Gage Brothers becomes part of Minnesota-based concrete company

Jan. 5, 2026

The assets of longtime Sioux Falls precast concrete manufacturer Gage Brothers Concrete Products now are owned by a Minnesota-based former competitor.

Molin Sioux Falls Inc., a new entity formed under Molin Holdings, is the owner of both the plant at 2810 N. Bahnson Ave. as well as the overall operation, which began in 1915.

Molin Concrete Products dates back to 1897 when it was formed in Minnesota and has grown to include plants in Lino Lakes and Ramsey.

The combined company has 500 employees, and about half are former Gage employees.

“Leveraging the capabilities of both locations makes sense strategically to better serve our customers and the communities we help build,” Dan Bible, president and CEO of Molin, said in a statement.

“Together, we’ll bring single-source design, manufacturing and installation to more markets, with the reliability and craftsmanship our customers expect.”

Gage was known for specializing in high-end architectural precast products.

Unlike the “plain gray walls like you do on a warehouse and distribution center, high-end architectural is where you have the inclusion of stones and bricks and designs … where you have this relief that looks three-dimensional,” said Steve Schwartz, who joined the company 18 months ago and now leads sales and marketing for the Sioux Falls operation.

“Our companies were fundamentally mirrors of one another,” he continued. “They (Molin) are very, very prolific in what we call hollow core, which is the slab product that becomes the ceilings and floors of structures. They produce that in mass quantities and provide expertise to the parking garage and parking ramp businesses in the Minneapolis/St. Paul metro area.”

Molin’s work ranges from small-scale residential projects to massive ones, including the Kansas City Chiefs’ Arrowhead Stadium renovation and expansion and the Minnesota Vikings’ headquarters campus.

Gage Brothers’ portfolio spanned a broad range of local and regional projects, including the Denny Sanford Premier Center, Cherapa Place, multiple projects for Avera Health and Sanford Health, the Amazon fulfillment center at Foundation Park, the parking ramp at the Sioux Falls Regional Airport and multiple education projects such as Jefferson High School.

The acquisition of Gage’s assets came amid significant financial challenges for the company. Gage became employee-owned when its ESOP was formed in 2007, and the value of that ESOP had dropped to 1.5 cents per share, which went to zero after necessary administrative and professional expenses were paid, according to a letter sent to shareholders.

It communicated that Gage “has navigated significant financial challenges” over the past several years, including “persistent cash-flow constraints, the general slowdown across the construction industry and the company’s broader financial trajectory,” which ultimately required pursuing an investor “to ensure the long-term stability of the business and protect the interests of its shareholders.”

The letter continued: “We know this is not the outcome anyone hoped for and sincerely regret the impact this has on you.”

The Gage real estate in northeast Sioux Falls was owned separately. Part of it was purchased in November for $14.4 million, according to Minnehaha County records, though it’s not clear what that includes. The property includes a highly automated 200,000-square-foot production facility that opened in 2019 at an estimated cost of $40 million and a two-story office building.

Gage employees who now are part of Molin will be receiving consideration for their years of service at Gage Brothers as they enter the Molin ESOP, according to a company statement. The Molin ESOP was formed in 1974 and has been 100 percent employee-owned since 2002.

“Molin is a very mature ESOP, a very healthy ESOP,” Bible said.

Molin Sioux Falls now is led operationally by Kyle Mortenson, former vice president of operations at Gage. He and Schwartz are the remaining members of the company’s leadership team.

Otherwise, “there have been no staff reductions in any department due to the integration,” Schwartz said.

Going forward, both the backlog of work heading into 2026 and the sales pipeline are “healthy,” he said. “We believe 2026 will be a good, successful year due to the change occurring because of the integration.”

While it wasn’t the only factor in Gage’s decline, the company had been positioned to take on its largest project ever in receiving the contract for the new South Dakota State Penitentiary. That was put on hold when state leaders decided to reevaluate their initial site in Lincoln County.

The new site literally is in the backyard of Molin Sioux Falls, which hopes to again become the successful bidder.

“We’re hopeful based on our proximity to the projects and the reasons for our being awarded the first time that that will come about,” Schwartz said.

“There’s no malaise about the future.”

Bible, who has spent the past two months overseeing an attempted turnaround in Sioux Falls, echoed similar  thoughts.

“I’m thrilled with the level of commitment the team has here,” he said. “It’s a very experienced team of employees, and I’m excited about the level of dedication and the skill sets that I find here.”

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