Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed an investment in, and partnership with, Target Engineering Group, Inc. (“TEG” or “the Company”).
Target Engineering Group is a leading provider of construction management, professional engineering and construction inspection services in Florida. The Company focuses on providing engineering and inspection services related to bridges and roadwork, partnering predominately with the Florida Department of Transportation on both statewide and district-specific projects. Headquartered in Coral Gables, TEG has a statewide presence with over 140 employees across eight offices as well as several temporary offices for large projects. For more information on Target Engineering Group, please visit www.targetengineering.com.
“We are thrilled to be partnering with the exceptional management team at Target Engineering Group to build on their tradition of excellence in serving the Florida transportation engineering market,” commented Scott Gwilliam, Managing Director at Keystone Capital. “As the management team continues to operate TEG with the highest level of service, Keystone will provide financial backing and its experience in building engineering services companies to help management expand TEG’s presence into other key states and build out a more comprehensive portfolio of civil engineering services.”
Raj Rangaswamy, President of Target Engineering Group, commented “We are excited by the opportunity to partner with Keystone Capital. Keystone’s long-term approach to investing, ongoing commitment to our management team and employees, and experience in the engineering sector make them the ideal partner for TEG. Their financial support gives us significant operational resources to pursue key growth initiatives and accelerate the realization of our vision.”
Terms of the transaction are not being disclosed. Senior debt financing was provided by The PrivateBank, and legal counsel was provided to Keystone by Honigman Miller Schwartz and Cohn, LLP.