have been acquired by
Prestige Gunite is a leading provider of swimming pool gunite installation services. Prestige/AB Ready Mix is a leading provider of ready-mixed concrete.
Prestige / AB Ready Mix a one million yard per year supplier of ready-mixed concrete, and Prestige Gunite is the largest provider of swimming pool gunite installation services in the country.
Croft & Bender was invited by the Company's counsel, King & Spalding, to pitch against five regional and national middle market investment banks. Croft & Bender was selected to advise the Company through an exclusive sale process that included valuing the Company, identifying potential acquirers, drafting the offering memorandum and related materials, marketing the Company, selecting a partner, and negotiating the transaction.
After contacting a large set of potential strategic and financial buyers and receiving eight offers, Croft & Bender selected six buyers to meet with management prior to negotiating a deal with the highest bidder. After a significant downturn in the residential housing market, the buyer and the Company agreed to postpone the process. Two months later, Croft & Bender renewed the competitive process and sold the Company to Votorantim, a strategic buyer based out of Brazil.