Who is buying paving companies?
19 named consolidator platforms are actively acquiring US paving businesses; 14 of them are private-equity-backed. Typical paving acquisitions price at 4x-5.5x EBITDA (2.5x-3.8x SDE for smaller owner-operated businesses), per published ranges from OffDeal, YourExitValue and others. The most recent named acquisition tracked on this page closed in October 2026.
Why paving companies are consolidating
- •IBISWorld's US Paving Contractors industry, which covers paving of residential and commercial driveways and parking areas and excludes street and highway paving, is a $17.6 billion industry in 2026 with 139,000 businesses, according to IBISWorld.
- •The US paving contractors industry is highly fragmented, with no company holding a market share greater than 5%, according to IBISWorld.
- •The US parking lot maintenance industry is a $14 billion market, according to Arcapita's September 2025 announcement of its C&K Paving acquisition.
- •The contractors on the 2026 Top 40 Paving Contractors list reported $1.278 billion in total gross sales, an average of $31.95 million each, according to For Construction Pros.
- •Private equity interest in the paving industry has increased dramatically since 2018, according to Romanchuk & Co.'s Q4 2024 Aggregates & Asphalt M&A Outlook.
The platforms consolidating paving companies
The named groups acquiring US paving businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
| Acquirer | Owner / backer | Type | Headquarters | Latest named deal |
|---|---|---|---|---|
| Pave America | AEA Investors and British Columbia Investment Management Corporation (BCI) (majority); Trivest Partners, Shoreline Equity Partners and management (minority) | Private equity | Warrenton, VA | Jun 2026 |
| Construction Partners, Inc. | Public company (NASDAQ: ROAD) | Strategic / public | Dothan, AL | Oct 2026 |
| Frontline Road Safety | Bain Capital (bought from The Sterling Group; closed Mar 2025); management remains a significant investor | Private equity | Denver, CO | May 2026 |
| Rose Paving | Tenex Capital Management (since Nov 2022), with Harbor Beach Capital co-investing since the Dec 2024 Atlantic Southern Paving merger; Churchill Asset Management (Nuveen) minority equity and second-lien debt (Jan 2025) | Private equity | Bridgeview, IL | Mar 2025 |
| Heartland Paving Partners | Soundcore Capital Partners; Brookfield strategic partnership (Apr 2024, via its private equity sponsor solutions strategy) | Private equity | Chicago, IL | Jun 2025 |
| Pavement Preservation Group (PPG) | The Sterling Group (Fund V) | Private equity | Nashville, TN | May 2026 |
| TRP Infrastructure Services | Arlington Capital Partners | Private equity | Fort Worth, TX | Aug 2026 |
| Sage Surface Partners | Trinity Hunt Partners (Fund VII) | Private equity | Dallas, TX | Jun 2026 |
| Western Pavement Services | Banner Capital Management (Fund II) | Private equity | Salt Lake City, UT | Sep 2026 |
| Sunland Asphalt & Construction | Huron Capital | Private equity | Phoenix, AZ | Dec 2024 |
| PaveMasters | THL Partners (majority, Aug 2026; Northern Lakes Capital exited) | Private equity | San Diego, CA | — |
| Peak Pavement Group | Mangrove Equity Partners | Private equity | Waterford Township, MI | Jun 2026 |
| Knife River Corporation | Public company (NYSE: KNF) | Strategic / public | Bismarck, ND | Feb 2026 |
| Granite Construction | Public company (NYSE: GVA) | Strategic / public | Watsonville, CA | Aug 2025 |
| Cardinal Infrastructure Group | Public company (NASDAQ: CDNL) | Strategic / public | Raleigh, NC | Oct 2026 |
| C&K Paving | Arcapita (majority, Sep 2025); founder, president and CEO Don Koch retains a significant minority stake | Private equity | Winder, GA | — |
| Safety Marking | Highview Capital (since Aug 2023) | Private equity | Bridgeport, CT | May 2025 |
| Superior Paving Corp. | Family-owned (founded 1976) | Strategic / family-owned | Gainesville, VA | Oct 2024 |
| Pollan Paving | Concentric Equity Partners, the direct investing arm of Financial Investments Corporation (a family office); owner Benji Pollan retains a significant stake | Private equity | Memphis, TN | — |
Pave America
Private equity- Owner
- AEA Investors and British Columbia Investment Management Corporation (BCI) (majority); Trivest Partners, Shoreline Equity Partners and management (minority)
- Headquarters
- Warrenton, VA
- Scale
- 27 branches and self-perform capabilities in 43 states (Sep 2025)
Trivest and Shoreline sold control to AEA and BCI in Sep 2025 and kept minority stakes; the Jun 2026 Bennett release still names AEA and BCI as backers. The release says only 'Headquartered in Virginia'; Warrenton, VA is the address on Pave America's newsroom page.
Construction Partners, Inc.
Strategic / public- Owner
- Public company (NASDAQ: ROAD)
- Headquarters
- Dothan, AL
- Scale
- Operates in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas
The most frequent acquirer found. It buys road and infrastructure asphalt pavers that own hot-mix plants, mostly doing public work, not parking-lot maintenance shops. Several deals were asset purchases (e.g. J.H. Strain, GMJ).
Frontline Road Safety
Private equity- Owner
- Bain Capital (bought from The Sterling Group; closed Mar 2025); management remains a significant investor
- Headquarters
- Denver, CO
- Scale
- Over 50 locations across the U.S. (Jan 2025); 20+ states served as of Dec 31, 2025 per Bain Capital
Pavement-marking (striping) consolidator; mostly roadway striping for DOTs and contractors. Bain's portfolio page lists it as active.
Rose Paving
Private equity- Owner
- Tenex Capital Management (since Nov 2022), with Harbor Beach Capital co-investing since the Dec 2024 Atlantic Southern Paving merger; Churchill Asset Management (Nuveen) minority equity and second-lien debt (Jan 2025)
- Headquarters
- Bridgeview, IL
- Scale
- Over 1,000 employees across 34 offices nationwide (Dec 2024)
Scale figure dates from the Dec 2024 merger release. No 2026 acquisitions found.
Heartland Paving Partners
Private equity- Owner
- Soundcore Capital Partners; Brookfield strategic partnership (Apr 2024, via its private equity sponsor solutions strategy)
- Headquarters
- Chicago, IL
- Scale
- Super-regional; serving the Upper Midwest and expanding across the Northeast and Mid-Atlantic
Formerly ACI Holdings Group. Chicago HQ per the Poblocki sale release and PE Professional. Brookfield's stake size is not disclosed. No 2026 acquisitions found.
Pavement Preservation Group (PPG)
Private equity- Owner
- The Sterling Group (Fund V)
- Headquarters
- Nashville, TN
- Scale
- Seven operating companies listed on its website: American Pavement Preservation, Asphalt Paving Systems, Cactus Asphalt, Holbrook Asphalt, Integrated Pavement Solutions, Vance Brothers, Viking Construction
Pavement-preservation specialist (chip seal, microsurfacing, emulsions) serving DOTs, municipalities and HOAs. Holbrook/IPS was its third acquisition and APS its fifth; the fourth was not identified. Not to be confused with PPG Industries.
TRP Infrastructure Services
Private equity- Owner
- Arlington Capital Partners
- Headquarters
- Fort Worth, TX
- Scale
- Over thirty total locations servicing Texas, Florida, Georgia, North Carolina, South Carolina, Alabama, Mississippi, Louisiana, Arkansas, and Virginia (Aug 2026)
Roadway pavement marking and traffic control. Its 'Straight Line' (Myrtle Beach, SC) is a different company from Safety Marking's Straight Line Industries (Cohoes, NY).
Sage Surface Partners
Private equity- Owner
- Trinity Hunt Partners (Fund VII)
- Headquarters
- Dallas, TX
- Scale
- Three acquired partner companies (DACS, PMI, IPS) in Colorado, Oregon and Southern California; its website also lists Vancouver Paving (Southwest Washington)
Platform formed Jul 2025 and named Sage in Nov 2025. HQ is taken from the Dallas dateline of Sage's Jun 2026 release. Vancouver Paving has no published join date.
Western Pavement Services
Private equity- Owner
- Banner Capital Management (Fund II)
- Headquarters
- Salt Lake City, UT
- Scale
- Five operating companies (Roadrunner, Post Asphalt, Bates Paving, Black Forest Paving, Andersen Asphalt) covering Utah, Arizona, Las Vegas metro, Southern Idaho and Southwestern Wyoming
Formed Apr 2025. HQ per PitchBook and Banner's Salt Lake City base. Post Asphalt (Ogden, UT), Bates Paving (Tucson, AZ) and Black Forest Paving (Salt Lake City, UT) are listed as members with no published join dates. Mergr lists a same-name company in Irwindale, CA; that is not this platform.
Sunland Asphalt & Construction
Private equity- Owner
- Huron Capital
- Headquarters
- Phoenix, AZ
- Scale
- Operates across five states in the Southwest and Southeast (offices in Arizona, Colorado, Nevada and New Mexico, plus Georgia)
No 2025-2026 acquisitions or sale found.
PaveMasters
Private equity- Owner
- THL Partners (majority, Aug 2026; Northern Lakes Capital exited)
- Headquarters
- San Diego, CA
- Scale
- Local brands spanning San Diego, Los Angeles, Sacramento, the Inland Empire, Palm Desert, and Phoenix
A family of local brands (JB Bostick, Eagle Paving, AMS Paving, Weems Asphalt), but no source gives the dates those brands were acquired. HQ is taken from the release dateline. A new sponsor as of Aug 2026.
Peak Pavement Group
Private equity- Owner
- Mangrove Equity Partners
- Headquarters
- Waterford Township, MI
- Scale
- Three partner companies: A&R Sealcoating and HD Sealcoating (Southeast Michigan) and Maintain It All (Southeast Pennsylvania)
Mangrove calls it a national pavement maintenance platform and says more partnerships are in advanced discussions.
Knife River Corporation
Strategic / public- Owner
- Public company (NYSE: KNF)
- Headquarters
- Bismarck, ND
- Scale
- Operates in 15 states
An aggregates-led materials company. It buys asphalt pavers that come with their own materials supply. Strata is mainly a materials business (28 ready-mix plants, three asphalt plants, a paving division), so it is not in the deals list. Its other 2025-2026 deals were ready-mix and aggregates businesses.
Granite Construction
Strategic / public- Owner
- Public company (NYSE: GVA)
- Headquarters
- Watsonville, CA
- Scale
- Not disclosed
Its targets are vertically integrated aggregates, asphalt and highway contractors. Warren Paving (Aug 2025) is left out because Granite describes it as an aggregates producer.
Cardinal Infrastructure Group
Strategic / public- Owner
- Public company (NASDAQ: CDNL)
- Headquarters
- Raleigh, NC
- Scale
- Not disclosed
A Southeast grading and site-development contractor bringing paving in-house through acquisitions. It disclosed paying 5.5x adjusted EBITDA for Allied.
C&K Paving
Private equity- Owner
- Arcapita (majority, Sep 2025); founder, president and CEO Don Koch retains a significant minority stake
- Headquarters
- Winder, GA
- Scale
- Licensed throughout the U.S.
HQ and 'licensed throughout the U.S.' are from C&K's own website (373 Resource Pkwy, Winder, GA); Arcapita's release gives no location. The founder says it will 'pursue strategic acquisitions', but no add-ons found yet. Arcapita has offices in Bahrain, the US, UK, Saudi Arabia, UAE and Singapore.
Safety Marking
Private equity- Owner
- Highview Capital (since Aug 2023)
- Headquarters
- Bridgeport, CT
- Scale
- Operations across the Northeast
Highway and roadway striping. Highview's portfolio page lists it as active. No 2026 activity or sale found.
Superior Paving Corp.
Strategic / family-owned- Owner
- Family-owned (founded 1976)
- Headquarters
- Gainesville, VA
- Scale
- More than 500 employees, 20 field crews and 14 plants (Oct 2024)
No 2025-2026 sale or new acquisitions found.
Pollan Paving
Private equity- Owner
- Concentric Equity Partners, the direct investing arm of Financial Investments Corporation (a family office); owner Benji Pollan retains a significant stake
- Headquarters
- Memphis, TN
- Scale
- Not disclosed
Family-office backed; counted as private equity under the house rule. CEP says it will pursue strategic add-on acquisitions, but none are announced yet.
Selling in your state?
What paving businesses sell for, who is buying, and how many there are, state by state.
Frequently asked
Who is buying paving companies right now?
Three groups are buying. The first is private-equity-backed pavement maintenance platforms: Pave America (AEA Investors and BCI), Rose Paving (Tenex Capital Management), Heartland Paving Partners (Soundcore), Sunland Asphalt (Huron Capital), Sage Surface Partners (Trinity Hunt), Western Pavement Services (Banner Capital), PaveMasters (THL Partners), Peak Pavement Group (Mangrove) and Pavement Preservation Group (The Sterling Group). The second is public asphalt and infrastructure companies that buy road pavers with hot-mix plants: Construction Partners, Knife River, Granite and Cardinal Infrastructure. The third is striping consolidators: Frontline Road Safety (Bain Capital), TRP Infrastructure Services (Arlington Capital) and Safety Marking (Highview Capital).
What multiple will my paving company sell for?
Advisor guides put smaller commercial paving companies at 4-6x EBITDA (CT Acquisitions), and OffDeal's worked examples land at 3.5-5.5x EBITDA. YourExitValue gives 4-8x EBITDA for firms with $2M or more of EBITDA. Owner-operated companies are usually priced on seller's discretionary earnings (SDE): about 2-3.8x (CT Acquisitions), 2.5-4.5x (BizBite's modeled profile) or 2.5-5.0x (YourExitValue). For a disclosed comparison, Cardinal Infrastructure Group said it paid 5.5x adjusted EBITDA for Atlanta-based Allied Paving in 2026.
Does sealcoating and maintenance work raise the price?
Yes. CT Acquisitions calls recurring maintenance revenue (sealcoating, crack sealing and striping contracts) 'the single biggest multiple lever.' YourExitValue lists 'New paving only = no recurring' as something that lowers value. CT Acquisitions also describes two buyer pools: maintenance platforms such as Pave America and Sunland Asphalt pay for recurring maintenance revenue and route density, while materials companies such as Construction Partners and Knife River pay for roadwork backlog and asphalt-plant vertical integration.
Will I keep running the business after selling to a platform?
Usually, according to the announcements. Peak Pavement says each partner company 'keeps its team and its leadership.' Sage Surface Partners says incumbent leaders continue to guide daily operations. Andersen Asphalt's owners kept significant ownership in Western Pavement Services in September 2026, Pollan Paving's owner kept a significant stake in its January 2026 recapitalization, and C&K Paving's founder kept a significant minority stake when Arcapita bought a majority in September 2025.
How fragmented is the paving industry?
Very. IBISWorld counts 139,000 paving contractor businesses in the US in 2026, in a $17.6 billion driveway and parking-lot paving industry where no company holds more than 5% market share. The 40 contractors on For Construction Pros' 2026 Top 40 list reported a combined $1.278 billion in gross sales.
Are buyers acquiring paving companies in my state?
Recent deals span the country. Examples include Ridge Rock (Salt Lake City, UT, to Pave America, 2026), Andersen Asphalt (West Haven, UT, to Western Pavement Services, 2026), Poblocki Paving (New Berlin, WI, to Heartland, 2025), Gevers Paving (St. Peters, MO, to Rose Paving, 2025), International Paving Services (San Bernardino, CA, to Sage, 2026), Asphalt Paving Systems (Hammonton, NJ, to Pavement Preservation Group, 2026) and Ellsworth Construction (Tulsa, OK, to Construction Partners, 2026).
Methodology & sources
Compiled on October 5, 2026 from acquirer, sponsor and target press releases, SEC filings and private-equity portfolio pages, found with Parallel search and read directly; every platform owner was checked for a 2025-2026 sale or recap, and an adversarial pass re-read each cited page. Deals are limited to named US asphalt paving, sealcoating, striping and pavement-preservation targets announced or closed between January 2024 and October 2026. A target's location is given only where the source states it. Coverage is not exhaustive: small private add-ons often go unannounced.
Multiple sources
- OffDeal, Practical Valuation Guide for a Paving Business (2025) ↗
- YourExitValue, Paving / Asphalt Contractor Valuation (John Salony, M&A advisor and licensed business broker) ↗
- BizBite.io, Asphalt Paving Company (modeled profile: ~$1.2M revenue, ~$216K SDE) ↗
- Cardinal Infrastructure Group Q2 2026 results (Allied Paving acquisition) ↗
Market sources
- IBISWorld, Paving Contractors in the US (2026) ↗
- Arcapita, C&K Paving acquisition announcement (Sep 2025) ↗
- For Construction Pros, Top Contractor 2026: Top 40 Paving Contractors ↗
- Romanchuk & Co., Aggregates & Asphalt Q4 2024 M&A Outlook ↗
Last updated October 6, 2026. Platform ownership last verified October 6, 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
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