Craft Work Capital Investments LLC of Bethlehem, Pennsylvania, a strategic investor exclusively focused on specialty contracting firms, has announced a control investment in D&L Inc. of Blytheville.
Financial details were not disclosed.
D&L is one of the largest heating, ventilation, air conditioning and refrigeration system services providers to steel mills in the Southeast. It will remain under its current name and will be managed by its current leaders, Co-President and Chief Operating Officer Bruce Nightingale and Co-President and Chief Administrative Office Dana Gay.
"D&L has a long track record of success based on providing superior service to its customers," Jeremy McGuire, president of Craft Work Capital, said in a news release. "D&L's deep understanding of the demands of industrial and manufacturing facilities sets it apart from its peers. We look forward to working with Dana, Bruce and the entire team to support their growth initiatives."
As part of the transaction, Michael Golden has joined D&L as CFO. Golden has more than 15 years of experience in senior financial leadership in the construction industry, according to the release.
The deal comes amid a period of strong growth for the steel industry in northeast Arkansas, which has supported dozens of peripheral companies, including suppliers, customers and non-steel operations benefiting from proximity to some of the country’s most productive mills. With U.S. Steel's new $3 billion mill under construction in Osceola, more growth is expected.
David Orinski, senior vice president of Craft Work Capital, noted that D&L operates in "end-markets with very favorable fundamentals that will continue to drive growth well into the future."
"As the country ramps up industrial manufacturing capacity in response to post-pandemic supply chain challenges, D&L is very well positioned to expand its business," he said.
Nightingale said the partnership with Craft Work Capital will help D&L expand its reach and capabilities. The company currently has nine locations in Arkansas and surrounding states. It provides services in design, installation, service, maintenance, controls, overhead crane and custom fabrication.