Pave America Has Been Acquired by AEA Investors and BCI

William Blair acted as the lead financial advisor to Pave America, Shoreline Equity Partners, and Trivest Partners, in connection with the Company's sale to AEA Investors (AEA) and British Columbia Investment Management Corporation (BCI). The transaction closed on August 29, 2025, and highlights William Blair's continued commercial services sector momentum.

About the Companies

Pave America is a leading provider of asphalt and concrete solutions including maintenance, repair, milling, striping, and sealcoating services. With 1600 plus employees, Pave America has nationwide coverage through an extensive self-perform and outsourced vendor model. The company primarily serves commercial, industrial, HOA, utility, and municipal customers. To learn more, visit https://www.paveamerica.com.

Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. The firm follows a total stakeholder model, meaning success should be a "win-win" proposition for shareholders, employees, customers, vendors, and the communities within which the firm's companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. With over $750 million of committed capital under management, Shoreline seeks to lead equity investments of up to $150 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $50 million to $350 million and EBITDA of $5 million to $25 million. The firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others. For more information, please visit https://www.shorelineequitypartners.com.

Trivest Partners, based in Miami with a presence in Charlotte, Chicago, Denver, Los Angeles, New York, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the United States. and Canada, in both control and non-control transactions. Learn more at https://www.trivest.com.

AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA's over 120 investment professionals operate globally with offices in New York, Stamford, Jacksonville, San Francisco, London, Munich, and Shanghai. The firm manages funds that have roughly $18 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth equity, and private debt investments. For more information, visit https://www.aeainvestors.com.

BCI is one of Canada's largest institutional investors, with C$295 billion in gross assets under management as of March 31, 2025. For 25 years, the company has built its legacy on performance with purpose, helping its 32 public sector and institutional clients deliver on their commitments. From securing pensions to supporting communities, it's investing that matters to BCI. Based in Victoria, British Columbia, and with teams spanning Vancouver, New York, London, and Mumbai, BCI puts patient capital to work across public and private markets globally. Learn more on BCI.ca or connect on LinkedIn.

Learn more about our supply chain and commercial services investment banking expertise.