Pave America Announces Partnership with Central States Paving & Concrete
Warrenton, Virginia – October 2, 2023 – Pave America, LLC (“Pave America”) has partnered with Central States Paving & Concrete (“CSPC”) 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.
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.”1
Tom York, CEO of Pave America, said, “CSPC has a great reputation for delivering exceptional service that is respected and recognized across the Midwest. 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 team and look forward to accelerating the platform’s growth together.”2
Paul Garner, President of Pave America, said, “The CSPC team has earned an outstanding reputation for delivering top-notch service that is widely regarded in the industry. CSPC is a perfect fit for Pave America and greatly expands our geographic footprint in the Midwest.”3
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.
About Shoreline Equity Partners
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.
About Trivest Partners
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 nearly 500 companies with a total value of almost $8BN. To learn more, visit www.trivest.com.
1-Mr. Fraser is not an investor in any of Shoreline Equity Partners’ investment funds.
2-Mr. York is an investor in one or more of Shoreline Equity Partners’ investment funds and serves as an executive at one of its portfolio companies.
3-Mr. Garner is not an investor in any of Shoreline Equity Partners’ investment funds, but serves as an executive at one of its portfolio companies.