SMC Infrastructure Partners' Infra Build Holdings, a new platform dedicated to providing innovative solutions for the heavy infrastructure construction and rehab marketplace, has partnered with General Asphalt management to support its next phase of growth.
MIAMI, Feb. 8, 2022 /PRNewswire/ -- SMC Infrastructure Partners ("SMC"), via its infrastructure construction and rehab platform company Infra Build Holdings, LLC ("IB Holdings"), has partnered with management to recapitalize Miami, FL based infrastructure paving contractor General Asphalt Co., LLC ("General Asphalt") and support future growth. The transaction closed on December 23, 2021.
SMC and General Asphalt management were supported by capital contributions from debt funds managed by IFM Investors ("IFM") and Turning Rock Partners ("TRP").
IB Holdings is led by SMC Senior Operating Executive Lauro Bravar, along with Operating Executives Julio Alberto Alia and Gonzalo Peschiera, who upon closing assumed the roles of Chief Executive Officer, Chief Operating Officer, and VP Business Development, respectively. General Asphalt Chairman Robert Lopez, Sr. and CEO Rob Lopez, Jr. will continue to lead the principal operations of General Asphalt.
General Asphalt CEO Rob Lopez Jr. commented, "We have been repeatedly approached by potential buyers and capital partners over the years, but no one understood our business or the infrastructure assets we serve the way that SMC did. Their depth of specialized infrastructure and construction knowledge impressed us, and their sharing of our vision and values gave us the confidence to ultimately partner with them. We are excited to grow together for years to come."
SMC Chairman & Chief Executive Officer Aaron Richardson said, "We are incredibly excited to partner with the Lopez family, IFM, and Turning Rock Partners to support the next phase of growth for General Asphalt. Our collective focus remains squarely on providing innovative solutions to surface infrastructure asset owners and operators in South Florida and beyond."
Lauro Bravar, CEO of Infra Build Holdings remarked, "We are thrilled with the opportunity to support General Asphalt, leveraging its capabilities and track record alongside our experience to transform General Asphalt into a comprehensive airport and transport infrastructure builder, including providing turnkey financing and maintenance solutions. IB Holdings and General Asphalt together stand ready and capable to deliver a broader range of projects and services to the South Florida infrastructure marketplace."
"IFM is delighted to work with SMC and General Asphalt to support their growth and address the increasing infrastructure deal flow in South Florida. Airports and transportation are key focus sectors for IFM and we look forward to working on future debt financings with this team," said Matt Wade, Executive Director of Debt Investments for North America at IFM Investors.
"Turning Rock Partners is pleased to provide a structured capital solution to support the transaction and fuel further growth," said TRP Partner David Markus. "General Asphalt and its founding family have demonstrated exceptional leadership over a multi-decade period. Through a capital investment and beneficial insights from our network, we look forward to supporting value creation by SMC alongside the General Asphalt and IB Holdings management teams."
General Asphalt was advised by Cross Keys Capital and received legal counsel from Berger Singerman LLP. IFM and TRP were counseled respectively by Baker Botts, L.L.P. and Akin Gump Strauss Hauer & Feld LLP. SMC was represented by Gibson Dunn & Crutcher LLP and Troutman Pepper Hamilton Sanders LLP.
General Asphalt, founded in 1966, is a nationally recognized integrated asphalt producer and paver with a greater than 50 year history of delivering high performance results to its bench of surface infrastructure owner customers, recognized in particular for its aviation paving expertise.
SMC Infrastructure Partners, founded in 2020, is a specialized acquirer, developer, and operator of mission critical infrastructure support businesses headquartered in Miami, FL with offices in New York, NY and Columbus, OH. SMC's world class team of investment and operating professionals together possess over $150 billion and 350 years of combined M&A, operations, project finance, and infrastructure development experience.
IFM Investors is a global investment management firm and one of the largest infrastructure investors in the world. Established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people, IFM is owned by a group of Australian pension funds and manages approximately US$130bn as of September 30, 2021.
Turning Rock Partners targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape.
SOURCE SMC Infrastructure Partners
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