NEW YORK, July 28, 2006 – Bruckmann, Rosser, Sherrill & Co. (“BRS”) today announced the completion of the sale of portfolio company Penhall International (“Penhall”) to Code Hennessy & Simmons LLC for approximately $240 million. Deutsche Bank A.G. served as financial advisor to Penhall on the transaction.
Penhall, based in Anaheim, California, is the leading provider of concrete cutting, concrete breaking and highway grinding services in the United States. Penhall’s diversified base of over 15,000 customers includes local and nation-wide construction contractors, industrial companies, manufacturers, governments and municipalities. Penhall was acquired by BRS and management in a leveraged buyout in August 1998. Since its acquisition by BRS, Penhall has successfully completed 10 add-on acquisitions and increased its number of locations from 21 to 37 across the United States.
BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in more than 40 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services, commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. All management teams of BRS companies are equity investors in their businesses.