ACI Holdings, a portfolio company of Soundcore Capital Partners, has acquired Asphalt Solutions.
Asphalt Solutions is a provider of asphalt and concrete maintenance and repair services for commercial and multi-family homeowner association customers. The company’s capabilities include asphalt, concrete, sealcoat, crack repair, and pothole repair. Asphalt Solutions was founded by Chad McIntyre in 2001 and is headquartered in Indianapolis, Indiana.
“I am thrilled to partner with ACI and am confident that this partnership will bolster growth in our operations, provide ample opportunities for our employees, and better service our customers. It was a pleasure to work with the team at Soundcore and ACI in closing this transaction,” said Mr. McIntyre.
The buy of Asphalt Solutions is the third investment that Soundcore has made for its ACI commercial paving platform.
ACI Holdings was formed by Soundcore in July 2022 as part of its acquisition of ACI Asphalt & Concrete, a provider of asphalt and concrete installation, maintenance, and repair services to commercial parking lot and multi-family homeowner associations. ACI is headquartered northwest of Minneapolis in Maple Grove, Minnesota. In January 2023, ACI acquired Minnesota-based ACS Asphalt Concrete Solutions and Soundcore continues to seek add-on acquisitions for ACI in both new and existing geographies.
“We are proud of the many accomplishments made in ACI over the past year and remain bullish on the opportunity for sustained growth ahead of us,” said Jonathan Tanenbaum, a partner 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.
“Soundcore is dedicated to forming partnerships and is looking to acquire commercial paving companies whose founders value partnering with an experienced investor. Soundcore can bring technology know-how, operating expertise, and other best practices, helping unlock the next stage of growth,” said Alex Bues, a partner and head of deal origination at Soundcore. “We are actively seeking introductions to founders who share our values and core principles.”
Soundcore was founded in 2015 by Managing Partner Jarrett Turner and is headquartered in New York City.
© 2023 Private Equity Professional | September 1, 2023
