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Turning Rock to support SMC recap of General Asphalt

Turning Rock Partners has invested $25 million to back SMC Infrastructure Partners' recapitalization of Miami-based General Asphalt Co, a paving contractor.

Turning Rock Partners has invested $25 million to back SMC Infrastructure Partners’ recapitalization of Miami-based General Asphalt Co, a paving contractor. No financial terms were disclosed. IFM Investors also backed the transaction.

PRESS RELEASE

PR Newswire — Turning Rock Partners (“TRP” or “Turning Rock”), a private investment firm based in New York, has completed a $25 million investment to support SMC Infrastructure Partners’(“SMC”) recapitalization of General Asphalt Co, LLC, a paving contractor based in Miami, Florida with a decades-long history of family ownership and operation. The transaction was also supported by capital contributions from debt funds managed by IFM Investors (“IFM”).

“Turning Rock Partners is pleased to provide a structured capital solution to support the transaction and fuel further growth,” said TRP Partner David Markus. “General Asphalt and its founding family have demonstrated exceptional leadership over a multi-decade period. Through a capital investment and beneficial insights from our network, we look forward to supporting value creation by SMC alongside the General Asphalt and IB Holdings management teams.”

“We are delighted to support SMC and General Asphalt in their future growth,” said Maggie Arvedlund, CEO of Turning Rock Partners. “The need for highly skilled teams and businesses to support the nation’s infrastructure improvements continue to expand.”

SMC Chairman & Chief Executive Officer Aaron Richardson said, “We are incredibly excited to partner with the Lopez family, IFM, and Turning Rock Partners to support the next phase of growth for General Asphalt. Our collective focus remains squarely on providing innovative solutions to surface infrastructure asset owners and operators in South Florida and beyond.” General Asphalt CEO Rob Lopez Jr. commented, “We are excited to grow together for years to come.”

Lauro Bravar is the CEO of SMC’s Infra Build Holdings LLC. Bravar remarked, “We are thrilled with the opportunity to support General Asphalt, leveraging its capabilities and track record alongside our experience to transform General Asphalt into a comprehensive airport and transport infrastructure builder, including providing turnkey financing and maintenance solutions. IB Holdings and General Asphalt together stand ready and capable to deliver a broader range of projects and services to the South Florida infrastructure marketplace.”

Akin Gump Strauss Hauer & Feld LLP provided legal advisory. Operational and accounting due diligence were completed by Phoenix Transaction Advisory. Turning Rock Senior Advisor David Klahr provided strategic analysis and support.

Turning Rock Partners:
Turning Rock Partners pursues debt, equity and hybrid investments in lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. For more information, please visit Turning Rock Partners’ website: www.turningrockpartners.com or call our offices at: 212-207-2390. For Turning Rock investor relations, please contact investor@turningrockpartners.com .