Milwaukee-based private equity fund Generation Growth Capital, Inc. (“GGC”), announced today the sale of Martell Construction, Inc. Terms of the transaction were not disclosed.
Based in Green Bay, WI, Martell is a construction services company specializing in sidewalks, curb and gutter, and concrete pavement. The company acts primarily as a subcontractor on larger projects and is highly regarded as the premier concrete construction business in its core markets, including the Fox Valley, northeastern Wisconsin and Upper Michigan with customers in commercial, municipal, residential, industrial, heavy highway and marine segments.
“We are very pleased with our investment in Martell and wish the ownership group continued success in taking the company to the next level,” said Cory Nettles, Managing Director of GGC.
GGC invested in Martell in December 2008. During GGC’s ownership, Martell maintained solid margins and steady growth in a difficult construction economy. The transaction realized an approximate two times cash on cash return, and an IRR in excess of 20% over a nearly five-year period.
“GGC was a great partner that helped us establish operational and financial systems that allowed us to better manage the business,” said Mike Carney, former President of Martell. “GGC’s approach to investing for growth worked out well for the company.”
“GGC took a good company and made it much better. We look forward to growing the business and creating more good-paying jobs in our community,” said Brian Begotka, VP/Treasurer at Martell.
GGC is a Milwaukee-based private equity firm that invests in lower middle market companies. It also has an office in Chicago, IL. GGC does growth and buyout investments in control and non-control situations. GGC focuses on companies with sales in the $5mm to $50mm range and enterprise values under $30mm. For more information, please visit www.generationgrowth.com or call 414-291-8908.