Greystone Advises Oberfields On Sale To QUIKRETE
SOUTHLAKE, TX | February 5, 2021 – Greystone Advisors, LLC, a leading investment bank focused on the construction materials industry, announced today that it advised Oberfields (“Oberfields” or the “Company”) on the sale to Best Block, LLC, an affiliate of The QUIKRETE® Companies (“QUIKRETE®”). Founded in 1961, Oberfields is headquartered in Columbus, Ohio and is the leading producer and distributor of masonry and hardscape products in Central Ohio.
Graycliff Partners LP (“Graycliff”), an investment firm focused on making lower middle market investments, led the recapitalization of Oberfields in 2017. Frank Cacace of Graycliff said, “We have enjoyed working alongside the talented management team over the past several years and have made significant investments in the business to expand capacity and help strengthen Oberfields position in its core Central Ohio market.”
Jason Schmitz, President & CEO of Oberfields, will continue to manage the Company along with the existing Oberfields management team. “I have known the QUIKRETE® management team for nearly two decades and there isn’t a better owner for our business. They are the largest privately owned producer of concrete and masonry products in North America and I am confident they will steward our employees and customers well” said Schmitz.
Reed Shafer, Managing Director at Greystone, said “It was a privilege to represent Oberfields and we are grateful they trusted us to maximize value in an expeditious manner. Jason Schmitz and the management team have done a wonderful job improving the business and we are excited for them to continue their success as part of QUIKRETE®.”
Will Magill, CEO of QUIKRETE®, said, “We are excited to add Oberfields to the QUIKRETE® family of companies and expand our footprint in Central Ohio. The acquisition strengthens our masonry and hardscape products offering in the region and fits with our overall growth strategy allowing us to better serve our customer base.”
Quikrete Holdings, Inc. is a privately owned family business founded in 1940. It is a leading buildings materials company based in Atlanta, Georgia. Quikrete’s portfolio ranges from its iconic Quikrete branded concrete and mortar mixes to precast and steel pedestrian and vehicular bridges. This includes brands such as Quikrete, Spec Mix, QPR, Pavestone, Custom Building Products, Rinker Materials, and Contech Engineered Solutions. The business’ products include packaged cementitious products, pavers, retaining wall systems, masonry units, tile grouts and thin sets, concrete pipe and box culverts, corrugated metal pipe, engineered storm water systems, and structural precast and steel pedestrian and vehicular bridges. Quikrete services the US and Canadian new construction and repair and remodeling residential, commercial, and infrastructure markets.
About Graycliff Partners LP
Graycliff Partners is an investment firm focused on making lower middle market investments. Through dedicated equity and credit funds, Graycliff seeks to invest in companies led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, recapitalizations, growth and expansion.
Greystone is considered a leading M&A advisor to the construction materials industry, having managed over 60 industry related transactions. Our focus on the construction materials industry allows us to provide unique and valuable insight to both our sell-side and buy-side clients. Since inception in 1996, we have developed unparalleled industry relationships and strong market knowledge which helps our clients achieve optimal results in their M&A transactions.