Schwartz & Co. is pleased to announce that True North Asphalt (“True North”) has been recapitalized by Stonehenge Partners (“Stonehenge”). Terms of the transaction were not disclosed. Schwartz & Co. acted as the exclusive investment banking advisor to True North in this transaction.
Headquartered in Madison Heights, Michigan, True North provides pavement maintenance and repair services for commercial, municipal and residential end markets throughout Michigan and surrounding states. The Company will continue to be led by its President, Nick Whitehurst, who will maintain a significant equity ownership.
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.
Stonehenge is an Ohio-based private equity firm that focuses exclusively 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 billion of committed capital and is currently investing out of its fifth institutional fund.