Short of disclosing further details regarding the transaction, private equity fund Generation Growth Capital, Inc. has announced the sale of Martell Construction, Inc.
“We are very pleased with our investment in Martell and wish the ownership group continued success in taking the company to the next level,” said Cory Nettles, managing director of GGC.
GGC initially invested in Martell in December 2008. The construction services company delivered strong results in the period that followed, maintaining solid margins and realizing a two times cash on cash return in the recession economy.
“GGC was a great partner that helped us establish operational and financial systems that allowed us to better manage the business,” said Mike Carney, former president of Martell. “GGC’s approach to investing for growth worked out well for the company.”
“GGC took a good company and made it much better. We look forward to growing the business and creating more good-paying jobs in our community,” said Brian Begotka, VP/treasurer at Martell.
The Green Bay, Wisc.-based construction company primarily acts as a subcontractor on large projects and specializes in sidewalks, curb and gutter, and concrete pavement.