MINNEAPOLIS--(BUSINESS WIRE)--Simplex Construction Supplies (“Simplex”) announced today that it has partnered with Opus Bank’s bank-sponsored SBIC Fund, Opus Equity Partners, to complete the acquisition of and consolidation with JC Supply & Manufacturing (“JC”), establishing the leading vertically integrated manufacturer and supplier of infrastructure products and solutions to heavy and highway contractors throughout the country.
Opus Equity Partners will partner with Sarah Bazey, the owner and CEO of Simplex, to integrate Simplex’s robust distribution business with JC’s industry-leading manufacturing operations, benefiting from a combined footprint of 260,000 square feet under roof and 20 acres of capacity across three locations in Ontario, CA; Carlyle, IL; and Minneapolis, MN.
Sarah Bazey, CEO of Simplex, stated, “We are excited about the partnership with Opus’ SBIC Fund and the future of our industry.” Bazey continued, “The Fixing America’s Surface Transportation Act (FAST Act) authorized $305 billion in spending over fiscal years 2016 through 2020. The combination of JC and Simplex, and the competitive advantage of a vertically integrated organization with a commitment to product quality and customer service, positions us well to play a leadership role in reinforcing America."
Dale Cheney, Managing Partner of Opus Equity Partners, commented, “JC has built an incredible business on a foundation of strong organic growth and excellent manufacturing execution under the leadership of Jerry and Connie Lightcap, Co-Founders of JC. The company’s product innovation and quality is unparalleled in the industry.” Cheney continued, “We are enthusiastic to partner with such a highly accomplished CEO in Sarah Bazey, who brings 30 years of infrastructure experience with a focus on bridges and highways. Sarah brings a wealth of industry knowledge and professional relationships that will enable Simplex and JC to successfully expand into additional geographic areas and product offerings.”
Jerry and Connie Lightcap commented, “Our employees have helped us build an outstanding company, and we look forward to a successful partnership with Simplex, who shares our values and commitment to becoming one of the leading infrastructure companies in the country.”
About Opus Bank’s Merchant Banking Division
Opus Bank’s Merchant Banking Division is an integrated principal investing and financial advisory platform that provides a broad range of direct investment and advisory solutions to lower middle-market companies. The Merchant Banking Division includes Opus Equity Partners, LLC, the advisor to the Opus Bank-sponsored private equity SBIC Fund that provides growth capital to successful and dynamic companies in need of a capital solution beyond what is customarily available from traditional bank sources. The Merchant Banking Division also includes both Opus Financial Partners, LLC, Opus Bank’s wholly-owned registered broker-dealer, and an investment banking group that provide advisory solutions to lower middle-market companies for mergers & acquisitions, leveraged buy-outs, growth equity capital, junior and senior debt, recapitalizations, and other broad transactional support to assist companies in their business development efforts. For additional information about Opus Bank, please visit our website at: www.opusbank.com.
About Simplex Construction Supplies
Simplex Construction Supplies (“Simplex”), headquartered in Minneapolis, MN, is a distributor of construction products that has been serving contractors in the commercial, heavy and highway, and stucco markets for 30 years. The consolidation with JC Supply & Manufacturing (“JC”), which has facilities in Ontario, CA, and Carlyle, IL, will enhance distribution reach and bolster manufacturing operations. JC has distributed construction chemicals and produced steel reinforcing products into the highway market for the past 20 years.