New State Capital Partners Acquires Majority Stake In Mako Steel
LARCHMONT, N.Y., Aug. 6, 2019 /PRNewswire/ — New State Capital Partners today announced a significant investment in Mako Steel, an acknowledged leader in the self-storage construction industry. Headquartered in Carlsbad, California, Mako Steel builds single-story, multi-level, and custom storage facilities in 44 states, Canada, and Mexico. Financial terms of the transaction were not disclosed. The company was named “Best Builder” five years in a row by Inside Self-Storage.
“The storage industry is booming for both residential and commercial use, and Mako Steel is best-in-class in terms of managing the entire process from engineering to contracting and construction management,” said Dave Blechman, Founder and Senior Principal of New State Capital Partners. “Building strong partnerships is a cornerstone of our mission, and it was clear from our first meeting that Mako Steel’s management team is actively committed to growth.”
Caesar Wright, CEO of Mako Steel, will remain in his position, as will Vice Presidents James Bartnick and Robert Lesko. “In New State Capital, we have found the ideal partner to provide the necessary resources to take our business to the next level,” said Wright. “In addition to having confidence in our management team, they also recognize the benefits of the culture we’ve built. As a result, the entire firm is extremely supportive of the transaction.”
Morgan Lewis provided legal advice and CoveView Advisors provided financial advice to New State.
About New State Capital Partners LLC
New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive and more cooperative than larger, institutional firms. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm is very flexible about the structure of its investment and focuses on growth and add-on investment. New State seeks to invest in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials. New State can commit more than $50 million of equity capital per transaction through New State Capital Partners II, LP. New State and its affiliates have invested in 21 companies to date. For more information visit www.newstatecp.com.
About Mako Steel
Founded in 1993, Mako Steel designs, supplies, and installs steel buildings for the self-storage industry. Their services include single-story, multi-story, conversions, custom buildings, auto, boat, & RV storage, building components, container storage, engineering services, metal building constructors, mobile, portable & container storage, and roofing. Based in Carlsbad, California, Mako Steel has plants located throughout the country and specializes in working with first-time customers. www.makosteel.com.