Griffin Serves as Exclusive Investment Banker to American Asphalt Holdings, Inc.
American Asphalt Holdings, Inc. and Subsidiaries (“American Asphalt,” “AA” or the “Company”), based in West Collingswood Heights, NJ, is a leading asphalt producer, supplier and paver for both the commercial and public markets in South and Central New Jersey. The Company was purchased in 1986 by Robert Brown and has been a leader in the construction and asphalt manufacturing space for more than 35 years, with an excellent reputation for reliability and quality. Today, the company has more than 200 employees and completes hundreds of jobs each year.
After purchasing AA from the Weeks Family in 1986, Bob Brown quickly increased the size and scale of the business, purchasing five smaller asphalt paving companies and additional plants, bringing asphalt paving production consistently over 500,000 tons a year. In 2018, SES ESOP Strategies, a Stevens & Lee Company, assisted AA in forming an ESOP whereby 50.8% of the American Asphalt Company was sold to its employees. After five successful years of operations under the ESOP, shareholders sought to realize a liquidity event and prepare the business for the next stage of growth.
American Asphalt engaged Griffin as its exclusive investment banker to solicit interest for 100% of the Company. Griffin managed a competitive process involving private equity, family office and strategic partners, ultimately resulting in 100% of American Asphalt’s stock being purchased by The Earle Companies, a leading strategic player in the civil construction and asphalt space across the tri-state area. The Earle team will assume 100% control of American Asphalt’s operations, partnering with previous management to continue to drive growth and create value for AA employees and customers.
For more information on this transaction, please contact Kenneth J. Wanko, Senior Managing Director, ESOP Group, at 215.508.7707; C. Mitchell Smith, Vice President, at 610.478.2043; Vincent J. Capone, Vice President, at 215.508.7716; or Michael J. Terrery, Associate, at 610.205.6043.