Capstone Partners served as the exclusive financial advisor to Ace Asphalt of Arizona, Inc. (“Ace”” or the “Company”), a portfolio company of Prophet Equity, in its sale to Sunland Asphalt & Construction, Inc. (“Sunland”), a portfolio company of Huron Capital.
With a 50+ year operating history, Ace is a leading exterior facility services platform focused on providing parking lot maintenance and repair and comprehensive site development services for paved and concrete surfaces in the rapidly-growing Southwest region.
The mission critical and predictable demand for paving repair and maintenance drives recurring aftermarket service revenue for Ace from a diverse, entrenched customer base across numerous commercial, industrial and public sector end markets.
Recapitalized by Huron Capital in January 2021, Sunland is a market-leading asphalt producer and paving solutions provider in the Southwest U.S.
Sunland’s acquisition of Ace forms the leading infrastructure services platform in the Southwest, offering a comprehensive suite of paving solutions with operations across Arizona, New Mexico, Nevada, Texas, Oklahoma and Colorado.
From start to finish, the [Capstone] team was excellent – beginning with a virtual kick-off and expertly crafted marketing materials and ending with exceptional process management. The [Capstone] team was professional and guided our management team through every stage of the process. [Capstone] exhibited deep industry expertise and close relationships with the relevant buyer universe, driving a highly competitive process that culminated in an excellent outcome. We truly appreciate [Capstone]’s tremendous effort and look forward to continuing to build the relationship between Prophet and [Capstone].
