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FirstBank Florida Arranges $12MM Facility for Dragados Construction Acquisition

June 18, 2014, 07:04 AM
Filed Under: Construction

FirstBank Florida announced it has arranged a $12 million senior secured facility for Dragados, the company heading the Construction division of the ACS Group, which has acquired 100% of the Tampa-based Prince Contracting, LLC, which specializes in major civil work projects.  Jose Cueto and Jose Maria Lacasa handled the deal for FirstBank Florida.  Dragados acquired the total share capital of Prince for a final price of $18 million, in a push to increase its presence in the U.S. public works market, specifically in both Florida and Georgia markets.

"This financing is indicative of the recent growth of M&A activity, and highlights Dragados financial strength, and commitment to our market," Cueto says. "The transaction also demonstrates the continued focus FirstBank Florida has on financing complex deals for healthy companies in expansion mode," he added.

"We've been working with the ACS-Dragados group for some time, providing them with the concierge-style service of a community bank while being able to handle larger, more sophisticated transactions common to a larger institution," Lacasa says.   "We've been very active since 2013 in not only growing with our local clients, but structuring quality transactions for Spanish companies operating in our target markets," added Lacasa.

Dragados USA, a wholly-owned subsidiary of Dragados, was established in the United States in 2005. Since then, Dragados USA has grown steadily, successfully performing a variety of transportation, mass transit, dams, and water projects. Building on this success, Dragados' market share and financial position has consistently strengthened and grown over time. The company is presently working on major infrastructure, marine, and dam construction and reconstruction projects in the U.S. and Puerto Rico.

FirstBank Florida is part of FirstBank Puerto Rico. The $13 Billion asset-size bank, with approximately $2 billion of those assets in Florida, has been hiring, lending, and expanding their offerings over the last year and a half in a targeted and steady manner. The bank has ten branches in South Florida and its regional headquarters are in Miami.

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