January 2023: Stonehenge Partners (“Stonehenge”) announced that its pavement maintenance and repair services platform, True North Asphalt (“True North” or the “Company”), has acquired Huyser Asphalt Paving and Sealcoating (“Huyser”). Headquartered in Grand Rapids, MI, Huyser provides asphalt paving and concrete solutions to a broad base of commercial customers throughout western Michigan. Huyser’s Founder & President, Jason Huyser, will continue to lead operations in western Michigan alongside his management team.
By adding Huyser, the Company has established a statewide footprint capable of serving Michigan’s three largest MSAs – Detroit, Grand Rapids, and Lansing.
True North’s President, Nick Whitehurst, said, “Jason and his team have built an incredible platform with a loyal customer base through their tireless focus on high-quality service. This partnership will strengthen our position in Michigan and allow us to expand into neighboring states as we look to grow nationally.”
Jason Huyser added, “We could not be more excited to join Nick and the True North Team. From our first meeting, the cultural alignment and same passion for excellence was clear. We are looking forward to building our partnership as we continue to expand the business.”
True North is highly acquisitive and continues to pursue add-on acquisition opportunities in attractive markets. If you have any information regarding a business, which may be a fit with True North, please reach out to Patrick Shevelson – pbshevelson@stonehengepartners.com
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 investing in leading lower middle market companies. Founded in 1999, Stonehenge has a long history of partnering with 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 $1.4 billion of committed capital and is currently investing out of its sixth institutional fund.
More information is available at: www.truenorthasphalt.com.
Investment Parameters
$1.4 billion of private capital commitments
Flexibility to invest equity, debt, or any combination
Control or minority ownership equity investments
$10 million to $50 million targeted investment range
Buyouts, recapitalizations, and growth capital
Manufacturing, distribution, healthcare, and business services
True North Deal Team
Bob Eversole, Managing Partner
Pete Davies, Managing Partner
Sean Dunn, Director
Patrick Shevelson, Vice President
Austin Berning, Associate
Rachel Remias, Senior Analyst
