Ajax Building Corporation Acquired by Structure Tone
7 Mile Advisors Acted as the Exclusive Sell-side Advisor to Ajax Building Corporation in Their Sale to Structure Tone
Charlotte, NC – Ajax Building Corporation, one of the leading construction management firms in the Southeastern U.S., has joined the Structure Tone family of companies. The move allows Ajax to access Structure Tone’s global network and resources and expands Structure Tone’s reach into the Southeast U.S. 7 Mile Advisors, a Charlotte, NC-based investment bank with offices in Chicago, Houston and Los Angeles, acted as the exclusive sell-side advisor to Ajax Building Corporation.
“7 Mile Advisors served as a trusted partner and advisor to us through our transaction with the Structure Tone organization. As a third- generation family business founded in 1958, the 7 Mile team understood the importance of finding the right strategic partner for Ajax and ultimately, the right home and growth opportunity for our people. We are thrilled about what the next 60 years has in store for our company and we could not have gotten here without the skill, experience, and expertise of 7 Mile Advisors.” said Jay Smith, Vice President of Ajax Building Corporation.
In 2017, Structure Tone restructured its ownership in partnership with Global Infrastructure Solutions (“GIS”) to extend company ownership to all management and employees. GIS is comprised of engineering and construction executives that are committed to facilitating seamless ownership transitions and accelerating growth strategies. Ajax Building Corporation will retain its name, and its current leaders—Bill Byrne and Jay Smith—will retain ownership in the company and maintain their roles as the senior leadership team of the business.
“Partnering with a firm that shares our culture and values is an ideal way to continue fostering the growth we’ve seen over the past 60 years, while still offering the same client-focused approach that has allowed Ajax Building Corporation to become established leaders in construction management,” says Bill Byrne, President of Ajax Building Corporation.
Byrne added, “We were extremely happy with our experience working with 7 Mile Advisors on our deal with Structure Tone. They proved extremely valuable in managing the many aspects of the process and making sure we were fully informed along the way. Our business is built on strong project management skills and the 7 Mile team exhibited the same strengths in managing our transaction. They provided needed clarity and guidance when appropriate. Their knowledge of the industry was apparent in all stages of the process and they maintained focus on all aspects of our business throughout the transaction. We thank them for their efforts and recommend them highly.”
The transaction extends Structure Tone’s reach in the Southeastern U.S. and brings a diversified set of project types including higher and K-12 education, city, county and state government, healthcare and historic restoration. Ajax Building Corporation brings capabilities in both ground-up and interior construction projects and adds over 200 employees across Florida, Georgia, and South Carolina.
“As we celebrate Ajax Building Corporation’s 60th anniversary, I am excited that this partnership offers ownership opportunities in the company my family began to those who have become our extended family: our employees,” says Smith. “For our employees, clients and new Structure Tone partners, Bill and I have made long-term commitments to continue leading Ajax as we move forward into the future.”
The acquisition marks 7 Mile Advisors second successful engineering and construction transaction with a Florida-based client this year. “We built our firm to serve teams and companies like Ajax Building Corporation. We could not be more pleased with the outcome of this transaction.,“ says Tripp Davis, Partner of 7 Mile Advisors. “Ajax Building Corporation built a reputation as a leader in construction management services across the Southeast, working on challenging and critical projects that serve students, healthcare providers, first responders, and the community at large. There is no doubt the company is even stronger yet as part of the Structure Tone organization.” says Neil Churman, Director at 7 Mile Advisors. The 7 Mile Advisors team regularly publishes research reports and blogs on the space, disseminating industry trends and notable transactions – including the most recent post titled “Technology and Delivery Models are Reshaping Construction”.
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Infrastructure, Industrial, Energy and Environmental Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, and provides market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit 7mileadvisors.com.
About Ajax Building Corporation
Founded in 1958 and now operating in several locations across Florida, Georgia and South Carolina, Ajax Building Corporation is one of the fastest-growing construction companies in the Southeastern US. Our projects include ground-up, renovations and interior construction for universities and colleges, K-12 school districts and city, county and state governments, as well as hospitals and the restoration of historic structures. Whether a small renovation or a multi-million-dollar new building, Ajax Building Corporation prides itself on delivering projects on time, in budget and with the highest level of safety, customer service and quality. Learn more about Ajax Building Corporation at ajaxbuildingcorp.com.
About the Structure Tone Organization
We have been building amazing spaces for our clients for over 45 years. The Structure Tone family of companies—Structure Tone, LF Driscoll, Structure Tone Southwest, Pavarini Construction Co., Pavarini McGovern and Govan Brown—includes over 1,900 employees located in offices throughout the US, Canada, UK and Ireland providing a complete range of services, from site selection analysis, design constructability review and aesthetic enhancements to interior fit-outs, new building construction and building infrastructure upgrades and modernization. Learn more about how we partner with our clients to imagine, execute and realize their vision at structuretone.com.