Soundcore Capital Partners, through its Commercial Paving Holdings platform company, has acquired ACS Asphalt Concrete Solutions.
ACS Asphalt Concrete Solutions (ACS) is a provider of asphalt and concrete installation, maintenance, and repair services for commercial and multi-family homeowner association customers in the greater Minneapolis metropolitan area.
ACS, led by co-owner and president Jeff Taylor, is headquartered 15 miles north of Minneapolis in Blaine, Minnesota.
“ACS fits all of Soundcore’s long-held investment criteria, including demonstrating steady long-term organic growth. Having acquired 77 companies since inception, Soundcore’s buy-and-build and platform creation experience will help grow our commercial paving platform to its fullest potential,” said Jarrett Turner, the founder and managing partner of Soundcore.
Soundcore formed Commercial Paving Holdings (CPH) in August 2022 as part of its acquisition of ACI Asphalt & Concrete (ACI), a provider of asphalt and concrete installation, maintenance, and repair services to commercial parking lot and multi-family homeowner associations. The company, led by founder and CEO Jim Bebo and President Justin Pomerleau, is headquartered northwest of Minneapolis in Maple Grove, Minnesota.
“We are thrilled to be combining our existing paving investment with such a well-regarded company, led by a very accomplished management team,” said Eric Korsten, a partner of Soundcore. “We look forward to continuing our commercial paving platform build-out as we grow both through future accretive add-ons and through strategic organic growth initiatives.”
CPH continues to seek additional acquisition targets as part of CPH’s super-regional consolidation strategy. “We aim to be the logical buyer of choice for commercial paving companies in the upper Midwest,” said Alex Bues, a partner and the head of origination at Soundcore.
Soundcore specializes in North America-based buy-and-build investments in the lower middle market. Target companies typically have revenues up to $150 million and are active in business and outsourced services, industrial services, specialty manufacturing, and value-added distribution sectors. The firm was founded in 2015 by Managing Partner Jarrett Turner and is headquartered in New York City.
Northborne Partners provided financial advisory services to ACS on this transaction.
© 2023 Private Equity Professional | January 13, 2023
