M&A Deal Summary

Race Rock Acquires Structural & Steel Products

On December 4, 2020, growth capital firm Race Rock acquired building materials company Structural & Steel Products from Patriot Capital and Highland Capital Management

Acquisition Highlights
  • This is Race Rock’s 1st transaction in the Building Materials sector.
  • This is Race Rock’s 6th transaction in the United States.
  • This is Race Rock’s 4th transaction in Texas.

M&A Deal Summary
Date 2020-12-04
Target Structural & Steel Products
Sector Building Materials
Buyer(s) Race Rock
Sellers(s) Patriot Capital
Highland Capital Management
Deal Type Divestiture

Target

Structural & Steel Products

Fort Worth, Texas, United States
Structural & Steel Products is a manufacturer and distributor of products used in the highway construction end-market, including overhead sign structures, guardrails, crash cushions, lighting poles and bridge decking. The Company manufactures tubular structures used in the communication and power transmission industries. Structural & Steel Products was founded in 1969 and is based in Fort Worth, Texas.

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Buyer(S) 1

Buyer

Race Rock

Investor

Category Growth Capital Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Race Rock Group is a private investment firm focused on majority control or minority positions in profitable lower middle-market companies. The Firm generally looks for businesses operating in the gulf coast or Midwest areas in the US. Sectors of interest include retail equipment, financial services, manufacturing, chemicals, food/beverage, industrial services, and real estate. Race Rock Group is headquartered in Houston, Texas.

DEAL STATS #
Overall 6 of 8
Sector (Building Materials) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 4 of 5
Country (United States) 6 of 8
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 Gulf Capital Bank

Houston, Texas, United States

Gulf Capital Bank is a Houston based bank targeting middle-market businesses with annual revenues up to $2 billion. Gulf Capital Bank was founded in 2019 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-11 Highway Safety

Glastonbury, Maryland, United States

Highway Safety is a provider of guardrail, bridge rail, and solar panel support structures. Highway Safety was founded in 1978 and is based in Glastonbury, Maryland.

Buy -

Seller(S) 2

SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 38 of 50
Sector (Building Materials) 1 of 2
Type (Divestiture) 2 of 3
State (Texas) 4 of 5
Country (United States) 38 of 50
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 AAA Sales & Engineering

Oak Creek, Wisconsin, United States

AAA Sales & Engineering is a designer and manufacturer of railroad products, production machining, and short-run machining. AAA Sales & Engineering was founded in 1968 and is based in Oak Creek, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-30 Naprotek

San Jose, California, United States

Naprotek is an electronic manufacturing services company and a provider of quick turn PCBA, design for manufacturability, system integration, and testing services for high-reliability applications. Naprotek was founded in 1995 and is based in San Jose, California.

Buy -
SELLER

Highland Capital Management

Dallas, Texas, United States
Category Company
Founded 1993
Sector Financial Services
DESCRIPTION

Highland Capital Management is a most experienced global alternative credit managers. Company specializes in credit strategies, such as credit hedge funds, long-only funds and separate accounts, distressed and special situations private equity, and collateralized loan obligations (CLOs). Highland also offers alternative investments, including emerging markets, long/short equities, and natural resources. Highland’s diversified client base includes public pension plans, foundations, endowments, corporations, financial institutions, fund of funds, governments, and high net-worth individuals.

DEAL STATS #
Overall 1 of 1
Sector (Building Materials) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-06 Structural & Steel Products

Fort Worth, Texas, United States

Structural & Steel Products is a manufacturer and distributor of products used in the highway construction end-market, including overhead sign structures, guardrails, crash cushions, lighting poles and bridge decking. The Company manufactures tubular structures used in the communication and power transmission industries. Structural & Steel Products was founded in 1969 and is based in Fort Worth, Texas.

Buy -
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