Richmond, Virginia – August 25, 2022 – Pavement Partners Holding, LLC (“Pavement Partners”) has partnered with Cincinnati Asphalt (“Cincinnati”) a leading provider of asphalt and concrete solutions including maintenance, repair, milling, and sealcoating services to commercial, municipal, and industrial customers. Headquartered in Cincinnati, Ohio, Cincinnati Asphalt is one of the premier pavement service providers across Greater Cincinnati, Southeast Indiana, and Northern Kentucky. This acquisition, the 8th completed since the formation of Pavement Partners, is the first outside of the company’s current base of operations spanning from Maryland to Florida. Joey Madden will continue running Cincinnati Asphalt and will be instrumental in growing operations across the current and contiguous markets that the company serves.
Tom York, CEO of Pavement Partners, said “Joey and his team have a stellar reputation for delivering exceptional service that’s respected and recognized across the industry. The company has rapidly taken market share since 2011 and delivers high quality services across a diversified customer base. As we continue exploring opportunities to expand nationally, Cincinnati Asphalt was a perfect fit for the platform we are building at Pavement Partners.”
Joey Madden, CEO of Cincinnati, said, “I’ve been following Pavement Partners for the past year as they have partnered with some of the industry’s best-in-class pavement repair & maintenance providers across the East Coast. As I contemplated the next phase of continued growth for Cincinnati Asphalt, I wanted to find a group that not only knows the pavement industry, but would also value my team the same way I have. From our first discussion, it became very evident that Pavement Partners was the right partner for our team as they continue assimilating industry leading companies and CEOs across the country. We are unbelievably excited to be a part of the broader strategy and look forward to leveraging their capabilities to expand Cincinnati Asphalt while continuing to deliver the high-quality service and finished product to our customers that we are well known for.”
About Pavement Partners
Pavement Partners is a leading provider of asphalt and concrete solutions including maintenance, repair, new paving, milling, and sealcoating services. With over 400 employees, Pavement Partners serves a diversified customer base across Washington D.C., Virginia, Maryland, North Carolina, South Carolina, West Virginia, Georgia, and Florida including HOA properties, regional retailers, commercial customers, industrial properties, and municipalities. For more information, please visit www.pavement-partners.com.
Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a “win-win” proposition for shareholders, employees, customers, vendors, and the communities within which the Firm’s companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. Investing out of the Firm’s inaugural $300 million fund, Shoreline seeks to lead equity investments of up to $100 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $25 million to $250 million and EBITDA of $3 million to $25 million. The Firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others. For more information, please visit www.shorelineequitypartners.