FdG Acquires Stake In General Contractor
The target, Joseph B. Fay Co., is based in Pittsburgh.
February 24, 2009
New York-based private equity firm FdG Associates has acquired a stake in a Pittsburgh-based general contractor. Terms of the transaction were not disclosed.
The recapitalization of the target, Joseph B. Fay Co., is in partnership with management and is a part of FdG’s second fund. The fund, FdG Capital Partners II LP, raised $300 million in committed capital.
Doug Dossey, a managing director at the firm, said in a statement that FdG explored the civil engineering sub-sector and construction industry before investing in the company.
FdG invests in middle-market companies in financial services, consumer and manufacturing companies. The transaction was financed by Fifth Third Bank.
FdG made a similar recapitalization into The Vitamin Shoppe, then sold the company in December 2002 to Bear Stearns Merchant Banking.
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