RICHMOND, Va.--(BUSINESS WIRE)--Pavement Partners Holding, LLC (“Pavement Partners”) has acquired Turner Asphalt (“Turner”) and Chamberlain Contractors (“Chamberlain"). Both companies are leading providers of asphalt and concrete solutions including maintenance, repair, milling, and sealcoating services to commercial and municipal customers. Headquartered in Raleigh, North Carolina, Turner is one of the premier pavement service providers primarily in North Carolina, South Carolina, and Virginia. Headquartered in Laurel, Maryland, Chamberlain is one of the leading pavement service providers in Washington D.C., Virginia, Maryland, and West Virginia. The combination of Turner and Chamberlain further solidifies Pavement Partners as one of the largest pavement repair and maintenance service providers in the Southeast and Mid-Atlantic regions. Wayne Turner, CEO of Turner, and Harold Green, CEO of Chamberlain, will continue to maintain active leadership roles going forward.
Tom York, CEO of Pavement Partners, said, “Wayne, Harold, and their respective teams, have built best-in-class businesses with strong brand recognition in our core footprint. Following the two acquisitions, Pavement Partners is now one of the leading pavement repair and maintenance service providers in our regions. Both Wayne and Harold are perfect additions to our platform due to their strong customer base, focus on service, and extensive expertise in the space. The acquisitions will allow us to further penetrate Maryland and expand into North Carolina and South Carolina as we look to grow nationally.”
Wayne Turner, CEO of Turner, said, “From the start, Turner Asphalt has been focused on providing our customers with high-quality service in three states across the Mid-Atlantic and Southeast. After meeting Tom and the Shoreline team, it became clear to me that they had the same passion for growth and excellence that has made Turner Asphalt what it is today. Becoming part of the Pavement Partners team is an exciting opportunity to meet the challenges of the future while continuing to provide first rate service to our existing customer base. We are looking forward to expanding Turner Asphalt as part of the Pavement Partners platform.”
Harold Green, CEO of Chamberlain, said, “After working in the pavement and concrete business for decades and founding the Pavement Network, I have interacted with numerous pavement repair and maintenance service providers. Following our first meeting, I knew that Pavement Partners was building a unique platform that would help Chamberlain maintain its exceptional service while expanding its footprint. I am very excited about the partnership as we look to expand the platform.”
About Pavement Partners
Pavement Partners is a leading provider of asphalt and concrete solutions including maintenance, repair, new paving, milling, and sealcoating services. With over 350 employees, Pavement Partners serves a diversified customer base across Washington D.C., Virginia, Maryland, North Carolina, South Carolina, West Virginia, Georgia, Tennessee, and Florida including HOA properties, regional retailers, commercial customers, and municipalities. Since its formation, Pavement Partners has acquired Finley Asphalt & Concrete, Dominion Paving & Sealing, Turner Asphalt, and Chamberlain Contractors with plans to expand nationally.
About Shoreline
Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a “win-win” proposition for shareholders, employees, customers, vendors, and the communities within which the Firm’s companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. Investing out of the Firm’s inaugural $300 million fund, Shoreline seeks to lead equity investments of up to $100 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $25 million to $250 million and EBITDA of $3 million to $25 million. The Firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others. For more information, please visit www.shorelineequitypartners.com.