September 2022: Stonehenge Partners (“Stonehenge”) today announced that its pavement maintenance and repair services platform, True North Asphalt (“True North” or the “Company”), completed the acquisition of Orion Construction Company.
True North’s President, Nick Whitehurst, said “Orion and True North have been working together for decades, so it was a natural combination. It’s exciting to bring our teams together.”
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-full, and other services.
About Stonehenge Partners
Stonehenge is an Ohio-based private equity firm that focuses 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 $1.3 billion of committed capital and is currently investing out of its sixth institutional fund.
More information is available at: http://www.truenorthasphalt.com.
Investment Parameters
$1.3 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
