New York-based Advanced Pavement Group acquired Richard’s Paving, Inc. of New Castle, DE. Advanced is a portfolio company of Dublin Clark, a private equity company based in Boston.
This is the newest acquisition in Advanced Pavement Group Corp.’s expansion in the Northeast and Mid-Atlantic region.
Advanced Pavement Group and its companies have been providing pavement installation and maintenance services to the New York metropolitan area and central New Jersey for more than 55 years.
The addition of Richard’s Paving, who has been in business for nearly 45 years, expands Advanced Pavement Group’s geographical reach into Delaware, southeastern Pennsylvania and Northeastern Maryland. The Richard’s Paving acquisition includes Refined Products Company, Inc., a manufacturer of hot mix asphalt and other materials.
Richard Piendak, president of Richard’s Paving, said, “This will allow us to expand our market presence, customer base and provide an exciting future for our team.”
Advanced Pavement Group’s CEO, Joseph J. Tinney Jr. stated: “We are proud to announce our most recent acquisition as we continue to build our Academy Class Organization, increase our market presence, as well as service our customers over larger portions of their portfolio. We are particularly excited to have Richard Piendak and the rest of the Richard’s Paving team join us as we continue this exciting journey delivering advanced thinking, advanced technology, advanced commitment and advanced performance.”
Financial terms were announced in the transaction that was announced last month.
The sale marks a continuation of home-grown Delaware companies being acquired by private equity or publicly traded companies, one example being locally based Shone Lumber.
