Harbor Beach Capital has acquired Atlantic Southern Paving in partnership with Aldine Capital Partners and Atlantic Southern’s CEO Michael Curry.
Atlantic Southern Paving (ASP) 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.
ASP’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 of National Sales Dan Curry (founder’s son) and COO Terry Smith. ASP is headquartered near Ft. Lauderdale in Sunrise, FL (www.atlanticsouthernpaving.com).
“I’m excited to partner with Harbor Beach,” said Michael Curry. “They have significant expertise in partnering with growth-oriented companies and they share our team’s vision to create a larger paving business through continued organic growth, complemented by strategic add-on acquisitions.”
“We are exceptionally pleased to have the opportunity to partner with Mike Curry, Dan Curry and Terry Smith and the rest of ASP’s talented management team,” said Brian Urbanek, managing partner of Harbor Beach. “The company’s longstanding reputation for excellent service, coupled with management’s ‘can-do’ attitude and successful track record of profitable growth make this a compelling opportunity for us.”
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. The firm was founded in July 2016 and is based in Ft. Lauderdale (www.harborbeachcapital.com).
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. The firm is headquartered in Chicago (www.aldinecapital.com).
Enterprise Bank & Trust, headquartered near St. Louis in Clayton, MO provided senior debt to support this transaction.
© 2019 Private Equity Professional | August 13, 2019
