Owner of Brundage-Bone Explores Selling It for $1.1 Billion
REEDPumps 04-04-2018
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https://www.bloomberg.com/news/articles/2018-04-04/brundage-bone-owner-is-said-to-explore-1-1-billion-sale-process

Owner of Brundage-Bone Explores Selling It for $1.1 Billion

By
Kiel Porter
@kielporter

         
                               
  • Firm is working with an adviser to run auction process
  • Pensinsula Pacific has had held stake in Brundage since 2014

The closely held investment firm Peninsula Pacific Strategic Partners is considering a sale of Brundage-Bone Concrete Pumping Inc., according to people with knowledge of the matter.

The firm is working with an adviser to run an auction process for the company that could value Denver-based Brundage-Bone at about $1.1 billion, said the people, who asked not to be identified because they weren’t authorized to speak publicly. Brundage-Bone is attracting interest from other private equity firms, the people said.

Representatives for Peninsula Pacific and Brundage-Bone didn’t respond to requests for comment.

Los Angeles-based Peninsula Pacific agreed to buy Brundage-Bone in 2014 for about $180 million, the people said. It has since backed the concrete-pumping and materials company with a series of acquisitions, including U.K. companies Camfaud Concrete Pumps Ltd., Premier Concrete Pumping and South Coast Concrete Pumping Ltd., which it purchased in 2016 for an undisclosed sum, according to its website.

Brundage-Bone, founded in 1983 and led by President and Chief Executive Officer Bruce Young, provides concrete-pumping services from about 80 locations in 20 states across the U.S.