Wells Concrete seals Midwest stake, acquiring longtime neighbor

Minnesota’s Wells Concrete, the fifth largest precast, prestressed producer in the U.S., has acquired Waukesha, Wis.-based peer Spancrete. With more than 125 years of combined industry experience, principals note, the partnership aligns two companies dedicated to innovation.

From a Waukesha, Wis. flagship (above), Henry Nagy and his family defined an American success story in manufactured concrete production and plant technology. They parlayed Spancrete hollowcore plank throughout their Upper Midwest market area, then extended the brand domestically and internationally through licensing agreements and Spancrete Machinery plant packages. In recent years, Spancrete has concentrated hollowcore and companion structural element fabrication at its Valders, Wis. operation (below), while maintaining a global Spancrete Machinery manufacturing and service center in Waukesha.
PHOTOS: Spancrete
Spancrete (December 2020) and Rocky Mountain Prestress (January 2019) deals have propelled Wells Concrete to a top five player in North American precast, prestressed concrete—alongside Coreslab Structures, Gate Precast Co., Metromont Corp. and Tindall Corp. After the Spancrete closing, Wells Concrete will reach a broad swath of the Heartland and Intermountain States from plants in Albany, Rosemount and Wells, Minn.; Valders and Waukesha, Wis.; Crystal Lake, Ill.; and, Brighton, Colo. A Sebring, Fla. plant that Spancrete established in 2014 will afford Wells Concrete exposure to a market exhibiting some of the strongest and most consistent population gains in the country.

Consummated late last year, the deal includes Valders, Wis., Crystal Lake, Ill., and Sebring, Fla. plants, plus the Spancrete Machinery division in Waukesha—one of the forerunners in North American prestressed concrete hollowcore plank production and market development. The Spancrete properties join one Colorado and three Minnesota operations—including Albany headquarters, north of the Twin Cities—through which Wells Concrete has established a commanding Midwest and Intermountain State footprint.

“The acquisition of Spancrete is a tremendous milestone for both the seller and buyer, representing the consolidation of two family-owned businesses,” says Wells Concrete Chairman Sam Nesius. “The Nagy family built an extremely innovative company in Spancrete and achieved tremendous success. From its very first days, Spancrete gave life to a new industry and experienced positive growth all the way to its present-day form as a mature, developed company. The Nesius family is honored to be considered worthy stewards of the Nagy family legacy. It is no surprise that our company values are very compatible and our approach to the marketplace, customers, and employees nearly identical.”

“Wells has operated alongside Spancrete for over 60 years and admired their dedication to being innovators in the industry—both as a precast and equipment manufacturer,” observes Wells Concrete CEO Dan Juntunen. “By combining our efforts, we look forward to continuing that tradition and advancing our precast building solutions to provide the best possible products and experience to our customers.”

“Spancrete has been in my family for 75 years and I’m proud to become a part of a company that exemplifies our core values—quality, service and durability,” affirms CEO John Nagy, grandson of Spancrete founder Henry Nagy (1908-2009). “Because of our similar cultures and philosophies in how we approach business, our employees and customers, we are positioned for future success.”