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New State Capital Partners Acquires Majority Stake in Self-Storage Builder Mako Steel

Private investment firm New State Capital Partners LLC has acquired a majority stake in Mako Steel Inc., which designs, supplies and installs self-storage and boat/RV-storage buildings nationwide. Mako CEO Caesar Wright and vice presidents James Bartnick and Robert Lesko will remain in their positions, according to a press release.

The deal will enable Mako to open a satellite office on the East Coast with up to 10 employees. Though the company has a national presence, it’s concentrated on the West after closing its Jacksonville, Fla., office during the Great Recession, Wright told a source. The company hasn’t yet decided on a location but expects to open the new office within the next 12 months.

"The storage industry is booming for both residential and commercial use, and Mako Steel is best-in-class in terms of managing the entire process from engineering to contracting and construction management," said Dave Blechman, founder and senior principal of New State. "Building strong partnerships is a cornerstone of our mission, and it was clear from our first meeting that Mako Steel's management team is actively committed to growth."

"In New State, we have found the ideal partner to provide the necessary resources to take our business to the next level," Wright said. "In addition to having confidence in our management team, they also recognize the benefits of the culture we've built. As a result, the entire firm is extremely supportive of the transaction."

Founded in 1993, Mako has built self-storage facilities in 44 states, Canada and Mexico, the release stated. The Carlsbad, Calif.-based company specializes in boat/RV storage, multi-story and custom buildings. It has multiple plants to offer service nationwide.

New State targets companies with $8 million to $30 million of earnings before interest, tax, depreciation and amortization (EBITDA) serving the business-services, healthcare and industrial sectors. It can commit more than $50 million of equity capital per transaction through affiliate New State Capital Partners II LP. New State and its affiliates have invested in 21 companies, the release stated.

Sources:
PR Newswire, New State Capital Partners Acquires Majority Stake in Mako Steel
SpareFoot Storage Beat, With New Investor, Mako Steel Eyes New East Coast Outpost

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