Huron Capital Creates New Infrastructure Services Platform with Acquisition of Sunland Asphalt
Asphalt and paving services company offers comprehensive portfolio and dynamic growth opportunities
Detroit, MI – January 14, 2021 – Leading lower-middle-market private equity firm Huron Capital announced today that, in partnership with senior management, it has recapitalized Sunland Asphalt & Construction, Inc., a market-leading asphalt producer and paving solutions provider serving the rapidly growing southwestern United States.
Founded in 1979 by current CEO Doug DeClusin with a single truck, Phoenix-based Sunland now has offices in Arizona, Colorado, Nevada and New Mexico. The company has grown from an asphalt maintenance company into a full-service, vertically integrated solutions provider.
Sunland’s array of capabilities includes asphalt repairs, crack sealing, sealcoating, chip sealing, milling, pulverizing, reconstruction, paving, striping, earthwork and grading, as well as concrete, utility adjustments and underground wet utilities. The company also owns and operates several hot-mix asphalt plants.
“We are confident that the business expertise and outstanding network Huron Capital provides will lead to new and exciting growth opportunities for Sunland,” said DeClusin, who will remain CEO of the company. “Our storied industry reputation combined with Huron Capital’s track record of acquisitive success is sure to create attractive opportunities for our regional leaders across the country.”
Sunland provides a compelling value proposition to customers and presents a unique opportunity to invest and grow in its local markets while building scale to grow nationally. The company’s growth will continue to be driven by its strong management team, service-oriented culture, high-quality systems, and state-of-the-art equipment.
“Over the past four decades, DeClusin and his team have built Sunland into an impressive company with more than 500 employees across four states,” said Jim Mahoney, Managing Partner at Huron Capital. “We believe we can help Sunland continue to gain market share in new and existing markets by expanding both commercial and government customer relationships as well as expanding its reach through M&A. We look forward to pursuing these strategies together.”
About Huron Capital
Based in Detroit, Huron Capital is an operationally focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has successfully established six private equity funds with aggregate committed capital exceeding $1.8 billion and invested in over 200 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital’s sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
About Sunland Asphalt
Since 1979, Sunland Asphalt & Construction, Inc. has completed projects across the country, ranging from parking lot maintenance to major highways. With offices in Arizona, Colorado, Nevada and New Mexico, Sunland has grown from an asphalt maintenance company into a full-service general contractor. The company offers an array of construction and maintenance services including asphalt repairs, crack sealing, sealcoating, chip seal, milling, pulverizing, reconstruction, paving, striping, earthwork and grading, as well as concrete, utility adjustments and underground wet utilities.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.