Bernhard Capital Partners Management said it has acquired a stake in The Lemoine Co., an 84-year-old Lafayette-based general contractor.
Financial terms of the deal, which was finalized Wednesday, were not disclosed. Jim Bernhard, the former Shaw Group founder who launched the private equity firm six years ago, said Lemoine is a leader in the construction management and community resilience industries.
"We look forward to working with The Lemoine Company's world-class management team to further their commitment to excellence, quality and customer service across current and future customers and markets," Bernhard said in a statement.
The Lemoine Co. was founded in 1935 as The Cottonport Lumber Co. in Avoyelles Parish. A construction division was spun off in 1979 and the company moved to Lafayette and changed its name in 1983.
Lenny Lemoine will continue to serve as president and chief executive officer of The Lemoine Co. The company's existing management team will remain in place and help Bernhard Capital identify potential targets for acquisition or investment.
"This investment provides our company, our employees and our customers with tremendous growth opportunities," Lemoine said in a statement. "Our customers, many of whom we have partnered with for decades, will continue to see the same quality they have grown to expect from us combined with the capital and operational resources of Bernhard Capital to help fuel our expansion."
The Lemoine Co. has built a number of high-profile projects across south Louisiana, such as the Shaw Center for the Arts in downtown Baton Rouge, expansions and renovations at Lafayette General Medical Center, the South End Zone expansion of Tiger Stadium, the New Orleans East Hospital and The Advocate office building in Baton Rouge. Lemoine also built the Livingston headquarters for Epic Piping, which is in the Bernhard Capital portfolio.
Bernhard Capital focuses on buying companies in the industrial, energy and infrastructure services sectors. Bernhard has said his business specializes in investing in good companies to help them get better. The companies in the portfolio have more than 18,000 employees, a total that was boosted by the nearly 375 people who work for Lemoine.
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