HOUSTON–(BUSINESS WIRE)–The Stephens Group, LLC (“Stephens Group”) announced today that Spitzer Industries (“Spitzer” or the “Company”), a portfolio company majority owned by affiliates of Stephens Group, has been sold to Race Rock, a nationwide infrastructure solutions leader. Spitzer is a long-standing provider of engineered equipment and modular solutions for energy and industrial markets. The Company will now operate as a standalone division within Race Rock and maintain headquarters in Houston, TX. Together, the companies will leverage their respective strengths – Race Rock’s agility, operational expertise, and deep relationships in utility and highway infrastructure, and Spitzer’s technical capabilities, manufacturing footprint, and track record of delivering high-spec engineered products.
Founded in 1996, Spitzer Industries has built a reputation as a trusted partner in the fabrication of complex process systems, pressure vessels, and modular assemblies. Stephens Group has worked alongside Spitzer’s team over a nearly two-decade period to dramatically increase the scale, profitability, and capabilities of the Company. Through a combination of strategic acquisition initiatives, facility expansion and additions, and the execution of plans to enter new markets, the Company increased revenues nearly eightfold over this period.
“For nearly two decades, we’ve had the privilege of working alongside Cullen Spitzer, President of Spitzer, and his entire management team whose consistency, dedication, and vision have led to a wonderful relationship. During this time, the business has grown and thrived while being guided by the very same leaders who first welcomed us on day one. This enduring relationship is a rare achievement in our industry, and we are deeply proud of the shared trust and value we’ve built together,” said Witt Stephens, CEO and Co-Chairman of Stephens Group.
Cullen Spitzer added, “We are grateful for Stephens Group’s steadfast support over the past 18 years. Their expertise allowed us to have the confidence to substantially grow our business, while supplementing our efforts with good strategic planning and the execution of a multitude of business initiatives. We’re excited to build on that momentum in this next chapter with Race Rock.”
“We congratulate Cullen and his team on this well-earned milestone,” said Kent Sorrells, Senior Advisor at Stephens Group. “Their leadership, vision, and unwavering commitment have been the foundation of the Company’s long-term success. It has been a privilege to support them throughout this journey, and we look forward to seeing the Company continue to grow as part of the Race Rock team.”
Jefferies LLC and Jones Day served as financial advisor and legal counsel, respectively, to Spitzer. Gibson Dunn & Crutcher LLP acted as legal advisor to Race Rock on the acquisition. Debt financing was provided by a syndicate of banks led by JP Morgan.
ABOUT STEPHENS GROUP
The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens, Jr. and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With over $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, Stephens Group has invested in over 55 companies, targeting investments in industries across the U.S., including industrial products and services, specialty distribution, and vertical software
ABOUT SPITZER INDUSTRIES
Spitzer Industries, based in Houston Texas, is a custom manufacturer of equipment serving the energy, industrial, and commercial sectors worldwide. For more than 27 years, the Spitzer name has been synonymous with quality and safety, specializing in engineered process and production skid packages, ASME pressure vessels, structural steel, and a wide range of custom weldments across diverse markets. The company maintains in-house capabilities in engineering, design, drafting, quality control, and procurement, enabling seamless project execution from start to finish. Led by a team of seasoned industry professionals, Spitzer Industries delivers value to clients through a strong commitment to quality, uncompromising attention to safety, and consistent on-time delivery.
ABOUT RACE ROCK
Race Rock is a privately owned fabricator and distributor of a wide portfolio of steel infrastructure products serving customers in a variety of end markets and geographies. Race Rock specializes in engineered solutions in the utility industry (steel transmission/distribution poles and substation structures, solar panel support structures), highway industry (highway lighting poles and lowering devices, overhead sign structures, guardrail systems, and crash attenuators), and telecommunications industry (cellular poles/towers). Race Rock’s mission is to serve as a trusted partner to those who build and maintain infrastructure.
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