Pave America

Status: Current
Initial Investment: June 2021
Location: Manassas, VA
Investment Type: CEO-Led Recapitalization
Investment Industry: Facility Services

Pave America is a leading provider of asphalt and concrete solutions including maintenance, repair, milling, striping, and sealcoating services. With over 1,400 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.

In December 2020, Harvey & Company partnered with a leading Southeastern based private equity firm and an accomplished operating executive with 25+ years of experience in the facility services space to pursue a platform investment strategy within the commercial pavement repair and maintenance services sector. Through a proactive, thesis-driven effort, Harvey & Company engaged over 50 privately held companies and identified Finley Asphalt & Concrete (Manassas, VA) and its management team, as an ideal initial platform investment. Harvey & Company introduced Finley’s stakeholders to the private equity firm and operating executive who consummated a majority recapitalization in June 2021.

The investment in Finley launched the formation of Pavement Partners. Since the formation of Pavement Partners, Harvey & Company has initiated five add-on acquisitions including Dominion Paving & Sealing (Purcellville, VA), Turner Asphalt (Raleigh, NC), Chamberlain Contractors (Laurel, MD), Toritom Services (Apopka, FL) and Blackjack Paving (Fairburn, GA). The owners and senior management teams of the acquired companies have retained a meaningful ownership stake in the Pavement Partners platform and remain actively involved in the day-to-day operations.

In February 2023, Pavement Partners and Brothers National merged operations to create one of the Nation’s preeminent pavement service companies, Pave America. In less than two years, Pave America has closed and integrated over 20 acquisitions and plans to continue to execute an aggressive organic growth and acquisition strategy. The primary private equity investors from both Pavement Partners and Brothers National continue to maintain dual control in the go-forward business. Harvey & Company continues to spearhead the aggressive add-on acquisition strategy.

Copyright 2024. All Rights Reserved

Log in with your credentials

Forgot your details?