Sources: Banyan Capital Partners, Toronto; CP staff
Backed by private equity operator Banyan Capital, Pennecon Ltd. Chief Executive Officer Larry Puddister has led a management team buyout of the company’s ready mixed, precast and concrete block & paver business—serving markets in the far eastern reaches of North America.
Based in St. John’s, it will operate as Newcrete Investments Limited Partnership, covering Newfoundland and Labrador, where Pennecon has heavy/civil construction, energy and real estate interests. With a payroll exceeding 150, Newcrete Investments runs the eastern Maritimes’ largest concrete boom pump truck fleet, plus the region’s only automated concrete masonry production line, whose offerings include Keystone segmental retaining wall units.
Confirming management’s intention to maintain business as usual, Puddister notes: “Banyan’s support will preserve our unique corporate culture while enabling us to continue growing as a provider of concrete, aggregates and masonry products to the Newfoundland marketplace.”
“We perceive a significant opportunity for Newcrete to build on its strong position in the concrete and aggregate market in Newfoundland [and] look forward to working with the [management] team to achieve their objectives,” says Banyan Capital Managing Director Jeff Wigle.
“Newcrete is a great example of the kind of business we look for as investors, with an established reputation in the marketplace, a cohesive, sharp management team, and strong client relationships,” adds Banyan Capital Director Adam Jezewski.