The Sterling Group Acquires Pavement Preservation Group, Inc. and Vance Brothers, LLC to Form Nationwide Pavement Preservation Platform
HOUSTON--(BUSINESS WIRE)--The Sterling Group ('Sterling'), a Houston, TX-based middle market private equity firm, today announced the acquisitions of Arizona-headquartered Pavement Preservation Group, Inc. ('PPGI'), and Vance Brothers, LLC ('Vance'), headquartered in Kansas City, MO. As part of this series of transactions, the PPGI and Vance organizations will operate as regional divisions of Pavement Preservation Group ('PPG'), a newly formed national platform aimed at building upon the acquired companies' regional leadership across the southwest and central United States to forge the sector's preeminent nationwide operator. PPG will be led by Darin Matson, a pavement sector senior executive with over twenty-five years of experience, who most recently served as the CEO of the Rogers Group, Inc., the largest privately owned aggregates producer in the United States with significant highway construction and asphalt service offerings in the Southeast.
PPG, through its best-in-class regional operating divisions, partners with customers across the country to help extend the life of urban and rural asphalt roads via best-in-class local execution capabilities. This suite of services includes scrub sealing, fog sealing, chip sealing, slurry sealing, microsurfacing, patch paving, and crack sealing operations as well as numerous emulsions and polymer modified asphalt products. These modern pavement preservation operations enhance the life of roads and can be meaningfully more cost-effective, more sustainable, and result in fewer traffic disruptions when compared to traditional rehabilitation and reconstruction methods.
'Since 1982, The Sterling Group has sought to partner with family businesses, entrepreneur owners, and their management teams to accelerate growth and build enduring businesses. The Sterling, PPGI, and Vance teams have a shared vision to bring together leading companies from distinct geographies. By sharing best practices and leveraging benefits of scale, we can accelerate growth and better serve our customers. We are grateful to partner with best-in-class operators as we establish a national leader in the pavement preservation industry,' said Brad Staller, Partner at The Sterling Group.
'I am thrilled to join the PPG platform and look forward to partnering with our premier regional divisions to help build the national leader in pavement preservation,' said Darin Matson, CEO of PPG. 'Sterling's deep operational expertise, extensive knowledge of the industry's end markets and customers, and track record of success with other buy-and-build platforms were important to the management teams and family-owners of PPGI and Vance. We will work together to help PPG's pavement specialists provide best-in-class service to customers across the country.'
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 74 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Currently, Sterling has over $9.4 billion of assets under management. For further information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.
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