Businesswire | July 25, 2023
H.I.G. Capital, a leading global alternative investment firm with $57 billion of capital under management, is pleased to announce that its portfolio company, Construction Forms, Inc. (“CFI”), has acquired Tricon Wear Solutions (“Tricon”). CFI is a leading provider of engineered, abrasion resistant piping systems and replaceable components for use in concrete pumping, mining, power generation, and other industrial end markets.
Headquartered in Birmingham, Alabama, with additional locations in Nevada and Illinois, Tricon is a leading manufacturer of abrasion, wear-resistant products, specializing in highly engineered steel plates and other fabricated products. Tricon serves customers across various end markets including pulp & paper, mining, and aggregates, and has industry- leading metallurgy, fabrication, and engineering capabilities.
“Together, Tricon and CFI will be a stronger, more diversified partner to new and existing customers globally with an expanded offering and strengthened value proposition,” says Stefan Brosick, CEO of CFI. “We are excited to welcome the exceptional Tricon team. CFI’s expanded portfolio will increase the breadth of our superior aftermarket solutions, all focused on delivering the lowest total cost of ownership for our customers.”
Todd Plate, President and CEO of Tricon, commented, “Both companies have a shared vision of a relentless focus on customer needs and safety. Together, we have decades of expertise in engineering solutions for challenging abrasion and wear resistance applications. Our partnership with CFI creates an expanded platform to serve customers in the most severe wear situations worldwide.”
John Von Bargen, Managing Director at H.I.G., added, “CFI’s partnership with Tricon is a transformative merger that creates a diversified leader in the industrial wear parts market. This is the first of what we hope will be several acquisitions further building upon CFI’s platform of leading wear parts companies.”
Combined, the CFI group of companies will have more than 350 employees with five U.S.-based manufacturing facilities and one in Europe. CFI serves customers globally in a wide range of industries including concrete pumping, mining, dredging, power generation, and pulp & paper.
Headquartered in Birmingham, Alabama, with additional facilities in Nevada and Illinois, Tricon is a leading manufacturer of abrasion, wear-resistant products, specializing in highly engineered steel plates and other fabricated products. Tricon serves customers across various end markets including pulp & paper, mining, and aggregates with its leading metallurgy, fabrication, and engineering capabilities. For more information, please visit https://www.triconwearsolutions.com/.
Construction Forms, Inc. (“CFI”) provides engineered, abrasion resistant piping systems and replaceable components for use in concrete pumping, mining, power generation, and other diversified industrial applications. The Company’s brands – Con Forms, Esser, and Ultra Tech – are recognized globally for best-in-class quality and total cost of ownership. Founded in 1969, CFI has established a 50-year track record serving leading concrete-pumping service providers, OEMs, engineering firms, and distributors. The Company is headquartered in Port Washington, Wisconsin, with additional locations in Texas and Germany. For more information, please visit www.cficompany.com.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $57 billion of capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Newswire | September 12, 2023
Billd, a leading construction payment provider for commercial trade contractors, and STACK Construction Technologies, a pioneering construction software platform, enhanced their strategic partnership today in a way that will allow subcontractors to accelerate their growth like never before. Billd's financing solutions are now embedded in STACK's Takeoff and Estimating platform, allowing subcontractors to instantly access working capital during preconstruction. The new integration will empower subcontractors to increase bid volume, secure working capital, and strengthen supplier relationships, accelerating business growth without the financial constraints of the industry's broken payment chain.
"We encourage all of our customers to think about working capital availability, and if necessary, financing costs, as early as possible," said Billd CEO and Founder, Chris Doyle. "This integration equips subcontractors to be proactive about project finances and bid, plan, and make promises to customers confidently, knowing that financial backing is readily available."
Supply chain finance has been historically unfair to subcontractors, leaving them footing the bill for materials and labor far before they're paid for their work. Subcontractors wait twice as long as industry peers to be paid, averaging 74 days (almost two and a half months) after starting a project.
By leveraging Billd Connect, Billd's suite of embedded financing apps, STACK will provide access to working capital solutions to their customers while they estimate the cost of upcoming projects. STACK's best-in-class software empowers contractors with accurate and customizable estimates, reducing the risk of underestimating costs and overextending resources. Meanwhile, Billd's material and invoice financing bridge the gap in subcontractor cash flow, reducing the risk of overextending working capital. By providing subcontractors with hyper-accurate takeoffs and estimates along with upfront funds for materials, joint customers can mitigate the uncertainties of payment cycles and bid with confidence.
"The integration of construction technology is no longer a luxury—it's a necessity," said STACK's CEO and Co-Founder, Phillip Ogilby. "The construction industry has been plagued by subcontractors not getting paid on time, leading to disruptions, delays, and stalled growth. Our streamlined takeoff, estimating, and proposal solutions paired with Billd's financing options mean subs can focus on what matters. Taking the guesswork out with accurate estimates and having predictable revenue is a huge win. I wish I had this growth opportunity when I was a roofing contractor."
Subcontractors need financing and they need it early in the process. Billd offers 120-day terms on material purchases, enabling subcontractors to improve their cash flow to take on larger projects, get more estimates out the door, and focus on investing in their long-term plan.
About STACK Construction Technologies
From project evaluation to completion, contractors use STACK's cloud-based software to help run their business and maximize their profits. Our preconstruction solutions enable fast and accurate takeoff and estimating, as well as providing a centralized hub where plans, specs, and other construction documents can be stored, evaluated, measured, and shared. Our construction solutions power real-time field and project collaboration by allowing teams to quickly and easily review, annotate, compare, and share plans, anywhere, from any device. STACK's superior collaboration tools ultimately improve project outcomes and profitability for contractors.
At Billd, we provide a payment solution that enables commercial construction contractors to free up cash for material purchases while enjoying the flexibility of 120-day payment terms. You get financing for commercial materials upfront with the freedom to pay it back at your own pace. Learn more about how we can help eliminate your company's cash-flow problems so you can win more bids and grow your business.
PR Newswire | July 04, 2023
Westwood Professional Services, Inc. (Westwood), a national multi-discipline engineering firm, announced its acquisition of Texas-based Peloton Land Solutions (Peloton).
The Peloton acquisition supports Westwood's long-term strategy to expand its existing markets and services. Peloton has approximately 200 team members between five offices in Fort Worth, Texas; Frisco, Texas; Austin, Texas; Dallas, Texas; and Las Vegas, Nevada.
"Their people are top of the industry and complement Westwood's strong team," says Westwood's Chief Operations Officer, Bryan P. Powell, PE. "We look forward to the expansion of Westwood and the professional service capabilities we can offer clients."
Peloton provides engineering, surveying, landscape architecture, hydraulics, hydrology, and environmental solutions for public infrastructure, private development, and energy projects. Peloton has received several awards for Best Firms to Work For, Hot Firms, and local top workplace awards.
Peloton's President Richard Payne, PE, reflects on the organization's focus: "We are proud of our team's strong technical background, diverse skillset, and years of experience at all levels. The high-quality work we have done in Texas and Nevada over the last 13 years is proof of that."
Payne continues, "We believe that joining Westwood will give our people many more opportunities to grow and advance their careers. Being able to provide our team with those opportunities is what we value most."
Westwood's Vice President, Randall P. Pogue, PE, oversees strategy and operations for the firm's Land Division South Region. When the acquisition opportunity presented itself, Pogue felt it was a perfect complement to our existing teams here in the South. He says, "The expertise combined by both companies will provide high-quality service to our clients and advanced opportunities for our teams."
About Westwood Professional Services, Inc. (Westwood)
Westwood is a leading, award-winning, full-service, professional civil engineering firm specializing in wind energy, solar energy, energy storage, power delivery, EV infrastructure, commercial, institutional, residential, and public infrastructure projects. Westwood was established in 1972 in Minneapolis, Minnesota. Through a focus on its people, culture, and clients, Westwood has quickly expanded to serve clients across the nation from multiple US offices. View more Westwood facts.
About Peloton Land Solutions
Established in early 2010, Peloton Land Solutions is a growing Texas-based consulting firm with approximately 200 professional engineers, planners, surveyors, scientists, landscape architects, and support personnel in five office locations. Our firm provides comprehensive design services to residential, commercial, industrial, municipal, and energy sector clients. Peloton's expertise includes planning, civil engineering, surveying, hydraulics and hydrology, landscape architecture, and environmental science. We offer a complete host of services while maintaining a personal touch and focused dedication on each project.