Banyan Capital Partners funds MBO of Pennecon's concrete division
Larry Puddister, CEO of Pennecon Ltd, a heavy civil construction, energy and real estate company, has led the management buyout of Pennecon's concrete division. The deal was was supported with undisclosed funding from Canadian mid-market private equity firm Banyan Capital Partners. Going forward, Pennecon Concrete will operate under the name Newcrete Investments LP. Led by Puddister, it will produce and supply ready-mix concrete, precast concrete and masonry products for the construction industry in Newfoundland and Labrador. Banyan is partnered with Canadian asset manager Connor, Clark & Lunn Financial Group.
3 June 2014•3 mins read
