The Engineered Stone Group | October 18, 2022
The Engineered Stone Group (the "ES Group" or the "Company"), announced it has entered into an agreement to acquire the assets of Resiblock S.L., Baniana Bath S.L, and Bold The Solid Company S.L., (together "Resiblock"), a leading Spanish manufacturer of engineered stone and solid surface shower trays and washbasins. The acquisition further establishes the ES Group's position in the engineered stone bathroom products space, a growing segment within the broader bathroom products market. The transaction is expected to close at the end of this month and financial terms were not disclosed.
The ES Group is a global leader in the production of engineered stone bathroom products. The Company provides a broad offering of brands and high-quality products, coupled with a commitment to outstanding customer service and the scale to invest in continued product innovation. In addition to Resiblock, the ES Group is comprised of Marmite, Acquabella, F&D Group, Mcbath, Nuovvo, Fiora, MTI Baths and Aquatica. The ES Group is led by CEO Brian McCluskie and was established by The Cranemere Group, a holding company focused on building high-quality businesses for the long term.
Resiblock has established a track record of manufacturing high-quality engineered stone and solid surface shower trays and washbasins. Resiblock supplies a diverse base of customers in Southern Europe with particular focus on Spain. Resiblock will maintain its headquarters in Cordoba, Spain, as a member of the ES Group and will maintain its existing manufacturing locations and workforce, while continuing to serve its valued customers as it does today.
We continue to see strong demand for engineered stone products in the bathroom as it replaces materials such as acrylic and porcelain. Resiblock's manufacturing capabilities, complementary geographical focus and reputation for value make them a compelling addition to the Engineered Stone Group, said Mr. McCluskie.
"We are thrilled to join the Engineered Stone Group, We look forward to partnering with Brian and the team at the ES Group to further invest in product innovation and capacity expansion and to offer a broader portfolio of products and enhanced service levels to our valued customers."
-Juan Vacas, Founder and CEO of Resiblock.
We continue to see a significant opportunity to lead the material conversion to engineered stone over the long term. Resiblock is an important addition to our Company and enhances the ES Group's position as a leader in this segment, said Christopher Mahan, Chairman of the Engineered Stone Group.
About The Engineered Stone Group:
The Engineered Stone Group is a European holding company established by The Cranemere Group to be the global leader in engineered stone products. The ES Group is comprised of Marmite, Acquabella, F&D Group, Mcbath, Nuovvo, Fiora, MTI Baths, Aquatica, and now, upon completion, Resiblock.
Resiblock is a leading provider of engineered stone and solid surface shower trays and washbasins in Southern Europe with particular focus in Spain. Based in Cordoba, Spain, Resiblock offers products at outstanding value, quality, and speed.
About The Cranemere Group:
The Cranemere Group is a holding company focused on partnering with founders and management teams to build industry-leading businesses in essential industries. As a pioneer in professionally managed long-term capital, The Cranemere Group provides experience, expertise and global networks to support the growth of its companies and to create value for all its stakeholders. The Cranemere Group is headquartered in London and has offices in New York and Washington, D.C.
Joseph Design Build | November 30, 2022
Thomas Joseph, cofounder of Austin-based luxury developer Joseph Design Build, announced today the firm's in-house realty group, The Joseph Group, has joined Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the country.
The three-person powerhouse team first formed in 2020, and will continue to operate out of the Joseph Design Build headquarters in South Austin.
"We are pleased to welcome The Joseph Group to our firm, Their expertise in the Austin luxury market will be an invaluable asset to the brokerage, and we are looking forward to witnessing how they grow and expand their business."
-Stephen Kotler, CEO of Douglas Elliman Realty's Western Region.
Joining Douglas Elliman represents a powerful alignment, said Thomas Joseph. The Joseph Group is thrilled at the opportunity to continue to learn and grow alongside the industry's top professionals, and we are excited about the ever-evolving direction of the group, and its impact on Joseph Design Build as a whole."
The Joseph Group's parent company, Joseph Design Build, is a multi-award-winning luxury design-build firm, specializing in function-forward, expertly built modern infill homes of unrivaled craftsmanship and quality. The homes developed by Joseph Design Build will now also benefit from the same best-in-class Douglas Elliman network.
The firm has grown exponentially since its founding, and currently has an active project pipeline in key neighborhoods around Downtown Austin worth more than $160 million. Earlier this year, Joseph Design Build completed development on a three-story office project in East Austin — its first of what are sure to be many ventures in the commercial sector.
"Thomas and his team come to us with an impressive track record, along with a creative, forward-thinking mindset in the luxury space, We're pleased to welcome them to the firm."
-Catherine Lee, President of Douglas Elliman Texas.
A flourishing technology hub, Austin has been among the fastest-growing real estate markets in the United States for six consecutive years.
About Joseph Design Build:
Joseph Design Build is a turnkey design-build development firm, founded in Austin in 2014. Spearheaded by Gabe and Thomas Joseph, Joseph Design Build offers a vertically-integrated suite of luxury design-build services, including architectural and interior design, site acquisition, permitting and construction. This streamlined approach unites all relevant professions under one roof, ensuring the highest possible quality on every project.
Kojo | September 17, 2022
the construction industry's leading materials management platform – today announced the completion of its $39 million Series C funding round led by Battery Ventures with participation from new investors Schneider Electric, RXR, and Bienville Capital. Existing investors including 8VC, Suffolk Construction, Human Capital, AME, and BoxGroup also participated in the round. Additionally, Kojo shared that Michael Brown, general partner at Battery Ventures, joined its board of directors.
"Our mission is to make it faster, easier, and more sustainable to build the world around us. Supply chain disruptions and inflation have made it incredibly challenging to keep projects on-time and on-budget. With this new round of funding, we're excited to continue building best-in-class products that help contractors all over the U.S. save money, increase their productivity, and become more resilient."
-Maria Rioumine, CEO and Founder of Kojo.
The $800 billion a year commercial construction industry is facing more volatility than ever with soaring construction costs, material and labor shortages, and supply chain constraints. Too many contractors today lack control and visibility over their supply chains, and critical projects are slowed down by error-prone and manual materials ordering processes.
Kojo's software brings field, office, warehouse, and vendor teams onto a single platform, making it easy for contractors to manage their materials needs from project takeoff to closeout.
To date, Kojo has powered the construction of nearly 10,000 projects, including hospitals, schools, and multi-family housing projects, across 46 states. Despite the recent economic slowdown, Kojo has grown annual recurring revenue 3.5x year over year and expanded to serve all major construction trades. In the last 18 months, Kojo has seen a 12x increase in users and saved customers more than $19 million on their materials orders.
Alongside the new round of funding, Kojo is launching new products to further streamline payments and project spend management. Contractors will be able to reconcile their invoices and pay for materials directly on Kojo's platform, allowing them to accurately track project spend. With new distributor integrations, contractors will also be able to directly see distributor pricing and inventory to make the best buying decisions.
"At Battery, we're focused on investing in entrepreneurs building industry-transforming companies, The construction industry has been underserved by technology for far too long, and that's led to huge challenges over the past few years. We're thrilled to be partnering with Kojo to change that and bring much needed software and financial services to commercial trade contractors."
-Michael Brown, general partner at Battery Ventures.
Kojo, the construction industry's leading materials management platform, enables trade and self-perform general contractors to take control of their margins by consolidating the procurement process onto one, all-inclusive digital platform. By connecting the field, office, warehouse, accounting teams, and vendors, contractors gain visibility into real-time materials spending and usage, streamline workflows, and increase labor productivity. Contractors have access to a network of thousands of vendors to source the best prices and availability, find cost savings and reduce material waste. Kojo is trusted by hundreds of contractors and utilized by thousands of construction professionals across the country every day.
ENGINEERING TECH, CONSTRUCTION
ABC | September 14, 2022
Associated Builders and Contractors reports today that its Construction Backlog Indicator remained unchanged at 8.7 months in August, according to an ABC member survey conducted Aug. 22 to Sept. 7. The reading is a full month higher than in August 2021.
Backlog is down from the levels of the second quarter of 2022 but remains higher than at any point from March 2020 to March 2022. While the CBI reading fell for contractors in the South in August, it remains the U.S. region with the lengthiest backlog.
ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased in August. The index for profit margins bounced back into positive territory while the sales and staffing level indices remained above 50, indicating expectations of growth over the next six months.
“Despite the high risk of recession, contractors collectively expect sales, employment and profit margins to grow over the next six months, Backlog is down from the cyclical peak in early 2022 and has been roughly flat in recent months,The buoyancy of the nation’s nonresidential construction marketplace is really quite remarkable, Rising interest rates have already driven the single-family homebuilding market into recession, but brisk nonresidential activity continues. Many nonresidential contractors are operating at capacity, and their principal frustrations relate to supply-side issues like worker shortages, equipment delivery delays and elevated materials prices, as opposed to demand for their services."
-Anirban Basu, Chief Economist ABC.