WARRENTON, Va.--(BUSINESS WIRE)--Pave America, LLC (“Pave America”) has announced strategic partnerships with two leading industry players: Kansas Asphalt and Central States Paving & Concrete (“CSPC”).
Kansas Asphalt, headquartered in Bucyrus, KS, is a leading provider of asphalt & concrete paving, maintenance & repair, and reconstruction services within Kansas, California, Texas, Ohio, and Iowa. The company is also one of the premier pavement service providers across the U.S. through an extensive subcontractor network. Chuck Jeffries, CEO, and the rest of the management team will continue running Kansas Asphalt and will be instrumental in growing operations across the current and contiguous markets that the company serves.
Central States Paving & Concrete is a leading provider of asphalt paving, concrete, sealcoating, striping, patching, and other parking lot maintenance services. Headquartered in the Midwest, and backed by Grove Mountain Partners, CSPC is one of the premier self-perform pavement service providers with locations in Wisconsin, Indiana, and Kansas. The partnership with CSPC expands Pave America’s presence in the Midwest and highlights the platform’s continued aggressive growth strategy to continue building the leading provider of maintenance driven asphalt and concrete solutions. The CSPC management team will continue to lead the business going forward as a regional platform within Pave America.
Chuck Jeffries, CEO of Kansas Asphalt, said “As we contemplated the next stage of growth, we wanted to find a group that not only knows the pavement industry, but would also value our team the same way we have. From our first discussion, it became very evident that Pave America was the right partner for our team as they continue assimilating industry leading companies and CEOs across the country. We are unbelievably excited to be a part of the broader strategy and look forward to leveraging their capabilities to expand Kansas Asphalt.”
Stephen Fraser, Partner of Grove Mountain Partners, said, “We could not be more thrilled to partner with the Pave America team. We are excited to leverage the platform’s resources and capabilities to further accelerate CSPC’s growth and presence in the Midwest. It was important we found a partner that aligned with our core values, and we knew from the start Pave America shared those same values.”
Tom York, CEO of Pave America, said, “Kansas Asphalt and Central States both hold stellar reputations for delivering exceptional service that is recognized and respected across their respective regions. We look forward to the value they will add to our company as we expand our reach nationwide. We are grateful to be able to partner with their teams and look forward to accelerating the platform’s growth together.”
Paul Garner, President of Pave America, said, “The team at Kansas Asphalt has built an incredible business with a strong reputation for quality and service. The CSPC team has a similarly outstanding reputation for top-notch service that is widely regarded in the industry. Both companies are a perfect fit for Pave America.”
Citizens M&A Advisory served as the exclusive financial advisor to CSPC on the transaction.
About Pave America
Pave America is a leading provider of asphalt and concrete solutions including maintenance, repair, milling, striping, and sealcoating services. With ~2,000 employees, Pave America has nationwide coverage through an extensive self-perform and outsourced vendor model. The Company primarily serves commercial, industrial, HOA, utility, and municipal customers.
Founded in 1981, Trivest Partners is one of the oldest private investment firms in the United States. For over four decades, Trivest has built its entire business model around helping founder-owned businesses transition and realize a long-term future as successful independent companies. Over its history, the firm has invested in over 500 companies with a total value of nearly $8 billion. To learn more, visit www.trivest.com.
Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a “win-win” proposition for shareholders, employees, customers, vendors, and the communities within which the Firm’s companies operate. With over $750 million of committed capital under management, Shoreline seeks to lead equity investments of up to $150 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $50 million to $350 million and EBITDA of $5 million to $25 million. For more information, please visit www.shorelineequitypartners.com.