Citizens Serves as a Financial Advisor to Pave America on its Acquisition by AEA Investors and BCI

10/01/2025

Citizens Serves as a Financial Advisor to Pave America on its Acquisition by AEA Investors and BCI

PROVIDENCE, RI - Citizens Capital Markets & Advisory announced today that it served as a financial advisor to Pave America, a leading provider of commercial paving maintenance services, on its agreement to be acquired by AEA Investors and British Columbia Investment Management Corporation. Pave America was previously a portfolio company of Trivest Partners and Shoreline Equity Partners.

Headquartered in Virginia, Pave America is a provider of asphalt and concrete solutions, including maintenance, repair, milling, striping and sealcoating services. With a large self-perform employee base and outsourced vendor network, Pave America has grown to become the largest maintenance-focused pavement services provider in the U.S. The company's strong track record of organic growth and robust acquisition capabilities has established it as the acquiror of choice in a fragmented market.

"The Citizens team has been a trusted partner to Pave America for many years, providing strategic guidance across multiple transactions and growth initiatives," said Tom York, CEO of Pave America. "Their deep expertise and unwavering commitment to achieving the best outcome for Pave America have been instrumental in helping us achieve our long-term goals. We are grateful for their continued partnership and look forward to building on our success."

"We thank Citizens for their steadfast support and thoughtful guidance throughout our partnership with Pave America. Their commitment to excellence was integral to a successful outcome, and we look forward to the next phase of growth," said Russ Wilson, Managing Partner at Trivest.

Mike Hand, Co-Founder and Managing Partner at Shoreline Equity Partners, added: "We've had the privilege of working closely with Citizens across this transaction and many others that have helped Pave America grow into an industry leader. Their expertise and commitment to excellence have added tremendous value throughout our partnership."

Jason Wallace, Head of M&A Advisory at Citizens, said: "We've had the opportunity to collaborate with Trivest, Shoreline and Pave America across multiple strategic initiatives, including this milestone transaction. This acquisition is a testament to the strength of the business and the value created through partnership. We look forward to following their continued success."

Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $218.3 billion in assets as of June 30, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at https://www.citizensbank.com or visit us on X, LinkedIn or Facebook.

# # #

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.