TULSA, Okla.–(BUSINESS WIRE)–Argonaut Private Equity, a Tulsa, Okla.-based private equity fund, announced the acquisition of Bandera Utility Contractors, a leading underground, wet utility contractor based in McKinney, Texas.
The acquisition is the second closing of Argonaut Private Equity Fund V, LP., which is targeting $400 million in commitments through ongoing fundraising. The move builds on the momentum of the first closing of Fund V in January 2022.
Fund V is a continuation of Argonaut’s disciplined investing in manufacturing and industrial businesses, most notably in Middle America. The firm has a reputation of investing with low leverage, forging strong relationships and partnering with companies whose similar values create synergy, and Bandera Utility Contractors is no exception.
“We immediately recognized the positive, quality culture we saw in the Bandera team. Their dedication to both hard work and an elevated level of service sets them apart all across Texas,” said Argonaut President Kelly Hagar. “We’re excited for what this partnership means for their continued growth.”
Bandera Utility Contractors CEO Jeff Hicks and CFO Jason Lewis will continue to lead the company along with their exceptional team, known for its exemplary and efficient management of complex projects. “We’re excited to be partnering with Argonaut as we continue to expand,” said Hicks.
About Bandera Utility Contractors
Bandera Utility Contractors is a leading underground, wet utility contractor that provides services to both developers and municipalities across the state of Texas. Primary services include storm sewer, water, sanitary sewer and duct banks. The company started operations 11 years ago and serves blue-chip customers across the multifamily housing, industrial, and warehouse spaces. Bandera is recognized as a top-tier provider in the region with a proven ability to manage complex projects through efficient processes and a history of delivering projects both on time and on budget.
About Argonaut Private Equity
Founded in 2002, Argonaut Private Equity is a Tulsa-based private equity firm with more than $2 billion of capital deployed in direct investments across the manufacturing and industrials sectors. Argonaut partners with companies to develop a strategy for accelerating growth and enhancing operations.
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