Family-owned company bought by former state senator
Posted January 2, 2010 3:10 p.m. EST
Raleigh, N.C. — Former state Sen. Fred Smith has bought a Raleigh-based highway contractor and asphalt producer that had been owned by the same family for 83 years.
On Friday, Smith bought all stock of C.C. Mangum Company that had been owned by Chris and Michael Mangum.
Smith, a Republican candidate for governor in 2008, has been C.C. Mangun's CEO since 2004. His son, Fred Jule Smith III, is its chief operating officer.
"We had a great five-year run, but it became clear to everyone that change was needed", said Michael Mangum, the company's former Chairman and Chief Marketing Officer. "Our goal was to do whatever it took to make the business stronger and protect the jobs of our workers. After examining the various options on the table, we decided to sell to the Smiths."
The company will be rebranded by Smith, so the Mangum family will retain rights to the name "C.C. Mangum."
"This was a vital matter for us," said Christopher Mangum. "Our family heritage is closely linked to the name C. C. Mangum, and we felt it best to carve this out of the deal (with the Smiths)."
This will mark the first time in the Company's history that a member of the Mangum family is not affiliated with the business. Founded in 1927 by Cleve C. Mangum, CCM has built numerous Raleigh landmarks winning frequent national awards for its work.
Cleve Mangum was succeeded by his son, William E. Mangum, who guided the Company through almost four decades of growth and expansion until his retirement in 1998.
Recent C.C. Mangum projects include the widening of Davis Drive in Wake and Durham counties, widening of Kildaire Farm Road in Cary, and the construction of Edwards Mill Road extension adjacent to the RBC Center and Carter-Finley Stadium in Raleigh.
C.C. Mangum will continue operations in its offices at 6105 Chapel Hill Road, Raleigh, NC. The company also owns and operates two asphalt plants: one in Raleigh on Westgate Road and one in Knightdale near Interstate 540 and Knightdale Boulevard.