November 3, 2011- Summit Industrial Construction, LLC (“Summit” or the “Company”) announced today it has finalized an agreement under which The Stephens Group, LLC, a Little Rock, Arkansas based private equity firm, will make a majority equity investment in the Company. The transaction completes a full recapitalization that will position the Company for the next stage of its growth and further expand its service capabilities for its clients.
Summit, headquartered in the metro Atlanta, Georgia area for 15 years, is a heavy industrial construction company focusing in the power, chemical, paper, plastics, minerals and mining, and food/beverage markets. Summit was founded in 1996 by Todd Ballard and Mark Bryan who grew the business from the ground up. Currently, the Company is a multi-faceted merit shop group with direct hire construction capabilities. The Company’s services include engineering, project management, civil and concrete placement, process piping fabrication and installation, heavy equipment installation and millwright work as well as electrical and instrumentation installation.
As part of the transaction, Jim Watson, formerly of Teton Industrial Construction and PCL, will become chairman of the board. In addition, Jeff Johnson, formerly president of Vratsinas Construction Company will become chief executive officer. By virtue of these additions along with the current management group, the Company will have assembled an experienced management team of talented individuals with over 200 years of combined industry experience. The Company has experienced significant growth over the past several years, extended its geographic territory and expanded and diversified its service offerings. The investment by The Stephens Group will enable the Company to aggressively grow using its recapitalized balance sheet to pursue larger projects that will require significant bonding capabilities.
“We are excited to partner with The Stephens Group to further enhance the growth of Summit. Jim and I were attracted to Summit because the integrity, depth of knowledge, and experience of their employees,” said Jeff Johnson.
“The Stephens Group will be a great partner for us because they understand the industrial construction business and share our sense of fairness in dealing with others,” commented Jim Watson.
“We are excited to invest in and with Mr. Watson and Mr. Johnson, who have both made large personal investments alongside us and the Summit team,” said Witt Stephens, Jr. chief executive officer and co-chairman of The Stephens Group. “The Company will have a balance sheet that will enable it to pursue larger projects as well as continue the high level of service they currently provide to their customers. The corresponding growth across the sectors the Company serves will provide a strong tailwind. Mr. Watson and Mr. Johnson identified this opportunity, and we are excited to have a platform company in the sector that will have the ability to rapidly scale.”
Hunter Carpenter, a managing director at The Stephens Group, is joining Mr. Stephens, Mr. Johnson, Mr. Watson, Todd Ballard, and Jim Ballard on the board of managers.
About Summit Industrial Construction, LLC
Summit is a heavy industrial contractor serving customers primarily in the power, chemical, paper, plastics, utilities, minerals and mining, and food/beverage markets. Summit provides customers turn-key solutions including construction, engineering, project planning, fabrication, installation, demolition, and maintenance/repair services. The company’s highly skilled project managers, engineers and craftsmen have maintained an excellent reputation for quality and safety since 1996. Summit is headquartered in the Atlanta metropolitan area with additional facilities in Georgia and Alabama.
About The Stephens Group, LLC
The Stephens Group is a private, family-owned firm that invests its capital in private companies with exceptional management teams and high returns on invested capital in growing industries. The principals of The Stephens Group have over 75 years of history successfully investing in both minority and control positions across multiple industries. The Stephens Group, through its affiliates, has significant current investments in gas exploration and production, natural gas gathering and processing, energy services, consumer, manufacturing, and other industries.
- Ronald M. Clark
- COO & General Counsel
- The Stephens Group, LLC