Source: Equity Partners, Easton, Md.
Building, site and sound wall panel specialist Duratek Precast Technologies has obtained bankruptcy court approval to retain Equity Partners, a specialist in investment banking for distressed companies, to help locate a suitable partner or buyer. With a payroll of 75, down from a 2009 high of 125, the company has a headquarters office and production operation in Brooksville and Bartow, Fla., respectively.
Duratek Precast served the site wall business during the Florida housing boom, whose 2007–08 drop compelled pursuit of Florida Department of Transportation sound wall contracts. Softening market conditions followed the company’s landing of a $12 million panel job along Interstate 75, completed in 2008. Other targeted precast wall applications, including aircraft hangars and dry marinas, did not garner sufficient business to avert a September 2010 bankruptcy filing.
“This is an excellent opportunity to acquire an established brand name, unparalleled expertise and certifications, and Florida market share, with a substantial active bid pipeline, in a growing and high upside industry with many tested applications,” says Equity Partners’ Ken Mann, managing partner. — 866/969-1115 x 1; [email protected]