03/15/2023
Citizens Advises Pavement Partners on its Merger with Brothers National to Form Pave America
PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as financial advisor to Pavement Partners on its merger with Brothers National to create one of the nation’s preeminent pavement service companies, Pave America.
Pave America is a leading provider of maintenance-driven pavement solutions, including repair, milling, sealcoating and striping services to commercial, municipal, industrial, utility and HOA customers with nationwide coverage through an extensive self-perform and outsourced vendor model. In less than two years, Pave America has closed and integrated a litany of acquisitions and plans to continue to execute an aggressive organic growth and acquisition strategy.
The company's primary investors, Shoreline Equity Partners and Trivest Partners, will maintain dual control in the go-forward business, and Lincoln Road Global Management will retain minority equity ownership. As part of the transaction, Tom York, formerly at Pavement Partners, will assume the role of Pave America CEO and Paul Garner, formerly at Brothers National, will serve as President.
Mike Hand, managing partner at Shoreline, said: "The Citizens team has been trusted advisors to Pavement Partners and Shoreline. We appreciate their M&A and sector expertise and the guidance they provided throughout the process, as we achieved a great outcome for all involved parties. Citizens’ unique knowledge of facility services, specifically paving services, was invaluable as we evaluated our alternatives and effectuated the merger with Brothers National."
Ryan Sugrue, managing director at Citizens M&A Advisory, said: “The combination of Brothers National and Pavement Partners creates a powerful, market-leading paving services platform with exceptional growth potential. We are excited to follow the story of Pave America as the combined platform continues to execute its organic and inorganic growth strategy. We are pleased to have advised Pavement Partners and Shoreline on this marquee transaction, and we look forward to working together on new opportunities in the near future.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has more than 150 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
# # #
The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.
