RUSSELLTON, Pa.--(BUSINESS WIRE)--Joseph B. Fay Co. (Fay), a leading provider of heavy highway, civil, complex demolition and industrial construction services, announced today the appointment of Lester C. Snyder, III as President & Chief Executive Officer effective May 2, 2011. Snyder, an experienced construction executive with a strong background in Federal, industrial, power and marine construction markets, succeeds brothers Bob Fay and Shawn Fay who will remain actively engaged in the company as Executive Vice Presidents. Snyder’s presence and focus on expansion and growth will allow Bob and Shawn Fay to remain dedicated to maintaining the high levels of customer service and project execution for which Fay has established an industry leading reputation.
“We are thrilled to have Les Snyder as the new CEO of Fay,” said Bob Fay, who is also a Director and shareholder of the company. “We have deep respect for Les’ operational and leadership skills, and admire his accomplishments in successfully expanding operations into new end markets, both organically and through acquisition.” Shawn Fay, also a Director and shareholder, added, “Les shares our commitment to safety, customer service, employee development and further strengthening Fay’s core values, all of which make him a great fit to lead the company. My brother and I look forward to working with Les to execute our company’s business plan.”
Snyder joins Fay from his position as President and Chief Operating Officer of Barton Malow Company, ranked by Engineering News Record in 2010 as the 38th largest US contractor with $1.25 billion in revenues of which over 50% was attributed to the Manufacturing and Power sectors. Additionally, Les brings considerable experience in heavy and marine construction from his prior tenure with American Bridge Company.
“Fay has a tremendous reputation as a leader in the Western Pennsylvania and Mid-Atlantic transportation, civil and industrial construction markets, as well as in the complex demolition of bridges and concrete structures nationwide. I look forward to working with the outstanding team already in place to continue executing on the company’s growth strategy,” Snyder said. “Despite today’s uncertain economic environment for infrastructure contractors, we are committed to making the investments that will enable the company to grow both organically and through acquisition. Our strategy will remain focused on maintaining our excellence in project execution on complex work. I am pleased to have the support of Bob and Shawn Fay and the rest of the organization, as well as the support and resources of our partners at FdG Associates.”
“Fay is well positioned to take advantage of opportunities in this challenging market given the experience and depth of our newly expanded management team and the financial and other resources that FdG Associates can provide,” said Matt Katz, Managing Director of FdG Associates and a member of the Board of Directors of Fay. “Les is the perfect addition to the Fay team. We look forward to building the company alongside him.”
About Joseph B. Fay Co.
Joseph B. Fay Co., headquartered in Russellton, Pennsylvania, is a leading provider of general and civil construction and demolition services to public and private customers in the Western Pennsylvania and Mid-Atlantic regions. The company’s core expertise is in the construction of bridges, roadways, transmission facilities, locks and dams, railroad bridges and underground utility projects. The company’s creative approach to project design and execution has provided customers with considerable cost and time savings.
For more information about Fay, please visit www.jbfayco.com.
About FdG Associates
FdG Associates is a private investment firm providing equity capital to North American-based middle-market growth companies with sound businesses and unrealized potential. By building a partnership with management and offering creative problem solving and strategic, long-term planning focused around key corporate initiatives, FdG empowers companies to achieve their full growth potential.
FdG will typically commit from $15 million to $50 million in equity to sponsor management buyouts, recapitalizations and growth-oriented capital investments in private and public companies. The deep and diverse experience of the firm’s executive team enables FdG to pursue opportunities in the business and consumer services, distribution, light manufacturing, retail and consumer products, and infrastructure services sectors.
FdG is headquartered in New York, NY. For additional information, please visit www.fdgassociates.com.