M&A Deal Summary

H.I.G. Private Equity Acquires Penhall

On December 21, 2023, private equity firm H.I.G. Private Equity acquired construction company Penhall

Acquisition Highlights
  • This is H.I.G. Private Equity’s 7th transaction in the Construction sector.
  • This is H.I.G. Private Equity’s 230th transaction in the United States.
  • This is H.I.G. Private Equity’s 27th transaction in Texas.

M&A Deal Summary
Date 2023-12-21
Target Penhall
Sector Construction
Buyer(s) H.I.G. Private Equity
Deal Type Buyout (LBO, MBO, MBI)

Target

Penhall

Irving, Texas, United States
Penhall is a national provider of concrete cutting, breaking and excavation and highway grinding services in the United States with the first or second market position in the majority of its served markets. Penhall has 37 branch locations in 17 states, over 800 skilled employees and an equipment fleet of 750 revenue producing units. Penhall provides a broad range of concrete- and asphalt-related services that generally are part of much larger construction projects in the non-residential building construction and infrastructure markets. Penhall was founded in 1957 and is based in Irving, Texas.

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Buyer(S) 1

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 347 of 369
Sector (Construction) 7 of 7
Type (Buyout (LBO, MBO, MBI)) 104 of 112
State (Texas) 27 of 30
Country (United States) 230 of 245
Year (2023) 16 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Highridge Medical

Westminster, Colorado, United States

Highridge Medical is a global spinal device market that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to treat a wide range of spine pathologies.

Buy $375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 ARC Compactors

Columbus, Mississippi, United States

ARC Compactors provides waste and recycling equipment rental, sales, and service. ARC Compactors is a national specialty lessor of waste equipment for waste haulers, brokers, and direct customers across a variety of end markets. ARC Compactors is based in Columbus, Mississippi.

Buy -
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