Waukesha-based concrete precaster and machinery manufacturer Spancrete
has been acquired by Minnesota-based Wells Concrete
, the fifth largest precaster in the U.S.
"The Nagy family built an extremely innovative company in Spancrete and achieved tremendous success. From its very first days Spancrete gave life to a new industry and experienced positive growth all the way to its present-day form as a mature, developed company,” said Sam Nesius, chairman of Wells Concrete. “The Nesius family is honored to be considered worthy stewards of the Nagy family legacy. It is no surprise that our company values are very compatible and our approach to the marketplace, our customers, and our employees is nearly identical.”
The deal will give Wells a footprint that stretches from Canada to New Mexico and Indiana to Colorado. The company plans to keep Spancrete’s precast plants in Valders, Wisconsin, Crystal Lake, Illinois and Sebring, Florida in operation along with the company’s machinery operation in Waukesha.
“Spancrete has been in my family for 75 years and I’m proud to become a part of a company that exemplifies our core values – quality, service and durability,” said John Nagy, chief executive officer of Spancrete. “Because of our similar cultures and philosophies in how we approach business, our employees and customers, we are positioned for future success.”
Terms of the deal were not disclosed.