeting. With the completion of the acquisition, Cornerstone Building Brands’ common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
“The closing of this transaction is an important milestone for Cornerstone Building Brands, and we are pleased to be entering our next phase of growth as a private company, With CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned to accelerate our future growth plans and advance our journey to be the premier exterior building solutions company and deliver enhanced value to our customers. I want to thank all Cornerstone Building Brands employees for their continued dedication and hard work. This transaction is a testament to our team’s unwavering commitment to our customers and focus on executing our strategy. I am excited about the opportunities ahead for Cornerstone Building Brands, and I look forward to continuing our work together as we drive value for all stakeholders.”
-Jeffrey S. Lee, Executive Vice President and Chief Financial Officer of Cornerstone Building Brands.
J.L. Zrebiec, Partner at CD&R, said, We have long admired Cornerstone Building Brands’ business and talented team, and we are thrilled to work even more closely with its leadership team and employees in this next chapter. We firmly believe that the Company is uniquely positioned to expand on its position as the largest manufacturer of exterior building products in North America, and we look forward to working together to build on the significant momentum underway.
Centerview Partners LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to a special committee of Cornerstone Building Brands’ independent directors. Sullivan & Cromwell LLP is serving as legal counsel to Cornerstone Building Brands.
UBS, Barclays, BNP Paribas Securities Corp., Goldman Sachs, Jefferies, Natixis, New York Branch, RBC Capital Markets, and Societe Generale are providing financial advisory services to CD&R. Kirkland & Ellis LLP is serving as legal counsel to CD&R on the transaction and Debevoise & Plimpton LLP is serving as legal counsel to CD&R on the financing. CD&R has obtained committed financing from Deutsche Bank Securities Inc., UBS Investment Bank, Barclays, BNP Paribas, RBC Capital Markets, Societe Generale, Goldman Sachs, Natixis, New York Branch, Jefferies, Apollo, Blackstone Credit, and U.S. Bank.
About Cornerstone Building Brands, Inc:
Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play.
About Clayton, Dubilier & Rice:
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of over $175 billion.