Pennecon Limited, a heavy civil construction, energy and real estate businesses, announced that chief executive officer Larry Puddister has has led the management buyout of the concrete division of the company.
Funding was provided by Banyan Capital Partners, a Canadian private equity group. The concrete division will be renamed Newcrete Investments Limited Partnership.
Newcrete is engaged in production and supply of ready-mix concrete, precast concrete, and masonry products for the construction industry in Newfoundland and Labrador.
“This is an exciting time for our employees, customers and other stakeholders. Banyan’s support for Newcrete will preserve our unique corporate culture while enabling us to continue growing as a provider of concrete, aggregates and masonry products to the Newfoundland marketplace. I am happy to confirm that it will be business as usual,” stated Larry Puddister, who is also CEO of Newcrete.