Lane Grigsby, the founder of Cajun Industries, has sold his majority stake in the Baton Rouge-based contractor to his son and son-in-law.
The price was not disclosed.
Todd Grigsby, who was named as chief executive officer of Cajun in January, and Mike Moran, who was named company president at that time, bought Grigsby’s shares of the business.
“Cajun has been near and dear to my heart for over 40 years and will continue to be. The time has come for the next generation to lead the company into the future,” Lane Grigsby said.
Todd Grigsby, who most recently served as president of Cajun Constructors Inc., has been with the business since June 1988. Moran, the former president of Cajun Deep Foundations, has been with Cajun since May 1986.
“Lane’s courage, values, work ethic and overall character have made Cajun what it is today. Todd and I are honored to follow the example of Lane and push Cajun to even greater accomplishments,” Moran said.
Cajun Industries is the parent company of five businesses: Cajun Constructors, Cajun Industrial Design and Construction, Cajun Deep Foundations, Cajun Maritime and Cajun Equipment Services. The companies under the Cajun umbrella provide services that include civil construction, disaster response, design-build work and site work.