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In February 2009, FdG Associates led the growth recapitalization of Joseph B. Fay Co., a Pittsburgh-based general contractor providing heavy civil construction and demolition services. The transaction was structured to allow the Company's management shareholders to realize partial liquidity while retaining a meaningful equity ownership interest in the Company. Fay is a third-generation family-owned business that operates in and around Pennsylvania, Maryland, West Virginia, Virginia and Washington, D.C. The company's four divisions provide comprehensive construction services to public and private owners, concentrating on complex demolition, heavy highway and heavy civil projects, including bridges, roadways, power plant and transmission facilities, locks and dams, railroad bridges, underground utility projects, site-work, concrete structures, and marine construction.
Fay will use growth capital from the transaction to invest in additional resources and equipment in order to provide high quality construction services on a greater scale, with the same trademark level of safety, dependability and integrity. Mr. Robert B. Fay, Jr. and Mr. Shawn M. Fay, Sr. will continue to own and operate the business in their current roles as Chief Executive Officer and President, respectively.
