March 07, 2016 09:00 AM Eastern Standard Time
HAMILTON, Ohio & CHICAGO–(BUSINESS WIRE)–Lithko Contracting, Inc. (“Lithko”) and The Pritzker Organization, L.L.C. (“TPO”) announced today that business interests of the Tom Pritzker and Gigi Pritzker Pucker families have agreed to acquire Lithko in an all-cash transaction, expected to close on or around March 31, 2016, subject to customary closing conditions.
Lithko is a market-leading, full-service concrete contractor specializing in the execution of walls, tilt-ups, structural frames, slabs, site work, foundations and pre-construction services. Lithko has approximately 1,500 employees serving over 400 clients across 13 geographic regions.
Robert Strobel, Lithko President and CEO, said, “The team at Lithko is excited to partner with The Pritzker Organization. We believe our visions align to continue to do great things in the concrete construction industry. Our excitement extends to our coworkers, customers and vendor partners. This transaction will mark a new era for our organization, combining our industry experience with TPO’s vast business knowledge, resources and leadership. Our new partnership will drive exceptional value and solidify our place as an industry leader.”
Tom Pritzker, Chairman and CEO of The Pritzker Organization, said, “Lithko has an exceptional team and a proven track record of delivering value to its customers. We are delighted to have the opportunity to participate in and support the growth of the business over the long term. Throughout our history, we have partnered with strong teams to build durable businesses for the future. We look forward to working closely with Rob and the Lithko team in a similar fashion to help them build on their impressive track record of success.”
BMO Harris Bank (“BMO”), Fifth Third and KeyBank are providing committed debt financing with BMO acting as Sole Lead Arranger. Baird is acting as financial advisor to Lithko and Squire Patton Boggs is advising Lithko on legal matters in connection with the transaction. Latham & Watkins is acting as legal advisor to TPO and the business interests of the Tom Pritzker and Gigi Pritzker Pucker families.
About Lithko Contracting, Inc.
Lithko is a market-leading, full-service concrete contractor specializing in the execution of walls, tilt-ups, structural frames, slabs, site work, foundations and pre-construction services. Lithko has approximately 1,500 employees serving over 400 clients across 13 geographic regions. For additional information, visit www.lithko.com.
About The Pritzker Organization, L.L.C.
The Pritzker Organization is the merchant bank for the business interests of certain members of the Pritzker family. TPO is focused on partnering with exceptional leaders to create value across a wide range of industries. We look for opportunities where we can create value for our families’ business interests, our partners and our stakeholders over a long-term time horizon. For more than 60 years, TPO has overseen and guided the development of dozens of portfolio companies across a wide variety of industries, including manufacturing, logistics, life sciences, hospitality, healthcare and services. Notable businesses include Hyatt Hotels, Triton Container and the Marmon Group. In addition to its core strategy of building long-term businesses, TPO is also active in special situations, deploying capital across a wide spectrum of industries and across every tier of the balance sheet, from senior debt to equity. Additional information can be found at www.tpo.org.
Contacts
For Lithko
Kristin Nordyke
(614) 733-0300
or
For TPO
Joseph Gleberman / Larry Tarschis
(312) 873-4900