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FirstBank Florida announced it has arranged a $12 million senior secured facility for Dragados, the company heading the Construction division of the ACS group, which has acquired 100% of the Tampa-based Prince Contracting, LLC, which specializes in major civil work projects.
Jose Cueto and Jose Maria Lacasa handled the deal for FirstBank Florida. Dragados acquired the total share capital of Prince for a final price of US $18 million, in a push to increase its presence in the US public works market, specifically in both Florida and Georgia markets.
Grupo Soares da Costa, one of the largest groups in the civil construction and public works sector in Portugal, had announced in April that its subsidiary Soares da Costa America, Inc., previous owner of the firm, had reached an agreement with Dragados.
Jose Cueto sayid:
"This financing is indicative of the recent growth of M&A activity, and highlights Dragados financial strength, and commitment to our market.The transaction also demonstrates the continued focus FirstBank Florida has on financing complex deals for healthy companies in expansion mode, added Mr. Cueto."
Jose M. Lacasa said:
"We've been working with the ACS-Dragados group for some time, providing them with the concierge-style service of a community bank while being able to handle larger, more sophisticated transactions common to a larger institution. We've been very active since 2013 in not only growing with our local clients, but structuring quality transactions for Spanish companies operating in our target markets, added Mr. Lacasa."
Prince Contracting, LLC provides construction services for civil construction and transportation projects in Florida and Georgia. The company specializes in highway, heavy construction, and site development. Its primary focus is on transportation and infrastructure development for state and municipal authorities. The company also provides clearing, earthmoving, drainage, utility, road base, bridge, and concrete work services. It serves public and private sectors. The company was founded in 1983 and is based in Tampa, Florida.
Since 2005, Dragados has experienced a steady and sustainable growth in project revenue as well as geographic expansion across the United States and Canada. A part of that growth has come through the acquisition of Schiavone Construction Co. LLC and John P. Picone, Inc., in New York, and Pulice Construction, Inc., in Arizona. Today, Dragados is active in New York, Massachusetts, North Carolina, Florida, Puerto Rico, California, and Washington State.