Huron Capital, the Detroit-based lower-middle-market private equity firm, has created a new infrastructure services platform with the recapitalization of Arizona-headquartered Sunland Asphalt and Construction Inc. Terms of the transaction were not disclosed.
Sunland Asphalt is a paving solutions provider that serves the southwest United States from offices in Phoenix and Tucson, Ariz.; Littleton, Colo.; Las Vegas; and Albuquerque, N.M.,
“Over the past four decades, Doug DeClusin and his team have built Sunland into an impressive company with more than 500 employees across four states,” says Jim Mahoney, managing partner at Huron Capital.
“We believe we can help Sunland continue to gain market share in new and existing markets by expanding both commercial and government customer relationships as well as expanding its reach through M&A. We look forward to pursuing these strategies together.”
Founded in 1979 with a single truck, Sunland has grown from an asphalt maintenance company into a full-service, vertically integrated solutions provider. Its capabilities include asphalt repairs, crack sealing, sealcoating, chip sealing, milling, pulverizing, reconstruction, paving, striping, earthwork, and grading, as well as concrete, utility adjustments, and underground wet utilities. The company also owns and operates several hot-mix asphalt plants.
“We are confident that the business expertise and outstanding network Huron Capital provides will lead to new and exciting growth opportunities for Sunland,” says DeClusin, who will remain as CEO of the company. “Our storied industry reputation combined with Huron Capital’s track record of acquisitive success is sure to create attractive opportunities for our regional leaders across the country.”