Saw Mill Capital has acquired Let’s Pave in partnership with the company’s management team who will retain significant ownership and continue to lead the business going forward.
Let’s Pave is a national provider of outsourced parking lot maintenance and repair services to multi-location commercial and industrial property owners through a network of preferred, local paving partners. The company’s services include pavement planning, contractor procurement, and project management. Let’s Pave, led by CEO C.B. Kuzlik, is headquartered near Chicago in Oak Brook, IL (www.letspave.com).
“Our partnership with Saw Mill Capital represents a great step forward for Let’s Pave,” said Mr. Kuzlik. “The Saw Mill team brings significant facilities maintenance expertise, actionable strategic account relationships, and a strong suite of research, technology and resources to support Let’s Pave’s continued growth. We are excited to find a partner that shares our vision and commitment to delivering the highest quality parking lot maintenance service and creating significant value for our customers.”
“We are excited to partner with Let’s Pave to accelerate the penetration of the company’s innovative business model across the U.S.,” said Tim Nelson, a partner at Saw Mill Capital. “Let’s Pave’s leadership team has built an impressive organization and extensive network of local paving partners over a short period, and we look forward to partnering with the company in realizing its growth potential.”
Abacus Finance Group served as administrative agent and sole lead arranger for senior secured credit facilities to support the buy of Let’s Pave by Saw Mill. “From our perspective, this financing went very smoothly and efficiently,” added Mr. Nelson. “Everything was completed on schedule, we received early assurance of closure, and the Abacus team proved to be responsive, flexible, and easy to work with.”
“This was our first investment with Saw Mill Capital,” said Tim Clifford, president and CEO of Abacus, “and we were very impressed with their level of due diligence and unique in-house research capabilities. As Tim indicated, they appreciated our ability to move quickly – an important aspect of Making Life Easier™ through our Total Partnership Approach™.” Abacus team members leading the transaction included Aized Rabbani and Brian Green.
Abacus provides cash flow-based senior financing to private equity-sponsored, lower-middle market companies that have EBITDA between $3 million and $15 million. Debt facilities can be as large as $75 million with a typical hold size ranging from $10 million to $40 million. Since its inception in June 2011, Abacus has closed over $2 billion in financings. Abacus is headquartered in New York and is an affiliate of New York Private Bank & Trust (www.abacusfinance.com).
Saw Mill invests in North American-based manufacturing, industrial and commercial services, and specialty distribution businesses with $25 million to $200 million of revenues and $5 million to $25 million of EBITDA. The firm was founded in 1997 and is headquartered north of New York City in Briarcliff Manor, NY (www.sawmillcapital.com).
The buy of Let’s Pave is the firm’s fifth investment for its most recent private equity fund, Saw Mill Capital Partners II LP, which closed in July 2017 with an above-target $340 million in capital commitments.
© 2019 Private Equity Professional | July 8, 2019