FirstBank Florida arranges financing for Dragados acquisition of Prince Contracting LLC

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
FirstBank Florida arranges financing for Dragados acquisition of Prince Contracting LLC

FirstBank Florida announced it has arranged a $12 million senior secured facility for Dragados, the company heading the Construction division of the ACS group, which has acquired 100% of the Tampa-based Prince Contracting, LLC, which specializes in major civil work projects.

Jose Cueto and Jose Maria Lacasa handled the deal for FirstBank Florida. Dragados acquired the total share capital of Prince for a final price of US $18 million, in a push to increase its presence in the US public works market, specifically in both Florida and Georgia markets.

Grupo Soares da Costa, one of the largest groups in the civil construction and public works sector in Portugal, had announced in April that its subsidiary Soares da Costa America, Inc., previous owner of the firm, had reached an agreement with Dragados.

Jose Cueto sayid:

"This financing is indicative of the recent growth of M&A activity, and highlights Dragados financial strength, and commitment to our market.The transaction also demonstrates the continued focus FirstBank Florida has on financing complex deals for healthy companies in expansion mode, added Mr. Cueto."

Jose M. Lacasa said:

"We've been working with the ACS-Dragados group for some time, providing them with the concierge-style service of a community bank while being able to handle larger, more sophisticated transactions common to a larger institution. We've been very active since 2013 in not only growing with our local clients, but structuring quality transactions for Spanish companies operating in our target markets, added Mr. Lacasa."

Prince Contracting, LLC provides construction services for civil construction and transportation projects in Florida and Georgia. The company specializes in highway, heavy construction, and site development. Its primary focus is on transportation and infrastructure development for state and municipal authorities. The company also provides clearing, earthmoving, drainage, utility, road base, bridge, and concrete work services. It serves public and private sectors. The company was founded in 1983 and is based in Tampa, Florida.

Since 2005, Dragados has experienced a steady and sustainable growth in project revenue as well as geographic expansion across the United States and Canada. A part of that growth has come through the acquisition of Schiavone Construction Co. LLC and John P. Picone, Inc., in New York, and Pulice Construction, Inc., in Arizona. Today, Dragados is active in New York, Massachusetts, North Carolina, Florida, Puerto Rico, California, and Washington State.

List of country news

Country news

  • June 19, 2014

    Top public-private partnership attorney joins Nixon Peabody

    Nixon Peabody, a global law firm with more than 600 attorneys collaborating across major practice areas in cities across the U.S., Europe and Asia, Read more
  • June 19, 2014

    Study finds San Francisco medical center is candidate for P3 delivery

    Law firm Nossaman has informed that a study by the Bay Area Council Economic Institute has concluded that the use of a public-private partnership (PPP) to develop the San Francisco Veterans Administration Medical Center (SFVAMC) project is the best option. Read more
  • June 20, 2014

    Fitch Assigns BBB rating to Private Activity Bonds for I-69 P3

    Fitch Ratings has assigned a rating of BBB to the private activity bonds to be issued by Indiana Finance Authority (IFA) on behalf of I-69 Development Partners LLC, the selected consortium for the project to design, build, finance, operate and maintain I-69 Section 5 from Bloomington to Martinsville. Read more
  • June 23, 2014

    Firm submits proposal to build private toll road near Dallas

    The council is studying a toll road proposed by the Texas Turnpike Corporation, a private company led by John Crew, an investment banker with long experience in researching and financing toll projects. Read more
  • June 23, 2014

    Brisa hires advisor to restructure Northwest Parkway debt

    Portugal's Brisa Auto-Estradas SA, the operator of the Northwest Parkway, has hired Moelis & Co. to evaluate restructuring options for the toll road. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.