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Graycliff Partners on Friday announced the sale of Fort Worth-based Landmark Structures to Cerberus Capital Management, a global investment firm based in New York.
Terms of the transaction were not disclosed.
Founded in 1970, Landmark is a leading designer, manufacturer, and installer of elevated water tanks for municipalities and private water utilities in the U.S. and Canada.
“Graycliff proved to be a reliable, trustworthy partner whose resources and strategic direction significantly helped to accelerate our growth,” said Chris Lamon, Landmark CEO, in a statement. “With Graycliff’s support, we’ve built a strong foundation upon which to continue to expand our product and service offerings. We are looking forward to partnering with Cerberus to further grow the company in the years to come.”
Landmark invented and is a primary supplier of composite elevated tanks (CETs) for municipalities and private water utilities in the U.S. and Canada. Landmark’s storage solutions are critical for ensuring a consistent, high-quality, secure water supply. Through its more than 50-year history, Landmark has developed a strong reputation for its expertise in planning, engineering and construction, complex technical knowledge, and industry‐best safety standards.
Graycliff acquired Landmark 2022 and has helped foster growth through supporting key investments in people, systems, and equipment aimed at increasing capacity and improving operational efficiency, according to a press release.
These initiatives enabled Landmark to capitalize on the strong demand for water storage solutions in key geographies marked by aging infrastructure and continued population expansion, the company said.
“We have greatly enjoyed working alongside Chris and the team at Landmark to build upon the company’s impressive history and strong reputation,” said Andrew Trigg, Graycliff managing partner. “We believe the company is well positioned to continue to grow and drive further innovation in storage infrastructure. We look forward to seeing what the team will achieve with Cerberus’ support.”
Houlihan Lokey served as financial advisor and Weil, Gotshal & Manges LLP served as legal counsel.