Eberhart Capital, a Scottsdale, Arizona-based private equity firm, continued a rollup of construction companies, acquiring Michigan’s M.J. Van Damme Inc. for $20 million to $50 million, according to an Eberhart press release.
Eberhart’s portfolio includes U.S. companies in the construction, logistics, manufacturing and energy industries. Van Damme, founded in 2000, is located in Gwinn in Michigan’s Upper Peninsula. It is Eberhart’s third construction acquisition in 2020.
Adding Van Damme, a mining, farming and civil construction firm with 130 employees, helps Eberhart’s other businesses by providing access to a strong construction provider, the press release said.
Eberhart has more than $100 million in committed capital and 1,000 employees, according to the company website.
“Michigan was and remains an important state for industry,” said Dan K. Eberhart, Eberhart Capital managing director. “By expanding into the state and acquiring such a strong firm as M. J. Van Damme Inc., we’re confident that we can leverage our best growth practices to further expand our market share and reach.”
Van Damme diverts waste materials that might otherwise go to landfills into construction uses. For instance, when a paper mill produces paper waste, Van Damme uses the waste product as a binder in other land reclamation projects. This practice reduces costs and repurposes wasted materials.
Van Damme operates in the Midwest, including Michigan’s Upper Peninsula and Northern Wisconsin. It hauled 2 million metric tons last year.
“We look forward to expanding our reach into new areas with this opportunity to be a part of Eberhart Capital,” Jim Delmont, Van Damme vice president, said in the release. “With new access to capital, other resources and expertise, we know that the partnership will benefit our existing and future clients.”
Neither Eberhart nor Van Damme returned requests for comment from FreightWaves.