FOR IMMEDIATE RELEASE
April 19, 2015
Richmond, VA – Transact Capital Partners is pleased to announce that Payne Paving Company Inc., a Scottsville, VA-based asphalt paving contractor, has been acquired by Slurry Pavers, Inc. Transact Capital served as the exclusive financial advisor to Payne Paving in closing the transaction.
Payne Paving Company, Inc. was founded in 1960 and focuses its operations on resurfacing secondary road systems (i.e. local and county roads) throughout VDOT’s Culpeper, Richmond, and Lynchburg districts. Payne will continue its tradition of quality work with knowledgeable crews and paving excellence in road work. Slurry Pavers, headquartered in Richmond, plans to leverage the combined firms and expand a continuing successful relationship with VDOT, while creating new employment opportunities and a successful future for the company.
Phil Tarsovich of Slurry Pavers said: “We are pleased to have Payne Paving join our subsidiaries as an ideal complement to our current companies. We are excited to expand our operations into the central Piedmont region of Virginia.”
George Sydnor is a Sr. Vice President at Transact Capital and brokered the deal. Sydnor had this to say about the transaction: “We enabled a two-generation family business to remain intact and maintain its identity while continuing to operate under the same management.” Sydnor has over 15 years of mergers & acquisitions advisory experience and over 40 closed transactions. He also has an extensive knowledge of the manufacturing, mining and distribution industries.
Transact Capital Partners is a full-service mergers and acquisitions advisory, business brokerage, and valuation firm headquartered in Richmond, VA, with offices in Roanoke and Tidewater, VA, Lexington, KY, Orlando, FL, and Central Pennsylvania. Transact focuses on the needs of privately held companies in the lower middle market with enterprise values under $100 million. With extensive experience in owning, running, and investing in private companies or divisions of public companies, the firm’s principals are able to assist many business owners exit their companies or explore other opportunities. Securities and investment banking transactions are offered through Transact Capital Securities, LLC. Member FINRA and SIPC.
To learn more about this transaction, or Transact Capital Partners, please contact Steve Zacharias at 804-612-7102 (Steve@TransactCapital.com). Additional information about Transact Capital Partners can be found at www.TransactCapital.com.