Case Study

PGIM supports The Wells Companies, Inc.’s acquisition of Gate Precast

Based in Albany, Minnesota, The Wells Companies, Inc. (“Wells”) is a full-service prefabricated building solutions provider.

Exterior of the Twin Cities Orthopedics building.
At a Glance

At a Glance

PGIM began our relationship with Wells in 2014 and in July 2024, we provided a $165 million Senior Term Loan to support their acquisition of Gate Precast. Due to the nature of the acquisition and volatility in the financing markets, Wells required capital on short notice which we were able to provide through our Direct Lending platform.

The Wells Companies, Inc. decided to partner with us given i) certainty of execution, ii) speed and size of providing capital, and iii) the desire to work with a relationship-focused provider with the ability to deliver more capital as the Company grows.

We are excited to formalize our partnership with The Wells Companies, Inc. through this investment, and we look forward to supporting the Company in the years to come.

Relationship Since 2024
 
Transaction details:
  • $165,000,000 Senior Term Loan

"Completing the acquisition of Gate Precast marks a significant milestone for The Wells Companies, Inc., solidifying our position as the leading PCI-certified precast concrete producer in the US. PGIM has been an invaluable partner throughout this process. Their ability to swiftly provide the necessary capital, coupled with their focus on relationship-building and execution certainty, has been instrumental in our success. We look forward to a continued strong partnership as we embark on this next phase of growth."

Ryan Stroschein CFO, The Wells Companies, Inc.

<p>"Completing the acquisition of Gate Precast marks a significant milestone for The Wells Companies, Inc., solidifying our position as the leading PCI-certified precast concrete producer in the US. PGIM has been an invaluable partner throughout this process. Their ability to swiftly provide the necessary capital, coupled with their focus on relationship-building and execution certainty, has been instrumental in our success. We look forward to a continued strong partnership as we embark on this next phase of growth."</p>

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