Arcapita exits paving company

The Atlanta-based firm formerly known as Crescent Capital has sold B.R. Lee Industries for $129.5 million, after purchasing the company in 2000 for around $65 million.

Atlanta-based private equity firm Arcapita Limited has completed its sale of BR Lee Industries, a provider of road construction and maintenance equipment, to Vision Technologies Land Systems, a subsidiary of Singapore Technologies. The purchase price was $129.5 million.

Arcapita purchased B.R. Lee in 2000 reportedly for around $65 million. The company has a 60 percent market share in the non-highway road paving market and offers approximately 65 different models of equipment in a network that covers all 50 US states and 10 Canadian provinces.

Arcapita principal Ransom James said the firm has made a number of changes while it owned the company. In 2002 the company acquired Rosco Manufacturing, which allowed them to expand their product line. They also made a CEO change in 2004, hiring Kelly Majeskie. The company now operates under the LeeBoy and Rosco brands.

“The company has benefited from the uptick in the construction market in the past few years,” Ransom said. “The integration of Roscoe and Majeskie’s leadership have led to real success.”

Arcapita was formerly known as Crescent Capital Investments before its Bahrain-based parent First Islamic Bank changed its name to Arcapita Bank BSC in 2005. The bank operates according to Islamic law, which bans paying or charging interest, considered usury by many Muslims.