January 2022: Stonehenge Partners (“Stonehenge”) today announced that it has led the recapitalization of True North Asphalt (“True North” or the “Company”), a provider of pavement maintenance and repair services for commercial, municipal, and residential end markets. Headquartered in Madison Heights, Michigan, the Company will continue to be led by its President, Nick Whitehurst, who will maintain significant equity ownership.
Nick Whitehurst commented, “We are excited to partner with Stonehenge and leverage their decades of experience and successful track record of growing privately held businesses. The vision and cultural fit between Stonehenge and True North is ideal. I am most excited about the opportunity for our current and future employees to grow with the Company. We plan to continue our acquisition strategy and capitalize on our industry’s favorable tailwinds, all while maintaining best-in-class customer service and a turnkey service offering.”
“True North’s leading market position and strong reputation have positioned the Company for continued growth,” said Bob Eversole, Managing Partner at Stonehenge, who will join the True North Board of Directors. “We could not be more excited to partner with Nick Whitehurst and his leadership team to expand capacity and reach more customers with True North’s full suite of services.”
About True North Asphalt
Founded in 1999, True North Asphalt provides pavement maintenance and repair services for commercial, municipal, and residential end markets throughout Michigan and surrounding states. The Company’s turnkey offering includes asphalt paving, concrete paving, site development, sealcoating, crack-fill, and other services.
About Stonehenge Partners
Stonehenge is an Ohio-based private equity firm that focuses exclusively on lower middle market companies. Founded in 1999, Stonehenge has a long history of partnering with leading entrepreneurs and managers who are focused on building winning teams, accelerating growth, and creating shareholder value. Stonehenge provides flexible capital that meets the needs of all stakeholders, including majority equity, minority equity, debt, and combinations thereof. Stonehenge has raised more than $1 billion of committed capital and is currently investing out of its fifth institutional fund.
More information is available at: www.truenorthasphalt.com.
Investment Parameters
$1 billion of private capital commitments
Flexibility to invest equity, debt, or any combination
Control or minority ownership equity investments
$5 million to $30 million targeted investment range
Buyouts, recapitalizations, and growth capital
Manufacturing, distribution, healthcare, and business services
Stonehenge Senior Investment Team
Andrew Bohutinsky, Managing Partner
Pete Davies, Managing Partner
Bob Eversole, Managing Partner
Tom Utgard, Managing Partner
Mike Arguelles, Partner
Sean Dunn, Director
Marc Elberson, Vice President
Patrick Shevelson, Vice President
