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Huron Capital’s Platform Sunland Asphalt Acquires Georgia Paving
DETROIT – Leading middle-market private equity firm Huron Capital (“Huron”) announced today that its portfolio company, Sunland Asphalt (“Sunland” or the “Company”), has acquired Georgia Paving, LLC (“Georgia Paving”). Headquartered in the greater Atlanta area, Georgia Paving began operations in 1996 and has established itself as one of the premier asphalt maintenance and paving companies in the region. Georgia Paving provides asphalt paving and maintenance, striping, seal coating, concrete, and other ancillary services for customers in the metro-Atlanta area and surrounding region.
“Sunland is excited to partner with the Georgia Paving team to continue our growth as a super-regional provider of asphalt paving and maintenance services throughout the broader U.S. sunbelt,” said Bryan Kalbfleisch, CEO of Sunland. “Georgia Paving has developed a strong brand presence in Georgia through its history of exceptional service, safety, and quality of work that offers strong alignment with Sunland’s capabilities and reputation.”
Georgia Paving represents Sunland’s third acquisition following the foundational investment in Sunland in 2021. The acquisition of Georgia Paving expands the platform’s presence into a highly attractive, new geography. Following the acquisition, the Sunland platform now operates across five states throughout the Southwest and Southeast regions of the United States.
“Sunland is a recognized and respected leader in the asphalt paving industry,” said Georgia Paving Owner, Eddie Livingston. “Sunland’s customer-centric culture aligns perfectly with our values. Joining forces with Sunland means that we can learn from best practices, benefit from being a part of a larger organization, and serve as a platform for additional growth in the Southeast region.”
“Sunland’s partnership with Georgia Paving is a key milestone for Sunland’s growth with our expansion into the Southeast geography,” said Jim Mahoney, Managing Partner at Huron. Cale Kaczmarek, Principal at Huron, continued, “We are thrilled to partner with Eddie and the rest of the Georgia Paving team for future growth and to assist in building on their legacy as a premier provider of asphalt paving and maintenance services.”
Honigman LLP served as legal advisor and Moss Adams LLP served as financial diligence advisor to Sunland and Huron.
About Huron Capital
Huron Capital is a leading lower middle-market private equity firm focused on partnering with outstanding management teams to build leading service companies. Through HCP Services, we bring a people-first and thematic approach to investing in mission-critical service companies in the infrastructure, facility and residential sectors where we have a long history of success, proven playbooks and extensive resources. We seek to make control investments in leading service businesses with $20 million to $200 million in revenue.
With our operational resources, we empower our management partners to drive significant growth through initiatives such as professionalizing operations, improving service offerings, executing M&A strategies, and accessing new markets. We pride ourselves on an unwavering commitment to candor, trust, accountability, and transparency in our relationships with management teams, investors, advisors, and employees.
Founded in Detroit in 1999, over the past 25 years we have acquired more than 275 companies through seven investment funds, managing over $2 billion in capital on behalf of a global institutional investor base. Through our proprietary ExecFactor® program, we utilize a proactive, thesis-driven investment process to identify the best potential management teams and investment opportunities in our core sectors.
About Sunland Asphalt
Since 1979, Sunland Asphalt is provider of asphalt paving and maintenance services with offices in Arizona, Colorado, Nevada, New Mexico, and Georgia. The company offers an array of services including asphalt repairs, crack sealing, sealcoating, chip seal, milling, pulverizing, reconstruction, paving, striping, and other ancillary services. The company serves both public and private customers.
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Jonathan Marino
Prosek Partners
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