June 12, 2024 - Corre Partners Management, LLC (“Corre”) announced the sale of Dayton Superior Corporation (“Dayton”), a leading provider of concrete accessories, chemicals, and forming solutions, to White Cap. Terms of the transaction were not disclosed.
Headquartered in Dayton, Ohio and building upon iconic brands including Symons, Dayton Superior, and HK across both traditional and tilt-up concrete construction, Dayton, during Corre’s ownership, enhanced its leading position as a provider of engineered concrete solutions by revitalizing its product offering, significantly expanding its distribution footprint to improve delivery times, and diversifying its customer base.
Away from substantially improving the top line, margins, and free cash flow generation, Dayton’s turnaround shifted the portfolio focus and strategy toward attractive growth areas like splicing, rentals and tilt-up, and later included the acquisition of HK Composites earlier this year. “The sale to White Cap concludes a highly successful operational and commercial journey executed by management that began with a recapitalization of the business in late 2019. Corre has enjoyed collaborating on this journey with Mark Carpenter (CEO), Dan Dolson (CFO) and the entire management team as well as our equity partners. We want to thank them collectively for their major contributions in driving this successful outcome,” said Saurabh Kapadia, a Partner at Corre.
Headquartered in New York, Corre Partners Management, LLC, is an alternative asset manager focused on making opportunistic, deep-value investments across the capital structure in middle market companies that are experiencing temporal challenges. Corre targets under-followed companies in turnaround and helps partner with management teams to drive value creation by assisting portfolio companies where needed in making financial, operational, and commercial changes to enhance their businesses.
