Heritage Capital Group is pleased to announce that its client, Malone Steel Corporation, has been purchased by New South Construction Supply.
Malone Steel is a distributor of rebar and has been providing exceptional customer service to contractors in North Florida for over 30 years. The company will continue to be a leading supplier in its market, operating as New South Construction Supply-Ponte Vedra. Jeff Malone, president of Malone Steel, will stay with the organization and provide best-in-class sales and service, while overseeing the day-to-day operations of the business.
Headquartered in Greenville, South Carolina, New South Construction Supply was founded in 1981 and has grown to be a leading distributor of construction products to general contractors and subcontractors across the Sunbelt as well as nationally and internationally. New South specializes in concrete and masonry accessories, rebar and wire mesh, tilt-up construction, waterproofing materials, and other commercial and residential construction products. The acquisition of Malone Steel will provide a one-stop shop for concrete and masonry construction customers in the North and Central Florida markets.
Heritage served as the exclusive financial advisor and intermediary to Malone Steel. Patrick Emmet was the advisor on the deal.
“Heritage was the right partner to lead us through this deal,” commented Jeff Malone. “Patrick Emmet took the time to understand our goals and matched us with our ideal buyer. Heritage’s industry experience and relationships with both strategic and private equity buyers moved the process forward, while we were able to stay focused on operating our business. The outcome was optimal for all parties. We are excited and looking forward to the next phase of growth for the company and our new partnership with New South Construction Supply.”
The terms of the transaction were not disclosed. For more information about the transaction, click here.