Grove Mountain Partners Sells Central States to Pave America; Retains Equity Stake

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Oct 03, 2023, 11:30 ET

ATLANTA , Oct. 3, 2023 /PRNewswire/ -- Grove Mountain Partners ("Grove Mountain") announces the sale of Central States Paving and Concrete, LLC ("CSPC" or the "Company") to Pave America. Grove Mountain and its operating partner investors are retaining a significant equity stake, and the entire management team will remain with the business as it embarks on its next growth phase.

Grove Mountain brought together four independent service-providing businesses beginning in December 2021 with the acquisition of PLM Paving and Concrete, in greater Milwaukee. It added three other high-integrity companies in the Midwest region of the U.S. including Sipes Asphalt and Paving in Indianapolis, Encore Paving in Wichita, and Asphalt Seal & Repair in Green Bay.

"The Grove Mountain Partners team has over nine decades of significant experience with home and specialty business service companies. We seek to partner with management teams that are committed to building great organizations and have strong track records of success," said Ransom James, Managing Partner at Grove Mountain. "The results of this investment reflect our process and values, and we are happy to remain as equity investors in Pave America."

CSPC's core tenets of focusing on customer service while also supporting its talented base of employees led to outsized growth over the past two years. All of the Presidents remained at their respective companies, a hallmark of the Grove Mountain acquisition and management strategy.

"The CSPC team has been outstanding, and we are incredibly appreciative of their efforts and accomplishments over the past two years," said Stephen Fraser, Partner at Grove Mountain.

The transaction closed in September. Citizens served as an advisor, and DLA Piper LLC served as legal counsel to CSPC and Grove Mountain.

ABOUT GROVE MOUNTAIN PARTNERS
Grove Mountain Partners is a private equity firm that invests in middle-market home service companies and specialty business service companies, with annual revenues between $15 and $200 million. With a mission to build great companies, it is long-term and relationship-focused, possesses deep sector domain expertise and comprises operators rather than financiers. For more information, visit grovemountainpartners.com.

SOURCE Grove Mountain Partners