Penhall International Corporation Acquires The Graff Company Ltd.
Chiago – Code Hennessy & Simmons LLC (“CHS”) announced today that Penhall International Corporation (“Penhall”) acquired The Graff Company Ltd. (“Graff”), a leading provider of concrete cutting, scanning and demolition services in Ontario, Canada. Penhall is a portfolio investment of CHS Private Equity V LP, a $1.3 billion investment fund formed in 2005.
Founded in 1965, Graff is the largest provider of concrete cutting and scanning services in Ontario, approximately twice the size of its nearest competitor. With the recent trend of contractors merging concrete cutting and demolition services, Graff is well-positioned for incremental growth. In addition, Graff is one of few companies with concrete radar and X-ray scanning capabilities and employs the most advanced scanning technology in its market space. The company serves the commercial construction market, specializing in additions, modifications and retrofitting of existing commercial structures. For additional information about Graff, please refer to the company’s website at www.graffconcrete.com.
Penhall provides a broad range of concrete- and asphalt-related services to the non-residential building construction and infrastructure markets. Penhall operates an equipment fleet of 775 revenue-producing units, operated by over 800 skilled employees. Its customer base includes over 15,000 local and national general contractors, industrial companies, government entities and municipalities. Headquartered in Anaheim, California, Penhall has 37 branch locations in 17 states. For additional information about Penhall, please refer to the company’s website at www.penhall.com.
George Bush, Vice President of Penhall, said, “The acquisition of Graff provides a platform for future expansion in Canada. We look forward to expanding our cross-border work and also introducing new scanning services into the U.S. Together, we will pursue growth opportunities that capitalize on our long-standing histories of excellent safety and service.”
CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm’s website at www.chsonline.com.