Miami, Florida—Trivest Partners (“Trivest”), a leading private equity firm focused exclusively on investing in founder and family-owned businesses, has completed the successful sale of its portfolio company Pave America, LLC (“Pave America” or the “Company”), a leading commercial paving maintenance services provider to AEA Investors (“AEA”) and British Columbia Investment Management Corporation (“BCI”), as previously announced here. Pave America partnered with Trivest’s Trivest Discovery Fund I (“TDF I”), in late 2020.
Headquartered in Virginia, Pave America has rapidly solidified its position as the largest provider of commercial paving maintenance services in the U.S. With 27 branches and self-perform capabilities in 43 states, the Company offers a full suite of maintenance and new construction services to local and national customers. Powered by its proprietary PavementSoft technology platform, which supports everything from lead tracking to invoicing, Pave America has earned a reputation for consistent quality and seamless operations across geographies, making the Company a solutions provider of choice and a highly sought-after partner within the paving industry.
“This marks the beginning of an exciting new chapter for Pave America,” said Tom York, CEO of Pave America. “AEA has a strong history of partnering with branch-based services businesses to successfully scale for the long run, and they and BCI bring expertise and resources that will be instrumental as we seek to accelerate our growth both organically and through strategic acquisitions. We are grateful to Shoreline and Trivest for their support in establishing such a strong foundation for our business, and we look forward to building on that progress together with AEA and BCI, continuing to deliver the highest quality commercial paving solutions to new and existing clients nationwide.”
“The Pave America team has built a standout business rooted in a culture of operational excellence and employee ownership, which continues to attract top-tier branch operators across the country,” said Alex Mehfar, Partner on the AEA Middle Market Private Equity Team. In a highly fragmented market with significant runway, Pave America has consistently demonstrated its ability to deliver an unparalleled quality of work while continuing to strengthen and scale its differentiated platform. Leveraging its purpose-built PavementSoft software, the Company has seamlessly integrated across locations and consistently delivers superior employee and customer experience. We’re excited to support the team as they build on this momentum and pursue new opportunities for growth moving ahead.
“Pave America has created an unrivaled platform in commercial paving, combining national scale, purpose-built technology, and comprehensive self-perform capabilities to deliver superior service quality,” said Aaron Papps, Senior Managing Director, Private Equity, BCI. “Our investment alongside AEA reflects our shared conviction in the Company’s growth trajectory and operational leadership, which distinguish Pave America in the marketplace. We look forward to supporting the Company’s management team as they continue executing and accelerating their proven expansion strategy.
“We have been so proud to support the creation of the leading national platform in commercial paving services,” said Russ Wilson, Managing Partner at Trivest, and Mike Hand, Managing Partner at Shoreline. “The Company’s rapid growth, strong culture, and successful integration of the best-in-class operators have positioned it as the clear market leader. We are excited to continue our partnership as minority investors alongside AEA and BCI as Pave America enters its next phase of expansion.”
William Blair and Citizens Bank represented Pave America and acted as the Company’s financial advisors for the transaction, while Finn Dixon & Herling LLP served as legal counsel to Shoreline, Trivest, and the Company.
ABOUT PAVE AMERICA
Pave America is a leading provider of asphalt and concrete solutions including maintenance, repair, milling, striping, and sealcoating services. With 1600+ 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. For more information, visit www.paveamerica.com.
About Trivest
Trivest Partners, headquartered in Miami, with a presence in Charlotte, Chicago, Los Angeles, New York, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses. The Firm has multiple dedicated investment approaches, including both majority and minority flexibility for founders.
