Huron Capital Partners LLC has begun to leverage the acquisition of a Sun Belt region asphalt company it bought earlier this year.
The Detroit-based private equity firm announced Monday that its Arizona-based infrastructure services platform company, Sunland Asphalt & Construction Inc., has acquired Ace Asphalt of Arizona Inc. The Phoenix-based Ace does parking lot maintenance and overall site development services around the Southwest region.
"Given its fragmentation and strong secular tailwinds, infrastructure services is an area we've been targeting for several years," Huron Capital Managing Partner Jim Mahoney said in the news release announcing the acquisition. "We made our initial platform investment in Sunland earlier this year and could not be more pleased with the quick completion of this first acquisition."
Terms of the deal were not disclosed.
Scott Phillips, the president of Ace, will remain with the company as president of the western region. Doug DeClusin, the CEO of Sunland, will lead the combined companies and the integration to bring both under the Sunland brand, according to the release.
"We have always had tremendous respect for Ace's team and the company's capabilities," DeClusin said in the release. "This merger provides both companies with an exciting opportunity to diversify our markets and expand our services to a wide array of public and private customers. The combination of our infrastructure and services will prepare us to offer the most powerful and comprehensive suite of solutions available."
As Crain's reported this week, dealmaking between small and middle-market companies have been surging. Private equity firms like Huron Capital, have upward of $1 trillion in unused capital to deploy for M&A deals.
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