Lake Street Capital Partners Announces Majority Recapitalization of Concrete Science Holdings and Completion of Add-on Acquisition of MD Concrete
CHICAGO, Aug. 28, 2024 /PRNewswire/ -- Lake Street Capital Partners, LP ("Lake Street Capital Partners" or "Lake Street Cap"), an affiliate of Lake Street Private Wealth, LLC, and subsidiary of Lake Street Capital Management, LLC, today announced the completion of its partnership in Concrete Science Holdings, LLC ("Concrete Science" or "CS") as well as Concrete Science's acquisition of MD Concrete, LLC ("MD Concrete").
Concrete Science is a leading provider of concrete installation and concrete coatings application services to commercial and residential customers in Minnesota and Florida. Founded in 2012 by Steven Hicks, Concrete Science offers a variety of concrete and concrete coating solutions to its customers across a variety of applications from patios, pool decks, garage floors, facility flooring, and national aquatic parks, among others. The Company's dedication to providing the highest quality customer service, products, and customer experience have made Concrete Science a leader in the markets it serves.
"Concrete Science has created a highly differentiated and diversified business model that has enabled them to achieve tremendous growth," said Justin Terzo, Managing Partner of Lake Street Capital Partners. "The combination of Concrete Science with MD Concrete helps to further extend the Company's reach in offering customers best-in-class services across the concrete sector."
"We couldn't be more excited to be partnering with Steven Hicks, Josh Wachter, Brent Kerber, Chase Hicks, and the rest of the Concrete Science team," added Brant Wilczek, Managing Director of Lake Street Capital Partners. "Steven and the Concrete Science team have established themselves as a go-to partner for businesses and consumers, alike. We look forward to helping them continue to build their differentiated and highly professionalized platform."
"The Concrete Science team is excited to partner with Lake Street Capital Partners to help accelerate our growth and capture the tremendous opportunity ahead of us," said Steven Hicks, Founder and CEO of Concrete Science. "From day one, Justin, Brant, and the rest of the Lake Street Capital Partners team distinguished themselves from our other suitors. They further validated our beliefs of the quality of their team and alignment with our growth plan through their assistance in executing the successful acquisition of MD Concrete. We look forward to our continued partnership and achieving the goals we have set for Concrete Science's future."
As part of the transaction, Lake Street Capital Partners was represented by Fredrikson & Byron P.A. and Barton Walter & Krier and Concrete Science was represented by Faegre Drinker Biddle & Reath LLP. Tradition Capital Bank provided financing in connection with the transactions.
About Lake Street Capital Partners, LP
Lake Street Capital Partners, LP ("Lake Street Cap") is a Chicago-based private equity firm focused on making control, significant minority, and co-investments in North American based lower middle market companies across the consumer, services, and distribution sectors. Lake Street Cap seeks to invest in growth-oriented founders and family-owned businesses in search of a strategic and value-added capital partner. Lake Street Cap typically makes equity investments of $5 million to $15 million per transaction. For more information, please visit www.lakestcap.com or contact [email protected].
About Lake Street Private Wealth, LLC
Lake Street Private Wealth, LLC ("Lake Street") is an SEC Registered Investment Adviser and full-service independent wealth management firm headquartered in Chicago, Illinois. Lake Street offers investment management, financial consulting and insurance services to private clients and institutions throughout the United States. Lake Street's mission is to partner with its clients in the truest sense, offering unbiased, holistic advice to help them achieve a financially secure life, both today and in the future. Since its inception in 2017, Lake Street has become a leading independent, nationally recognized, investment advisory firm with approximately $1.2 billion in assets under management (as of June 30, 2024). For more information, please visit www.lakest.com or contact [email protected].
About Lake Street Capital Management, LLC
Lake Street Capital Management, LLC ("LSCM") is the private capital investment arm of Lake Street founded to provide its clients with direct access to sponsors and proprietary alternative investment strategies, including real estate, private credit, and private equity. LSCM's strategy enables investors to bypass intermediary investment vehicles and asset managers, thus avoiding excessive fee structures and high investment minimums, while also providing greater accountability, transparency, and communication with general partners. Since its inception in 2022, LSCM has facilitated over $50 million in transaction volume across various special purpose vehicles and its traditional draw-down private equity vehicle, Lake Street Capital Partners, LP.
About Concrete Science Holdings
Concrete Science Holdings, LLC ("Concrete Science") is a 120-employee concrete installation and coatings application services provider headquartered in Minneapolis, Minnesota. Concrete Science's roots date back to 1973 when the Hicks family first established a commercial concrete business, Hicks Concrete. Today, Concrete Science operates four separate divisions including its Commercial Concrete, Decorative Concrete, Residential Coatings, and National Aquatics divisions. Concrete Science prides itself on providing its customers with the highest quality products with best-in-class service. For more information, please visit www.concrete-science.com.
SOURCE Lake Street Capital Partners
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