Associated Asphalt, which is backed by ArcLight Capital Partners, has agreed to acquire Roanoke, Virginia-based Axeon Marketing, a provider of asphalts, polymer modified asphalts and asphalt emulsion. No financial terms were disclosed.
ROANOKE, Va., Feb. 9, 2017 /PRNewswire/ — Associated Asphalt, a portfolio company of ArcLight Capital Partners, announced that one of its affiliates has agreed to acquire Axeon Marketing. The transaction is subject to the satisfaction of customary closing conditions and is expected to close on February 22, 2017.
Axeon Marketing, a subsidiary of Axeon Specialty Products, markets liquid asphalts and polymer modified asphalts through 13 terminals along the East Coast from Florida to New York.
Associated Asphalt, founded in 1948 and headquartered in Roanoke, Virginia, is one of the leading liquid asphalt resellers in the Mid-Atlantic and Southeast. The company distributes asphalts, polymer modified asphalts, and asphalt emulsion through 16 terminals.
Terms of the transaction were not disclosed.
About Associated Asphalt
Associated Asphalt is one of the largest independent asphalt resellers in the United States. Associated Asphalt stores, blends, hauls and sells a diverse mix of performance grade asphalt through 16 liquid asphalt and emulsion terminals. Associated Asphalt facilities service the Mid-Atlantic and Southeastern states within the PADD 1 region of the United States, which is the most densely populated PADD region. More information about Associated Asphalt can be found at www.associatedasphalt.com.
About ArcLight Capital Partners
ArcLight is one of the leading private equity firms focused on energy infrastructure investments. Founded in 2001, ArcLight helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. ArcLight has invested approximately $17 billion in 101 transactions since inception. Based in Boston, ArcLight’s investment team employs a hands-on value creation strategy that utilizes in-house technical, operational and commercial specialists as well as a 400-person asset management affiliate. More information about ArcLight, and a complete list of ArcLight’s portfolio companies, can be found at www.arclightcapital.com.