Banner Capital Management has formed Western Pavement Services and has acquired its first company with the buy of Roadrunner Paving and Asphalt Maintenance.
Roadrunner provides asphalt paving, repair, sealcoating, striping, and maintenance services for the installation and upkeep of parking lots, roads, and other paved surfaces. The company’s customers include property managers, landlords, retail centers, and local government agencies located in the greater Phoenix metropolitan area.
Mesa, Arizona-headquartered Roadrunner was founded in 1981 by David Slade and today is led by President Kendall Power.
Banner’s strategy for Western Pavement Services is to acquire other founder-led and family-owned pavement maintenance companies in order to build a Western U.S. regional platform.
“This transaction is a perfect fit for us,” said Tanner Ainge, the founder and CEO of Banner. “As a firm, we have deep roots in Arizona and strive to be a partner of choice for founder-led and family-owned businesses in the Phoenix and Tucson markets. We are honored that the Slade family and Kendall would choose us as a capital partner.”
Banner Capital invests from $15 million to $60 million in family-owned and founder-led consumer, industrial and healthcare service companies located in the Western United States that have from $4 million to $15 million in EBITDA.
“We are excited to partner with David Slade, Kendall Power, and the entire Roadrunner team,” said Tyler Price, a managing director of Banner. “We believe in this historically resilient sector and have been fortunate to meet a number of multi-generational, founder and family-owned companies throughout the West which have a desire to join together and create a regional force capable of serving not only local landlords and property managers but also those with needs for reliable, consistent service throughout the broader West.”
Banner Capital was founded in 2020 by Mr. Ainge and is headquartered south of Salt Lake City in Lehi, Utah.
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