H.I.G. Capital Completes Acquisition of Penhall Company
BOSTON – December 21, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $59 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Penhall Company (“Penhall” or the “Company”), North America’s largest provider of specialty concrete services.
Headquartered in Irving, Texas, Penhall has a network of over 40 branch and service locations throughout the United States and Canada. Since its founding in 1957, the Company has served over 160,000 clients across a broad range of end markets including commercial, residential, industrial, and infrastructure. Penhall provides a full range of concrete services, including cutting and coring, specialized demolition, GPR concrete scanning, digital X-ray, utility locating, fiber-reinforced polymer (FRP), grinding and grooving, and bridge services.
H.I.G. is partnering with the current management team to accelerate the Company’s significant growth opportunities.
Greg Rice, Penhall’s CEO, added, “Penhall has a long track record of continuously delivering high-quality solutions to customers across both small local jobs and larger national projects alike, while successfully expanding the Company’s geographic footprint and portfolio of services and continuing to reinforce the strong organizational culture that is foundational to our success. We are excited to work with H.I.G, which will enable us to further grow our offerings for our customers.”
John Von Bargen, Managing Director at H.I.G., said, “We believe Penhall represents a compelling opportunity to invest in a differentiated provider of specialty concrete services. The Company’s long history, industry-leading scale, and focus on quality, innovation, and service have increasingly positioned the Company as a value-added partner to its customers. We look forward to working with the team to build upon their success and support continued growth initiatives.”
About Penhall
Headquartered in Irving, Texas, with a network of over 40 branch and service locations throughout the United States and Canada, Penhall is North America’s largest provider of specialty concrete services, including cutting and coring, specialized demolition, grinding and grooving, GPR scanning, and digital X-ray. Penhall serves customers across various end markets including commercial, residential, industrial, and infrastructure. For more information, please visit www.penhall.com.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $59 billion of capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, and Stamford in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Luxembourg, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at www.hig.com.