Atlantic Southern Paving and Sealcoating, a portfolio company of Harbor Beach Capital, has acquired Emerald Paving Company.
Harbor Beach acquired Atlantic Southern in August 2019 in partnership with Aldine Capital Partners and CEO Michael Curry. The buy of Emerald is the company’s first add-on acquisition as it looks to expand into new geographies to serve its growing national customer base.
Emerald Paving is a provider of commercial asphalt, concrete, crack fill, sealing, striping, signage, ADA compliance, and other parking lot maintenance services. The company completes more than 1,000 projects per year across 27 states for big box retailers, hotel and motel chains, grocery chains, car dealerships, truck stops and commercial property management companies.
Emerald Paving, led by CEO Derek Davis, is headquartered near Los Angeles in Westminster, California.
“I speak for all of my colleagues at Emerald when I state how pleased I am to become an integral part of the Atlantic Southern team,” said Mr. Davis. “I am confident that our expanded national reach will allow us to offer an even stronger service proposition to all of our customers.”
Atlantic Southern is a provider of pavement maintenance and construction services to retailers, hotel chains, restaurants and REITS in South Florida and throughout the United States. The company’s services include asphalt paving and repair, sealcoating, curbs and sidewalks, signage, ADA modifications, pavement marking, and crack sealing.
Atlantic Southern’s customers include Hyatt, Winn-Dixie, Lowe’s, Best Buy, Target, Walmart, FedEx, Marriott and Walgreens among many others. The company was founded by Mickey Curry in 1992 and today is led by CEO Michael Curry (founder’s son), Vice President Dan Curry (founder’s son) and COO Terry Smith. Atlantic Southern is headquartered near Ft. Lauderdale in Sunrise, Florida.
“We are proud to partner with Emerald and all of its service associates,” said Michael Curry. “Their excellent reputation is well known in the Western United States and will offer us a solid platform for expansion. We look forward to working with Derek and the entire team at Emerald to keep growing our collective business.”
Ft. Lauderdale-based Harbor Beach makes control investments in companies that have at least $2 million of EBITDA. Sectors of interest include equipment and specialty manufacturers; business and consumer services; and consumer products.
Chicago-based Aldine Capital Partners invests from $4 million to $20 million of subordinated debt and equity in companies with a minimum of $10 million in revenue and $2 million in EBITDA. Aldine typically invests alongside independent sponsors, private equity funds, family offices, and management teams. In June 2019, the firm held a final closing of its third fund, Aldine Capital Fund III LP, with total capital of $240 million.
© 2021 Private Equity Professional | January 27, 2021
