MIAMI, July 20, 2021 /PRNewswire/ — Lincoln Road Global Management, LLC (“Lincoln Road”), a private equity firm focused on lower middle-market companies, and Trivest Partners (“Trivest”) announced that they have partnered with Brothers Paving & Concrete, an end-to-end service provider of asphalt, concrete, striping and all related essential parking lot services and roadway maintenance. Brothers will lead Lincoln Road and Trivest’s existing investment in Landmark Paving (collectively, the “Company” or “Brothers Paving”). Financial terms of the private transaction were not disclosed.
Brothers Paving, founded in 1985 and based in Manassas, Virginia, will continue to be led by its talented management team. Paul Battista, who brings more than two decades of concrete paving business management experience to Brothers Paving, will continue to serve as CEO of Brothers Paving & Concrete, and will also serve as CEO of the holding company, which will adopt the Brothers Paving name. The combination of these two entities will allow the Company to serve a broad array of attractive end-markets including real estate (HOA & property management groups), retail and regional utilities. Together Brothers and Landmark will serve over 200 customers throughout the Southeast and Mid-Atlantic.
“I am proud of Brothers’ success to date. Our accomplishments are primarily the result of the tireless efforts of our dedicated team members and unrivaled focus on reliable customer service,” said Paul Battista, “Partnering with Lincoln Road and Trivest will enable us to accelerate our growth through continued investment in our customers, employees, technology, and geographic footprint. More importantly, Lincoln Road and Trivest understand the Brothers culture and share our vison to continue building Brothers the right way – People, Partnering, Precision, and Professionalism. World-class service, while building better communities.”
“Paul and his team have built a best-in-class company with a well-recognized national brand because of their strong focus on customer service and ability to consistently deliver high quality asphalt paving, concrete repair, and related maintenance services,” said Jeff Magny, Founder and Managing Partner of Lincoln Road. “We’re excited to support this transaction that positions Brothers to expand into attractive and new high growth geographies.”
This transaction reflects Lincoln Road’s active investment pace, completing its sixth deal in the last 18 months including the recent sale of Republic Fire Protection. Combined with its proven proprietary deal sourcing, and ability to form partnerships with experienced management teams of lower middle market businesses, Lincoln Road unlocks significant value and positions all stakeholders for long term growth.
Holland & Knight LLP acted as legal advisor to Lincoln Road for the investment.
About Lincoln Road Global Management
Lincoln Road Global Management is a private equity firm that invests in leading lower middle market business services, specialty manufacturing and value-added distribution companies. Lincoln Road has deep operational experience, emphasizes collaboration and works closely with management teams. Together we are able to help companies unlock their next phase of growth. Please visit www.lincolnroadmgmt.com for more information.
Trivest Partners LP, with offices in Miami, Los Angeles, Philadelphia, Chicago, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the United States and Canada in both control and non-control transactions. Since its founding in 1981, Trivest has completed more than 350 transactions, totaling approximately $7 billion in value. To learn more, visit www.trivest.com.