An entrepreneurial mindset in construction

PBC Today | April 28, 2020

Ryan Dempsey, founder and chief executive of The Compliance Workbook, shares his entrepreneurial mindset journey. When I was sat at home, looking at hundreds of compliance documents which would eventually require my signature to confirm the correctness, I couldn’t help but think there has to be a better solution.

I mean, we recently shot a satellite from Earth which travelled for years to land on a comet travelling at thousands of miles an hour. Yet here I was looking at similar documents over and over again to confirm the data was correct and that there was no risk to the client I was passing these documents to.

I believe these are the moments that trigger the so-called Entrepreneurial Mindset Shift. Seeing an opportunity and then looking realistically at how you can develop it is one of the first steps in true innovation. I just couldn’t help but think a solution to free up my time was so justified and logical that I had to do something about it.

Spotlight

In the male-dominated STEM disciplines, the influence of women has largely gone unacknowledged. But the facts suggest that the lack of female participation may be influenced by lack of visibility.

Spotlight

In the male-dominated STEM disciplines, the influence of women has largely gone unacknowledged. But the facts suggest that the lack of female participation may be influenced by lack of visibility.

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MATERIALS, CONSTRUCTION

H&E Equipment Services Signs Definitive Agreement To Acquire One Source Equipment Rental, Inc.

H&E Equipment Services | September 20, 2022

H&E Equipment Services, Inc. (“H&E” or the “Company”) (NASDAQ: HEES) today announced the signing of a definitive agreement to acquire One Source Equipment Rental, Inc. (“One Source”), a provider of non-residential construction and industrial equipment with operations in the Midwest and Southern U.S. One Source, which is employee owned, operates 10 branches, including three locations in each of Illinois and Indiana, two locations in Tennessee and one in each of Kentucky and Alabama. Under the terms of the definitive agreement, H&E is expected to pay $130 million in cash for One Source, before customary adjustments. The transaction is expected to close during the fourth quarter of 2022, following regulatory clearance and the completion of other customary closing conditions. “For more than 20 years, One Source has emphasized a culture where equipment reliability and customer support and satisfaction are vital features for success, resulting in an equipment rental operation with strong consumer loyalty throughout its branch network. These important attributes, which are underscored by a dedicated base of employee owners, offer an exceptional cultural fit with H&E. Also, the transaction will expand our geographic footprint into the Midwest with operations in Illinois and Indiana, as well as operations in Kentucky. Finally, the demonstrated success of our accelerated warm start plan, with 15 warm start and greenfield locations established since early 2021, will prove beneficial as we evaluate post-integration growth opportunities in the Midwest and other surrounding regions with attractive prospects for expansion.” -Brad Barber, Chief Executive Officer of H&E Equipment Services. Over the last twelve months ended July 31, 2022, One Source has generated revenues of approximately $59 million with a fleet size, as measured by original equipment cost (OEC), of approximately $138 million. One Source’s fleet consists primarily of aerial work platforms, material handling equipment and other general equipment lines. About H&E Equipment Services, Inc: Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast States, Southeast, Midwest, and Mid-Atlantic regions.

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CONSTRUCTION

Shoreline Equity Partners Announces Partnership with Core Roofing

Core Roofing | November 30, 2022

Shoreline Equity Partners, LLC ("Shoreline" or the "Firm"), a purpose-driven lower middle market private equity firm, has partnered with Core Roofing Systems, LLC ("Core Roofing" or the "Company"). Headquartered in Alpharetta, GA, Core Roofing is a leading provider of commercial re-roofing, maintenance, repair, inspection, and new roofing systems across the Southeast. The Company was founded by Dusty DeVore in 2002 and has since grown to more than 180 employees with a diverse set of customers across Georgia, Florida, Alabama, Arkansas, Mississippi, North Carolina, South Carolina, and Virginia. With a 20+ year history and respected brand and reputation, Core Roofing has successfully positioned itself as one of the leading commercial roofing service providers in the Southeast. Moving forward, and in partnership with Shoreline, Core Roofing is looking to execute on an aggressive growth plan via organic initiatives and acquisitions. The new partnership with Shoreline provides the Company with both the acquisition experience and access to capital needed to partner with other leading commercial roofing businesses across the U.S. Dusty DeVore has maintained a significant ownership position in the business and will continue to lead the Company going forward. "Dusty and the entire team have done an outstanding job of growing Core Roofing into a clear market leader over the last 20 years. The Company has built an exceptional brand and reputation as the go-to commercial roofing service provider for its customers and suppliers. It was clear from our first conversation with Dusty that Core Roofing would be a great fit for Shoreline due to the quality of the business and its people. We are grateful to partner with Dusty and the team to continue building a leading commercial roofing platform across the Southeast and nationally." -Mike Hand , Managing Partner at Shoreline. Zach Mittelmark , Principal at Shoreline, said, Upon meeting with Dusty and the broader Core Roofing team, we immediately knew we had found the right platform to partner with in the commercial roofing space. Core Roofing has built an incredibly unique and difficult-to-replicate maintenance and repair service offering which allows them to provide superior customer service throughout the full lifecycle of every commercial roof. We are beyond excited to help Core Roofing embark on an ambitious add-on acquisition story with the goal of becoming one of the largest commercial re-roofing companies in the US over the years to come. "We could not be more thrilled to partner with Shoreline. It was incredibly important that we found a partner that aligned with our values. Core Roofing was built on the strength of the relationships with our customers, suppliers, employees, and the community at large, and Shoreline shares our belief in the importance of consistently delivering for those key constituents. We are excited to accelerate our growth both organically and through acquisitions in partnership with the Shoreline team while ensuring that we maintain our high standards for work quality, customer service, and relationships for which Core Roofing is known." -Dusty DeVore , Founder and CEO of Core Roofing. The transaction for Shoreline was led by Mike Hand, Managing Partner; Zach Mittelmark, Principal; Mike Mancini, Senior Associate; Pete Bouret, Senior Associate; and Mike Dolak, Associate. Harvey & Company served as an advisor to Shoreline, while South State Bank provided the financing for the transaction . About Core Roofing: Founded in 2002 and headquartered in Alpharetta, GA, Core Roofing is a leading provider of commercial roofing solutions including re-roofing, maintenance, repair, inspection, and new roofing systems. With over 180 employees and offices in Georgia and Florida, Core serves a diversified customer base across the Southeast, including commercial and industrial property owners, property management companies, REITs, and municipalities, among others. About Shoreline: Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a "win-win" proposition for shareholders, employees, customers, vendors, and the communities within which the Firm's companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. Investing out of the Firm's inaugural $300 million fund, Shoreline seeks to lead equity investments of up to $100 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $25 million to $250 million and EBITDA of $3 million to $25 million. The Firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others.

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ENGINEERING TECH

CHA Acquires Florida-Based Eckler Engineering

CHA Consulting, Inc. | November 18, 2022

CHA Consulting, Inc. (CHA), an innovative engineering design, consulting and construction management firm, announced today it has continued its expansion in Florida with the acquisition of Eckler Engineering, Inc. (Eckler), a specialized civil engineering firm focused on water and wastewater services. Based in the Fort Lauderdale area, Eckler provides engineering services to commercial, industrial and municipal clients. Their services include water supply, treatment and distribution, as well as wastewater collection and treatment and water reclamation. "Having Eckler join CHA adds technical breadth and geographic reach to our growing water resources team to address the complex challenges of resiliency and water/wastewater management facing our clients in Florida and across our national footprint, Maintaining clean drinking water systems and designing infrastructure for water treatment and stormwater management is a priority for many municipalities and industrial clients that we are committed to helping solve." -Jim Stephenson, CEO of CHA Holdings. This is CHA's third acquisition in Florida in less than two years. The addition of Eckler Engineering brings CHA's water resources team staff count to over 160 and company-wide staff count to just over 1,500 across 45 offices. Eckler's office in Broward County is strategically located to serve clients in the Broward County area and support CHA's other south and central Florida locations. "We are very happy to have this opportunity to join the CHA team. It is an exciting time for CHA with its growth in Florida and across the southeast in recent years. This collaboration will bring expanded technical capabilities and resources to our clients in Southeast Florida." -Doug Hammann President Eckler Engineering. About CHA Consulting, Inc: CHA Consulting, Inc. is an innovative, full-service engineering design, consulting and construction management firm providing a wide range of technology-enhanced planning and design services to public, private and institutional clients. CHA was ranked the 61st largest engineering firm in the United States in 2022 by Engineering News-Record. With technical personnel and offices throughout the United States and Canada, CHA offers engineering, architecture, survey, asset management, construction, project management, and other services necessary to complete projects on time and within budget. About Eckler Engineering, Inc: Eckler Engineering, Inc. is based in Coral Springs, Florida. For nearly forty years, the firm has provided professional engineering services to municipal, commercial and industrial clients focused on water supply, treatment and distribution, reclaimed water, wastewater collection and disposal, and stormwater management.

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