The value of the transaction was not disclosed.
Prestige Gunite has operations in Florida, North Carolina, Texas and California. According to the Company, it is the largest provider of gunite installation for swimming pools in the world. Prestige/AB Ready Mix provides cement and block concrete products to building contractors in Florida and North Carolina.
With more than 50,000 employees, the parent company of Toronto-based VCNA is one of the largest private industrial conglomerates in Latin America. According to Revista America Economia, a Latin American business publication, the Votorantim Group, with sales of approximately U.S. $17 billion per year, is the 16th largest company in Latin America.
The Prestige companies' Chief Executive Officer Brain Mahoney said the Croft & Bender team's efforts and experience were essential to getting the transaction completed.
"C&B's ability to sort through the issues, adapt to changes and mediate issues that arose during the process was invaluable," Mahoney said.
Croft & Bender's Ted Bender said Mahoney was able to offset the effects of a weak residential housing construction market by increasing the Prestige companies' market share and moving the customer base to more robust sectors and geographies. "As a result, we were able to sell the Prestige companies at a strong valuation," Bender said.
About the Votorantim Group
Founded in 1918, the family-controlled Votorantim Group is now in its third generation of operation. The company's business lines include cement and concrete, mining and metallurgy, paper and pulp, concentrated orange juice, chemical specialty markets, the self-generation of electric power, and financial services through Banco Votorantim. More information is available at http://www.votorantim.com.br .
About Croft & Bender
Croft & Bender LLC, based in Atlanta, Georgia, is an investment banking firm focused on providing M&A, private equity and financial advisory services to middle-market and emerging growth companies in the Southeast. The firm also sponsors the C&B Capital private equity funds, with $44 million under management. For more information on Croft & Bender, visit http://www.croft-bender.com or contact the firm at (404) 841-3131.
