Additional Capital Enhances Patriot’s Financial Strength and Enables Continued Growth
Ranch Creek Partners, LLC, together with Hillstar Capital, announced they have made an equity investment in Patriot Erectors, LLC (“Patriot”), a leading turnkey fabricator / erector of structural and miscellaneous steel based in Dripping Springs, Texas. The investment in Patriot will enhance the company’s financial strength, while enabling it to meet the needs of its growing customer base in Texas. Patriot will continue to be led by long-serving CEO, Parley Dixon, General Manager, Ted L. Turner and a proven group of seasoned industry professionals.
“This transaction comes at a pivotal time for Patriot. With the retirement of CFO, Rex Webb, and the desire to expand the business, this equity investment signifies a new era for the company,” said J.D. Kritser, founder and managing partner of Ranch Creek and Chairman of the Board of Patriot. “Central Texas is one of the strongest construction markets in the country and Patriot, with its unique, turnkey business model, is well-positioned to capitalize on it.”
Founded in 1991 with a single truck and a welding machine, Patriot has grown from an erect-only, three-man start-up to a true turnkey fabricator/erector that has become the contractor of choice for some of the region’s most high profile and challenging construction projects, including Austin-Bergstrom International Airport, The University of Texas Engineering Education and Research Center and The JW Marriot Austin. Today, Patriot strengthens the backbone of the region’s growing economy by employing over 250 employees.
“Patriot has experienced steady growth over 30 years and gained a reputation for delivering a quality product. We are one of only two companies in the state of Texas certified by the American Institute of Steel Construction in both fabrication and erection.” said Parley Dixon. “This recapitalization allows our newly redefined organization to continue the process of innovation and expansion.”
“What really impressed us was Patriot’s outstanding reputation with its customers and the consistent project performance it demonstrated over the years” said Adam Stern, partner of Hillstar Capital. “We are excited to partner with the outstanding team at Patriot. They have built a customer-centric culture of performance and accountability that is needed to keep such ambitious projects on time and on budget.”
Financing for the transaction was provided by Ross Vaughan and Billy Braddock of Cadence Bank, Houston, Texas.