Fvlcrum Funds, a minority-owned private equity firm co founded by Ben Carson Jr., has completed its acquisition of Gulf Coast Crane Services LLC, a Texas crane rental and services firm, for an undisclosed amount. The acquisition is via Fvlcrum’s crane services unit, Peak Lifting Solutions LLC.
The acquisition of Gulf Coast Crane, based in Corpus Christi, Texas, is a stepping stone in Fvlcrum’s ambition of building the largest minority-owned crane rental company in the country.
“With this step, we added another attractive platform to Fvlcrum’s infrastructure services portfolio,” said Marques Martin, a partner at Fvlcrum. “We not only view Peak as an exciting investment profile based on strong macro tailwinds, but also an opportunity to drive quality job creation to further Fvlcrum’s broader mission to help close the racial wealth gap in our country.”
Industry experts Al Bove and Rich Rossi would join Peak’s board, Fvlcrum said, adding that the duo would partner with a minority-led executive team to expand Peak’s footprint in the region.
Eyeing Positive Change
Yves M. Mombeleur, Fvlcrum’s managing director of impact, said the company aimed to create positive change.Gulf Coast Crane has signed a Community Benefits Agreement (CBA) and will annually report evidence of material job creation in low-to-moderate income (LMI) communities and wage parity, he said.
Fvlcrum’s transaction was headed by Martin, with the assistance of associate Rebecca Bendetson. Jones Day served as legal counsel, while Ernst & Young was the financial adviser to Fvlcrum.
Founded in 2013 to address the racial wealth gap, Fvlcrum Funds is a lower-middle market private equity strategy that invests in minority-owned companies to create sustainable opportunities for underserved communities. The firm seeks to align impact and alpha, marrying investment returns with sustainable social change.
Fvlcrum has been approved as a public welfare Initiative and is Community Reinvestment Act (CRA)-eligible by the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation.
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Fvlcrum finances U.S. companies with differentiated services and technology, generating up to $15 million of EBITDA. Typically, its transactions range between $10 million and $40 million. Its deals are mostly in government contracting, healthcare and franchising.
Ben Carson Jr., the son of neurosurgeon and presidential candidate Ben Carson, Sr., is a co founder and partner of Fvlcrum Funds. Since 2021, he has been a board member of Charge Enterprises Inc. (OTC PINK:CRGE). He also holds the position of chairman at Interprise Partners, a lower-middle market private equity firm in Maryland he co founded prior to Fvlcrum. He earlier served The Warner Companies, a middle market financial services and consulting firm, where he advised companies on mergers and acquisitions, capital structuring, capital raises, investments, risk management and strategic planning.
Carson Jr. also heads the investment committee of the Carson Family’s Single Family Office, besides being on its executive committee.