Investment will enable Roman Stone to drive significant growth in the infrastructure and renewable energy markets
BAY SHORE, NY / ACCESSWIRE / September 14, 2023 / Roman Stone Construction Company announced today that it has been acquired by a new ownership group led by President Thomas Montalbine, as well as majority investor The Alzana Group, LLC ('Alzana') of Boston, MA, and Cranbrook Partners & Co. of Detroit, MI.
'For over one hundred years, Roman Stone has manufactured products that deliver high quality and cost-effective solutions for the roadway, bridge, and railway construction industries … in order to support our country's infrastructure needs of the next century, we have built a strong and distinctive product line to meet demanding and high-growth hydroelectric and offshore wind energy transmission applications,' said Tom Montalbine, President of Roman Stone. Mr. Montalbine will remain as a significant owner in Roman Stone and commented: 'I greatly look forward to working with John Danner of The Alzana Group and Zachary Savas of Cranbrook Partners & Co. to grow our business, expand our capabilities, and redouble our commitment to excellent customer service, which will help take Roman Stone to the next level and usher in the next, highly successful, 120-year chapter in the history of my family's business.'
John Danner, Founder and Chairman of The Alzana Group, said, 'The Roman Stone investment is an ideal example of Alzana's commitment to providing capital solutions to family-owned businesses. Roman Stone's top-notch management team, distinctive product position, and exciting growth opportunities made it a perfect platform acquisition for Alzana. We are excited to work with management to support their plans to drive capacity and capability expansion, product/market extensions, and ambitious company growth.'
Roman Stone, located less than 30 miles east of New York City, is the closest industrial manufacturer of precast concrete products to NYC and produces a wide variety of products, including temporary and permanent roadway barriers, proprietary underground electrical conduit, and underwater renewable energy electrical transmission protection products.
Zachary Savas, principal and owner of Cranbrook Partners & Co., said, 'We are very excited to partner with Tom Montalbine and The Alzana Group to invest in Roman Stone. We very much look forward to building on their historical success and supporting strong growth and continued unwavering commitment to customer satisfaction going forward.'
Financial terms of the transaction were not disclosed.
About Roman Stone: Roman Stone is a small business enterprise that was incorporated in New York in 1903 and has operated continuously since then. As a precast concrete manufacturer, the company has attained certification as an approved supplier for NYSDOT, Nassau County DPW, Suffolk County DPW, Port Authority NY/NJ, Con Edison, MTA NYC DCAS and most other government and quasi-government agencies in the New York City area. The manufacturing plant, located just 30 miles from midtown Manhattan, gives the company a unique position to serve its customers in the NYC metropolitan area. The company's workforce is unionized with Local 731, Local 138 and Local 282. For more information, please visit https://romanstoneco.com.
About The Alzana Group: The Alzana Group is an operationally-oriented investment firm, focused on providing capital solutions to family/founder-owned businesses. Alzana's extensive operating credentials are rooted in 25+ years of starting, running, and acquiring businesses in public-company, start-up and private equity environments. These credentials are built on a track record of repeatedly invigorating business performance through targeted operational improvements, creative growth strategy development/execution, and strategic follow-on acquisitions. Founded in 2021 by private equity executive John Danner, The Alzana Group draws from a network of experienced partners, both operators and investors, as well as a team of external finance, tax and legal professionals. For more information, visit https://alzanagroup.com.
About Cranbrook Partners & Co.: We utilize creative management practices, productivity gains and growth as our primary drivers to create value. We partner with people, at all levels within the organization, and create the leadership training, priorities, focus, guidance and contact that make good companies great. We focus the whole team on the big picture, allowing them to create the small masterpieces that create a success-driven company. For more information, visit https://www.cranbrookpartners.com.
Founder and Chairman, The Alzana Group
SOURCE: Roman Stone
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