and

Prestige/AB Ready Mix

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.

The undersigned acted as financial advisor to Prestige in this Transaction

Prestige Gunite and Prestige/AB Ready Mix

Description

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.

Situation

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.

Result

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.