M&A Deal Summary

Soundcore Capital Partners and Northwood Ventures Acquire Heartland Paving Partners

On July 1, 2022, private equity firms Soundcore Capital Partners and Northwood Ventures acquired business services company Heartland Paving Partners

Acquisition Highlights
  • This is Soundcore Capital Partners’ 4th and Northwood Ventures’ 3rd transaction in the Business Services sector.
  • This is Soundcore Capital Partners’ 10th and Northwood Ventures’ 60th transaction in the United States.
  • This is Soundcore Capital Partners’ 1st and Northwood Ventures’ 2nd transaction in Minnesota.

M&A Deal Summary

Date 2022-07-01
Target Heartland Paving Partners
Sector Business Services
Buyer(s) Soundcore Capital Partners
Northwood Ventures
Deal Type Buyout (LBO, MBO, MBI)

Target

Heartland Paving Partners

Blaine, Minnesota, United States
Heartland Paving Partners is a provider of commercial asphalt and concrete maintenance and repair services across the upper Midwest. Heartland Paving Partners is based in Blaine, Minnesota.

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Buyer(S) 2

Buyer
DESCRIPTION

Soundcore Capital Partners is a private investment firm focused on making control investments in lower middle-market companies headquartered in the US or Canada. The Firm looks to be an active investor/partner and seeks platform opportunities with up to $15 million of EBITDA. Target transaction situations include ownership transitions, corporate carve-outs, and leveraged buyouts. Soundcore Capital Partners was formed in 2015 and is based in New York City.


DEAL STATS #
Overall 10 of 15
Sector (Business Services) 4 of 7
Type (Buyout (LBO, MBO, MBI)) 9 of 14
State (Minnesota) 1 of 3
Country (United States) 10 of 15
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-16 Winter Services

West Allis, Wisconsin, United States

Winter Services is a provider of snow and ice management services (snow clearing, deicing, salt brokerage) to commercial customers in the Midwest and Great Lakes regions of the United States. Winter Services is based in West Allis, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-02 ACI Asphalt & Concrete

Maple Grove, Minnesota, United States

ACI Asphalt & Concrete is a provider of asphalt and concrete maintenance/repair services to commercial clients. ACI Asphalt & Concrete is a contractor and preferred paving company for some of the world's largest retailers and commercial companies. ACI Asphalt & Concrete was founded in 1993 and is based in Maple Grove, Minnesota.

Buy -
Buyer

Northwood Ventures

Syosset, New York, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Northwood Ventures is a private investment firm that invests at all stages of company development, including venture, buyout, consolidation, growth, recapitalization, and turnaround situations. Northwood prefers opportunities located within the US and will consider both minority and control situations. Northwood's typical investment ranges from $5 to $15 million. Target sectors include telecommunications, manufacturing, retailing/consumer, financial services, and service-oriented business industries. Northwood Ventures was formed in 1983 and is based in Syosset, New York.


DEAL STATS #
Overall 65 of 71
Sector (Business Services) 3 of 4
Type (Buyout (LBO, MBO, MBI)) 20 of 22
State (Minnesota) 2 of 2
Country (United States) 60 of 65
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-11 Centerline Communication

West Bridgewater, Massachusetts, United States

Centerline Communication provides turnkey wireless telecommunications infrastructure services to carriers, equipment suppliers, and tower operators. Services include project management and real estate services, outsourced maintenance services for HVAC and generator units at wireless sites, and general construction services including installation and equipment modification. Centerline provides services across the U.S., with a particularly strong presence in the Northeast and Mid-Atlantic markets. Centerline Communication was founded in 2006 and is based in West Bridgewater, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-04 MojoTech

Providence, Rhode Island, United States

MojoTech is a provider of software engineering, design, and product management services that enable clients to achieve strategic goals traditionally hindered by scale, complexity, regulatory and digital transformation barriers. MojoTech is based in Providence, Rhode Island.

Buy -