Pursant’s Investment Banking practice is pleased to announce that DuraSeal has been acquired by Rose Paving.
Our Client:
Tampa, FL – Established over 30 years ago, DuraSeal Asphalt Sealing and Paving (“DuraSeal” or the “Company”) is the premier provider of commercial pavement maintenance services in Central Florida providing paving, sealcoating and striping services to a diverse commercial customer base including retail, commercial, multi-tenant, distribution, industrial and municipal clients. The Company was acquired by Bruce Jones and Etta Strehle from its founder in 2008 when it was a much smaller business. Bruce and Etta developed a strategy to grow DuraSeal into the market leader it is today.
The Transaction:
On January 9, 2015, DuraSeal was acquired by Rose Paving Company (“Rose”) as part of its national expansion plan. For 40 years, Rose has been providing pavement maintenance services to a variety of customers stretching from coast to coast in the U.S. and Canada. Headquartered in Bridgeview, IL and with satellite offices in Chicago, Denver, Atlanta, Los Angeles and now Tampa, Rose Paving has grown to become one of the largest national service providers. They have over 150 employees comprised of strategic business units (SBUs), support staff, team members, and management.
How Pursant Helped:
Pursant, LLC acted as the sole Merger & Acquisition Advisor to DuraSeal for the transaction. Holland & Knight, LLP acted as legal counsel to DuraSeal. The Pursant team took ownership of the transaction process from beginning through close, freeing the owners of DuraSeal to focus on the continuing operations of their business. Pursant’s transactional experience in the pavement maintenance sector and disciplined process helped make the transaction a success. Pursant reached out to the network of buyers that stood to gain the most from acquiring DuraSeal, managed a competitive bid process and executed every phase of the deal-cycle with precision.
Accolades:
Ed Campbell, President of Rose Paving Company, commented “Among the most attractive things about this company are the many dedicated and talented people it employs. All of the existing DuraSeal employees will remain with Rose Paving. We are anxious to have the DuraSeal folks join our family. Our job is to provide them with additional resources and tangible assets to allow them to do their job even better. This acquisition will help Rose Paving maintain its deep-rooted commitment to personal relationship building, outstanding customer service and excellence in quality work.”
“We selected Pursant after interviewing several firms. The other firms all subscribed to a similar approach of establishing a price for our company and then offering it for sale to the world. Pursant offered a different approach with a disciplined process that challenged pre-screened buyers to compete for our business. The Pursant approach yielded a much higher sale price than discussed by the other firms. Rose Paving ultimately seemed to be the best buyer for DuraSeal and our hopes are that Rose and our exceptional DuraSeal employees prosper together for many years to come.” – Etta Strehle and Bruce Jones, Co-Owners, DuraSeal.”
“We are thrilled for both the owners of DuraSeal and Rose. The owners of DuraSeal were able to monetize the value of their company at the right time in relation to their personal goals and professional aspirations. Rose was able to acquire a best-in-class operator, team of people and strong brand in central Florida, that will serve them well as a platform for future growth in this growing market” — Mark Herbick, CEO, Pursant