Sources: Solace Capital Partners, Los Angeles; CP staff
Solace Capital Partners has purchased a majority interest in Fabcon Holding Corp. from fellow Los Angeles investor Platinum Equity, which acquired the Minnesota-based precast/prestressed concrete wall panel producer in 2016 and maintains a minority stake.
Fabcon serves the eastern half of the U.S. through four strategically-located operations in Minnesota, Ohio, Pennsylvania and Kansas. Its structural and architectural wall panels are used in the construction of warehouses and distribution centers, plus office, industrial, data center and retail facilities. Fabcon is “a trusted partner to a broad array of building owners and developers and provides its blue-chip customers with a comprehensive and integrated service offering that includes engineering, fabrication, erection and project management,” Solace Capital notes.
“Fabcon is a strong market leader with a unique customer value proposition, providing best-in-class quality and service within the nonresidential construction industry, including to the rapidly-expanding warehouse and distribution center sectors supporting the nation’s secular shift to ecommerce,” adds Managing Partner Chris Brothers. “We are delighted to be partnering with Fabcon’s seasoned management team and Platinum Equity as the Company seeks to accelerate its growth and expansion plans.”
Assessing Fabcon performance under his firm’s ownership, Platinum Equity Principal Dan Krasner observes, “The Company expanded its capacity, installed best practices, and substantially increased revenue and earnings. Fabcon is a strong platform for continued growth with many attractive opportunities ahead.”
“Solace Capital brings additional resources and operational focus as well as a demonstrated track record of building long-term value for its portfolio companies,” affirms Fabcon CEO Tom Kuckhahn. “Platinum Equity continues to be a strong supporter of our vision for growth.”