Built One Business at a Time.
This portfolio grows when the right business is in front of us. Lake State Partners is selective by design. We’d rather own one business we understand completely than a dozen we don’t. What follows is the portfolio we’ve built so far, and the standard every addition to it has to meet.
Built the category. Building toward the rest of Texas.
Fencecrete was one of the first businesses in the U.S. to bring precast concrete fencing to market, and it built real process discipline that set the standard for the category. When Lake State acquired the company in September 2025, it was founder-owned business with proven products, durable customer relationships, and demand well ahead of what its infrastructure could support.
The work since has focused on building that infrastructure: Full-suite digitalization, additions to the leadership team, custom-built ERP system to track prospects and report results with a unprecedent level of visibility and details.
Acquired: September 2025
Category: Precast concrete & masonry perimeter walls
Markets served: Houston, Austin, Dallas, San Antonio
More businesses. Same standard.
Every business that joins this portfolio meets the same criteria: proven fundamentals, founder- or management-led, and real room to grow. We’re not building toward a number. We’re building toward businesses like this one.
Fencecrete
Precast Concrete & Masonry
Acquired September 2025
Houston · Austin · Dallas · San Antonio
One of the first companies in the U.S. to bring precast concrete fencing to market, Fencecrete has spent over a decade building the process discipline that’s rare in the category. Lake State acquired the business in September 2025 and has since expanded its footprint beyond Houston into Austin, Dallas, and San Antonio.
Helping Businesses Reach Their Horizon.
Whether you’re considering a business transition, representing a client, or exploring an investment opportunity, we welcome the conversation.