The Wells Companies Inc., which makes prefabricated buildings in the United States, announced July 15 that it bought Gate Precast, a subsidiary of Jacksonville-based Gate Petroleum Co.
Terms were not disclosed.
Wells, based in Albany, Minnesota, said in a news release that the companies have 110 years of combined experience in the industry.
“Every day at Wells, we’re building the future — landmarks and gathering places — for businesses, careers, families, communities and greater prosperity,” said Wells Chairman and Executive Vice President Sam Nesius in the release.
“As we bring GATE Precast into the Wells family of employees, customers and shareholders, our capabilities and vision align perfectly,” he said in the release.
The news release says Gate Precast operates eight manufacturing facilities for prefabricated concrete systems for structures, for example, parking garages.
The acquisition includes the $23.6 million purchase July 12 of the Gate Precast Co. plant at 402 Zoo Parkway in North Jacksonville. The 172,026-square-foot facility is on 73.17 acres.
LAN SE LLC, which shares an address with Wells, bought the property.
Wells President and CEO Dan Juntunen said the companies’ relationship has grown stronger over 10 years.
“During that time, it has become very apparent that we share a consistent vision; safety, focus on our people, quality products and services, and strong client relationships,” Juntunen said.
With the acquisition, Wells grows to more than 20 locations across the United States with 14 manufacturing facilities totaling 2,200 team members over more than 30 states. In 2023, the companies completed more than 600 projects with almost $4 billion in preconstruction.
The WellsConcrete.com site shows offices and manufacturing facilities in Colorado, Illinois, Minnesota, North Dakota and Wisconsin.
“We feel the synergies between our two companies — and our clients will as well — especially considering our years of benchmarking together,” said Gate Precast President and COO Dean Gwin in the release.
Wells said that it has more than 70 years of experience with design and construction companies.
GatePrecast.com lists some of the company’s primary projects as Baptist MD Anderson Cancer Center and its parking structure, The Ohio State University Biomedical Research Tower and the University of North Florida parking garage.
Gate says it bought the precast business in 1980 as it was acquiring nonpetroleum businesses.
In addition to its corporate office in Jacksonville and its manufacturing facility on Zoo Parkway, the company has:
• Manufacturing facilities in Ashland City, Tennessee; Kissimmee; Atlanta; Monroeville, Alabama; Pearland, Texas; and two in Hillsboro, Texas.
• Satellite engineering offices in Nashville, Tennessee; Raleigh, North Carolina; and Winchester, Kentucky.