Atlantic Southern Paving and Sealcoating

Leading provider of pavement maintenance services, including paving, pothole patching, crack seal repair, sealcoating, striping and concrete repair.

Brian and the team were great partners and worked closely with us to help us grow our business

Mike Curry
CEO, Atlantic Southern Paving and Sealcoating

Investment Date:
August 2019

Transaction Type:
Majority recapitalization with founding family retaining a significant ownership stake

Industry:
Commercial Services

Headquarters:
Ft. Lauderdale, FL

Source:
Proprietary

Realized:
November 2024

Sold To:
Rose Paving

Status:
Exited with Retained Minority Equity Stake

Transaction Highlights

Sourced transaction through dialogue with founding family as part of investment thesis research into the industry.

Investment Thesis

  • Institutionalize business processes, investing and expanding the company’s infrastructure to execute a buy-and-build
  • Capitalize on nationwide vendor managed platform to buy and build sunbelt focused hybrid delivery model
  • Capture market share and margin by being able to seamlessly deliver multiple repair and maintenance services to customers

Value Creation

  • Invested in key team members, including CFO, leader of national sales, procurement and fleet management

  • Invested in multiple systems to enhance operations and streamline processes

  • Developed integration plan to successfully integrate 14 completed add-ons

  • Began process to optimize asset utilization through combination of focused capex and leasing programs

  • Resulted in revenue and EBITDA growth of over 400% during our investment period

Exit

  • Successful exit via merger with Rose Paving, which is backed by a larger private equity firm to continue the consolidation in the paving maintenance industry

Brian is a founding partner of Coastal Breeze Partners and has over 25 years of investing, merger & acquisition and corporate finance experience. Brian has completed over 40 transactions for businesses across multiple industries, including business services, industrial, consumer, retail, automotive & heavy-duty, financial services, packaging, chemicals, and healthcare. Brian’s investment activities included control buyout transactions, as well as non-control recapitalization transactions. Brian also completed ongoing work with portfolio companies, including the strategic planning, operational reviews, management recruiting, financing and restructuring needs, add-on acquisitions and exit transactions. Prior to founding Costal Breeze, Brian was the co-founder and managing partner of Harbor Beach Capital, where he continues to actively manage two platform investments. Prior to founding Harbor Beach Capital, Brian served as Managing Director at Sun Capital Partners, a global private equity firm focused on investing in lower and middle market companies. Prior to Sun Capital, Brian was a Vice President in the Corporate Finance group at Stephens, Inc. Prior to that, Brian served as a Vice President with the investment banking group at Bear, Stearns & Co. Inc., and as Manager of Corporate Development with AutoNation, Inc. Brian received a Bachelor of Science in Business Administration, cum laude, with dual majors in Economics and Finance from Creighton University's Heider College of Business.

Matthias is a founding partner of Coastal Breeze Partners and has 25 years of investing, merger & acquisition and corporate finance experience. Matthias has completed over 30 transactions for businesses across multiple jurisdictions, sectors and types. Prior to founding Coastal Breeze, Matthias served as Managing Director at OpenGate Capital, a global lower-to-middle market private equity firm. As Head of OpenGate’s North American industrials investment team, Matthias focused on transformational value creation opportunities in chemicals, ingredients, building products, industrials and distribution. Prior to OpenGate, Matthias was a Vice President at Sun European Partners, the London based investment arm of Sun Capital Partners, a global private equity firm focused on investing in lower and middle market companies. Prior to Sun Capital, Matthias worked in investment banking at Goldman Sachs in Frankfurt and at Deutsche Bank in London. As part of a dual degree Matthias received a Master of Business Administration from University of Pittsburgh, KATZ Graduate School of Business and a Master of Business Administration from EBS Universität für Wirtschaft und Recht.