Promus Equity Partners and Jon S. Vesely Announce the Formation of Associated Steel Group, LLC and the Acquisition of ACI Building Systems, LLC
Chicago, Illinois, August 27, 2012 – Promus Equity Partners, LLC (“Promus”), headquartered in Chicago, IL, in partnership with Jon Vesely, an independent sponsor, are pleased to announce the formation of Associated Steel Group, LLC (“ASG”) for the purpose of acquiring companies in the metal building industry. As part of this strategy, they also announce the acquisition of ACI Building Systems, LLC and PrecisionBuilding.com, LLC (together “ACI”), a Batesville, Mississippi based designer, manufacturer and seller of metal buildings and roofing systems.
Led by President and CEO, Tim Ritchie, ACI has established itself as a premier designer and manufacturer of engineered metal buildings and roofing systems. Metal buildings and roofs offer significant cost and efficiency benefits to building owners such as churches, schools, industrial companies, warehouse operators, municipal complexes and retail establishments. “Our commitment to customer service and focus on quality has been critical to the success of ACI. Over the past several years, we have seen metal building systems become a preferred alternative to other construction materials due to its shorter setup time, longevity, versatility, sustainability and aesthetics. Together, these dynamics make the future of ACI very exciting,” remarked Ritchie. ACI is a member of the Metal Building Manufacturers Association, where Tim Ritchie serves on the Executive Committee. Mr. Ritchie was also named CEO and President of Associated Steel Group, LLC.
Steve Brown, a partner at Promus said, “Following a tough economic period, we are confident that the U.S. non-residential building industry is poised for a rebound. Tim Ritchie and his team have positioned themselves well in a favorable geographic market with a loyal customer base of contractors and end-users. ACI is a great start to our broader strategy within the metal building industry.”
SunTrust Bank provided a senior credit facility. Terms of the investment were not disclosed.
For more information on this acquisition, please contact Steve Brown or David Code.
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