Business

CRST parent buys Iowa City-based SouthGate Cos.

SouthGate Cos. has been acquired by Hillcrest Holdings, parent company of CRST International. Above, CRST’s downtown Cedar Rapids headquarters. (Rebecca F. Miller/The Gazette)
SouthGate Cos. has been acquired by Hillcrest Holdings, parent company of CRST International. Above, CRST’s downtown Cedar Rapids headquarters. (Rebecca F. Miller/The Gazette)

Hillcrest Holdings, the family holding company for CRST International among other businesses, acquired Iowa City-based real estate developer SouthGate Cos.

Terms of the deal were not disclosed.

SouthGate was established in 1962 and develops commercial and residential projects, including subdivisions, apartments, condominiums and single-family residences.

CEO Jerry Waddilove and Chief Financial Officer Caleb Wilson will stay on in their roles with the company. It has some 30 full-time employees.

John Smith is Hillcrest chairman and president.

Hillcrest, owned by the Smith family, owns trucking, real estate and security companies, including Great Plains Casualty, Gardner Trucking and Converged Security Solutions.

It reports annual revenue of more than $1.6 billion.

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