Soundcore Paving the Way

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Aug 02, 2022, 08:00 ET

NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Soundcore Capital Partners, LP (Soundcore) a New York-based private equity firm, is pleased to announce the recent acquisition of ACI Asphalt & Concrete, Inc. (ACI), a leading provider of asphalt and concrete commercial parking lot and multi-family homeowner association (HOA) installation, maintenance and repair services, with two strategic locations (greater Minneapolis metropolitan area and western Wisconsin). In connection with the acquisition, Soundcore has created a new holding company with its partner, Jim Bebo, the founder of ACI. This transaction represents the first investment in Soundcore's commercial paving platform.

"We are thrilled to be partnering with such a well-regarded company and accomplished management team. We look forward to accelerating our platform creation investment mandate," said Eric Korsten, Partner of Soundcore. "This transaction was made possible due to the collective efforts of the Soundcore senior team, which has over 135 years of combined industry experience. ACI fits all of Soundcore's investment criteria, including demonstrating steady long-term organic growth. Having acquired 73 companies since inception, Soundcore's buy-and-build and platform creation experience will help accelerate ACI's growth through a combination of strategic add-on acquisitions and organic growth initiatives," said Jarrett Turner, Founder and Managing Partner of Soundcore.

ACI was founded by Jim Bebo, a 30-plus-year commercial paving industry veteran. The company he built has a strong team of tenured executive leaders, including President Justin Pomerleau and CFO Mark Goebel. "We are excited to partner with Soundcore to further progress new geographic (especially in the Upper Midwest) and customer expansion and acquisitions. Soundcore's Origination team, led by Alex Bues, and its Growth and Performance Improvement team, led by Jeff Long, will be particularly helpful in paving ACI's organic and inorganic growth strategy," said Bebo.

"We have big plans for the commercial paving space," said Alex Bues, Partner of Soundcore. "Jim, Justin and the ACI team have built a great business and we look forward to executing on our M&A strategy with them."

Kirkland & Ellis provided legal counsel to Soundcore. Northborne Partners provided financial advisory services to ACI.

Terms of the transaction were not disclosed.

About Soundcore

Soundcore Capital was founded in 2015 by Jarrett Turner and is based in New York, NY. Soundcore is a thesis-driven private equity firm that specializes in buy-and-build investments in the lower middle-market that are headquartered in the United States and Canada. Soundcore has completed 73 acquisitions across ten platforms and focuses primarily on business & outsourced services, industrial services, specialty manufacturing and value-added distribution sectors. For more information, please visit: https://www.soundcorecap.com/home.

Soundcore is actively seeking additional acquisitions. Please contact Alex Bues regarding new platforms and add-on opportunities for our existing portfolio, including commercial paving.

Alex Bues
Partner, Head of Deal Origination
[email protected]
(212) 812-1186

About ACI

Based in the Minneapolis market, ACI is a leading Upper Midwest "one-stop" provider of asphalt and concrete maintenance / repair services to commercial clients. The company is an industry-leading contractor and preferred paving company for some of the world's largest retailers and commercial companies. With thousands of projects per year, ACI takes pride in its professional team, state-of-the-art equipment and world-class service. The company has been in operation for 30 years. For more information, please visit: https://aciasphalt.com/about-aci-asphalt/

CONTACT:
Njideka Emenogu
(212)-812-1180
[email protected]