FirstBank Florida Arranges $12 MM Senior Secured Facility for Dragados Construction USA, LLC Acquisition of Prince Contracting, LLC

MIAMI, June 17, 2014 /PRNewswire-iReach/ -- FirstBank Florida announced it has arranged a $12 million senior secured facility for Dragados, the company heading the Construction division of the ACS Group, which has acquired 100% of the Tampa-based Prince Contracting, LLC, which specializes in major civil work projects.  Jose Cueto and Jose Maria Lacasa handled the deal for FirstBank Florida.  Dragados acquired the total share capital of Prince for a final price of US $18 million, in a push to increase its presence in the US public works market, specifically in both Florida and Georgia markets.

"This financing is indicative of the recent growth of M&A activity, and highlights Dragados financial strength, and commitment to our market," Jose Cueto says. "The transaction also demonstrates the continued focus FirstBank Florida has on financing complex deals for healthy companies in expansion mode, added Mr. Cueto."

"We've been working with the ACS-Dragados group for some time, providing them with the concierge-style service of a community bank while being able to handle larger, more sophisticated transactions common to a larger institution," Jose M. Lacasa says.   "We've been very active since 2013 in not only growing with our local clients, but structuring quality transactions for Spanish companies operating in our target markets, added Mr. Lacasa."

About Dragados USA, a wholly-owned subsidiary of Dragados, was established in the United States in 2005. Since then, Dragados USA has grown steadily, successfully performing a variety of transportation, mass transit, dams, and water projects. Building on this success, Dragados' market share and financial position has consistently strengthened and grown over time. The company is presently working on major infrastructure, marine, and dam construction and reconstruction projects in the US and Puerto Rico. In addition, Dragados USA has successfully completed the I-595 Corridor Improvement a $1.2Billion P3 project in Broward County, Florida; and is currently at work in the SR99 Bored Tunnel project in Seattle, the largest diameter tunnel in the world today. Since 2005, Dragados has experienced a steady and sustainable growth in project revenue as well as geographic expansion across the US and Canada. A part of that growth has come through the acquisition of Schiavone Construction Co. LLC and John P. Picone, Inc., in New York, and Pulice Construction, Inc., in Arizona. Today, Dragados USA is active in New York, Massachusetts, North Carolina, Florida, Puerto Rico, California, and Washington State.

About FirstBank Florida:   FirstBank Florida is part of FirstBank Puerto Rico. The $13 Billion asset size bank, with approximately $2 billion of those assets in Florida, has been hiring, lending, and expanding their offerings over the last year and a half in a targeted and steady manner. The bank has 10 branches in South Florida and its regional headquarters are in Miami. In just the past two years, the bank has seen more than 39% loan growth, 4% deposit growth, 17% employee growth, and has added new branches as well.   In its most recent Banking Awards, the South Florida Business Journal awarded two of its four total awards in Banking to FirstBank Florida. More info at www.FirstBankFla.com or 305-577-6000.

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Media Contact: Jose Cueto, FirstBank Florida, 305-577-6000 ext. 179, [email protected]

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SOURCE FirstBank Florida