Private investment firm The Stephens Group LLC of Little Rock announced the sale of portfolio company Spitzer Industries of Houston, Texas, a specialty steel fabricator serving energy and industrial clients.
The buyer was manufacturing and infrastructure solutions company Race Rock of Fort Worth, Texas, which plans to have Spitzer continue operating in Houston as a standalone division of the company.
Financial terms of the transaction were not disclosed.
The Stephens Group first invested in Spitzer in 2007. Since then, Spitzer has increased revenue nearly eightfold through a combination of strategic acquisition initiatives, facility expansion and additions, and the execution of plans to enter new markets, The Stephens Group said in a news release.
“We are grateful for Stephens Group’s steadfast support over the past 18 years,” Cullen Spitzer, president of Spitzer, said in the release. “Their expertise allowed us to have the confidence to substantially grow our business, while supplementing our efforts with good strategic planning and the execution of a multitude of business initiatives. We’re excited to build on that momentum in this next chapter with Race Rock.”
The Stephens Group has more than $2 billion in private equity assets under management. Since 2006, the firm has invested in more than 55 companies, targeting investments in industries across the U.S., including industrial products and services, specialty distribution and vertical software
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