#USA #Virginia #AEA Investors #BCI #Pave America

AEA Investors and BCI Acquire Pave America

In a significant move within the commercial paving sector, AEA Investors' Middle Market Private Equity team, along with the British Columbia Investment Management Corporation (BCI), has officially acquired Pave America, LLC. This acquisition is anticipated to drive the company's strategic expansion and growth, reinforcing its leading position in the industry.

Pave America, headquartered in Virginia, stands out as the largest provider of commercial paving maintenance services across the United States. With an impressive network of 27 branches and operations in 43 states, Pave America offers a comprehensive range of maintenance and new construction services. This includes everything from asphalt repairs to sealcoating, catering primarily to commercial, industrial, and municipal customers.

The company has achieved remarkable success through its proprietary technology, known as PavementSoft. This innovative platform streamlines operations from lead tracking to invoicing and is pivotal in ensuring consistent quality and efficiency across all service locations. Customers have praised Pave America for its reliable performance and seamless operational processes, establishing the firm as a preferred partner within the paving industry.

Tom York, CEO of Pave America, expressed enthusiasm regarding the acquisition, asserting that it marks an exciting phase for the company. He highlighted AEA's established history of enhancing branch-based services and noted that their combined resources will be instrumental for accelerating growth, both organically and via strategic acquisitions. He also acknowledged both Shoreline Equity Partners and Trivest Partners for their foundational support in building Pave America into the robust entity it is today.

Alex Mehfar, a Partner at AEA, emphasized the company's commitment to operational excellence and its strong organizational culture. The Pave America team has notably attracted skilled operators nationwide, which is critical to the firm’s sustained growth. Mehfar mentioned that in a competitive and fragmented market, Pave America has consistently showcased an unmatched quality of work while continuing to develop its distinctive operational platform.

The senior management of BCI echoed similar sentiments regarding Pave America's unique position within the marketplace. Aaron Papps, Senior Managing Director at BCI, noted that the firm has created a platform unmatched in commercial paving, characterized by its national reach, specialized technology, and extensive self-performance abilities. He expressed confidence in the growth opportunities that lie ahead for the company.

Both Trivest and Shoreline, which have held minority stakes prior to the acquisition, rejoiced in their partnership with AEA and BCI. Russ Wilson from Trivest remarked on the proud legacy of developing the leading national platform in commercial services that Pave America represents. As part of their ongoing commitment, they will continue to support the company's management during this next evolutionary phase.

Overview of Pave America

Founded to respond to the needs of a growing market, Pave America's impressive workforce of over 1,600 employees is dedicated to delivering high-quality solutions through both an extensive self-perform capability and partnerships with outsourced vendors. They specialize in a suite of services that include maintenance, repair, milling, and striping in addition to sealcoating.

This strategic acquisition is expected to enhance the operational capabilities of Pave America and position it strongly in a market that continues to exhibit robust demand for paving solutions. The combined expertise of AEA and BCI will facilitate further innovations within Pave America, ensuring it maintains an edge in technological advancements while expanding its reach.

The outlook for Pave America remains particularly bright, given the continuous investment in quality services and the strategic growth facilitated by its new partners. As they embark on this new chapter, the implications for commercial paving services across the nation will undoubtedly be significant, reflecting a commitment to excellence and customer satisfaction.

For further information about Pave America and its offerings, please visit www.paveamerica.com.

About AEA Investors

Founded in 1968, AEA Investors operates globally, managing funds across various private equity sectors. With over $18 billion in capital, they focus on long-term partnerships with industrial family offices and management teams.

About BCI

The British Columbia Investment Management Corporation, managing C$295 billion in assets, is dedicated to supporting public sector clients with a long-term investment strategy aimed at securing commitments and enhancing communities.

Conclusion

The acquisition of Pave America by AEA Investors and BCI reflects a significant advancement in the commercial paving industry. It shines a light on the future trajectory of the company, setting high expectations for growth and innovation.