Circle City Rebar LLC, an Indianapolis-based fabricator of concrete-reinforcing steel that has worked on some of the area’s most prominent construction projects, has been acquired by a Chicago-based investment firm, the companies announced Monday.
Buyer KWILL Capital Partners said Circle City Rebar, or CCR, will continue to operate as a Disadvantaged Business Enterprise and Minority Business Enterprise under the leadership of Frank Davis, who founded the firm in 2005. Davis will transition from president to chairman in 2020.
Terms of the deal were not disclosed.
CCR, which has 16 employees, operates from a 26,000-square-foot facility at 4002 Industrial Blvd., near Guion Road and Interstate 65 on the northwest side. Its projects have included Lucas Oil Stadium, Horseshoe Casino in Cincinnati, the OneAmerica Parking Garage in downtown Indianapolis, the Indiana Convention Center and Purdue University’s Mackey Arena, among many others.
Davis said the deal will lead to “continued growth here in the Midwest and beyond.”
KWILL is a new firm formed by former Simon Property Group real estate and development counsel Corey McLendon and former Avison Young principal Hugh Williams. The pair have more than 30 years of executive experience in real estate development, operations, and management.
“Frank has built an impressive company with a great reputation and legacy,” said McLendon. “We are charged with growing that reputation and protecting that legacy; a responsibility that we will take very seriously to make Frank proud.”
Metropolitan Capital was financial adviser to KWILL in the transaction. Kevin Costello, who led the transaction for Metropolitan Capital, will serve as chief financial officer at CCR.