Los Angeles investment firm Peninsula Pacific Strategic Partners LLC has acquired Denver-based Brundage-Bone Concrete Pumping Inc., the largest concrete pumping service in the U.S., in a $171-million deal that completes the firm's return from bankruptcy. The transaction represents a "relatively new platform" for Peninsula, says Joshua Phillips, managing partner. It is among the firm's first ventures into construction.
Brundage-Bone officials say the deal, completed on Aug. 18, will not affect its 550 employees or any of its current offices. The merger fulfilled the last remaining condition of Brundage-Bone's 2010 Chapter 11 filing, which required the firm to monetize the equity of its investors within two to five years, CEO Bruce Young told ENR. "Our investors were paid 100¢ on the dollar, so this was a success for everyone," he says.