AEA Investors and BCI Acquire Pave America

Partnership to Support Continued Strategic Expansion and Accelerate Growth, Building on Company's Leadership in Commercial Paving Services

NEW YORK and VICTORIA, BC, Sept. 9, 2025 /PRNewswire/ -- AEA Investors' ("AEA") Middle Market Private Equity team ("AEA MMPE") and British Columbia Investment Management Corporation ("BCI") today announced that they have acquired Pave America, LLC ("Pave America" or the "Company"), a leading commercial paving maintenance services provider, from Trivest Partners ("Trivest") and Shoreline Equity Partners ("Shoreline"). Trivest and Shoreline will retain a minority stake in the business, alongside Company management. Terms of the transaction were not disclosed.

Headquartered in Virginia, Pave America has rapidly solidified its position as the largest provider of commercial paving maintenance services in the U.S. With 27 branches and self-perform capabilities in 43 states, the Company offers a full suite of maintenance and new construction services to local and national customers. Powered by its proprietary PavementSoft technology platform, which supports everything from lead tracking to invoicing, Pave America has earned a reputation for consistent quality and seamless operations across geographies, making the Company a solutions provider of choice and a highly sought-after partner within the paving industry.

"This marks the beginning of an exciting new chapter for Pave America," said Tom York, CEO of Pave America. "AEA has a strong history of partnering with branch-based services businesses to successfully scale for the long run, and they and BCI bring expertise and resources that will be instrumental as we seek to accelerate our growth both organically and through strategic acquisitions. We are grateful to Shoreline and Trivest for their support in establishing such a strong foundation for our business, and we look forward to building on that progress together with AEA and BCI, continuing to deliver the highest quality commercial paving solutions to new and existing clients nationwide."

"The Pave America team has built a standout business rooted in a culture of operational excellence and employee ownership, which continues to attract top-tier branch operators across the country," said Alex Mehfar, Partner on the AEA MMPE team. "In a highly fragmented market with significant runway, Pave America has consistently demonstrated its ability to deliver an unparalleled quality of work while continuing to strengthen and scale its differentiated platform. Leveraging its purpose-built PavementSoft software, the Company has seamlessly integrated across locations and consistently delivers superior employee and customer experience. We're excited to support the team as they build on this momentum and pursue new opportunities for growth moving ahead."

"Pave America has created an unrivaled platform in commercial paving, combining national scale, purpose-built technology, and comprehensive self-perform capabilities to deliver superior service quality," said Aaron Papps, Senior Managing Director, Private Equity, BCI. "Our investment alongside AEA reflects our shared conviction in the Company's growth trajectory and operational leadership, which distinguish Pave America in the marketplace. We look forward to supporting the Company's management team as they continue executing and accelerating their proven expansion strategy." 

"We have been proud to support the creation of the leading national platform in commercial paving services," said Russ Wilson, Managing Partner at Trivest, and Mike Hand, Managing Partner at Shoreline. "The Company's rapid growth, strong culture, and successful integration of best-in-class operators have positioned it as the clear market leader. We are excited to continue our partnership as minority investors alongside AEA and BCI as Pave America enters its next phase of expansion."

ABOUT PAVE AMERICA

Pave America is a leading provider of asphalt and concrete solutions including maintenance, repair, milling, striping, and sealcoating services. With 1600+ employees, Pave America has nationwide coverage through an extensive self-perform and outsourced vendor model. The Company primarily serves commercial, industrial, HOA, utility, and municipal customers. To learn more, visit www.paveamerica.com.

ABOUT AEA INVESTORS

AEA Investors ("AEA") was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA's over 120 investment professionals operate globally with offices in New York, Stamford, Jacksonville, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $18 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth equity, and private debt investments. For more information, visit www.aeainvestors.com.

ABOUT BCI

British Columbia Investment Management Corporation (BCI) is one of Canada's largest institutional investors, with C$295 billion in gross assets under management as of March 31, 2025. For 25 years, BCI has built its legacy on performance with purpose, helping its 32 public sector and institutional clients deliver on their commitments. From securing pensions to supporting communities, it's investing that matters. Headquartered in Victoria, British Columbia, and with teams spanning Vancouver, New York, London, and Mumbai, BCI puts patient capital to work across public and private markets globally. Learn more on BCI.ca or connect on LinkedIn. 

ABOUT TRIVEST

Trivest Partners, headquartered in Miami with a presence in Charlotte, Chicago, Denver, Los Angeles, New York, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the U.S. and Canada, in both control and non-control transactions. Learn more at www.trivest.com.

ABOUT SHORELINE

Shoreline is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a "win-win" proposition for shareholders, employees, customers, vendors, and the communities within which the firm's companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. With over $750 million of committed capital under management, Shoreline seeks to lead equity investments of up to $150 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $50 million to $350 million and EBITDA of $5 million to $25 million. The firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others. For more information, please visit www.shorelineequitypartners.com.

MEDIA CONTACTS

Pave America:
Brandon Blewett
[email protected]

AEA Investors:
Kaitlin Bilby
(212) 845-4307
[email protected]

Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson / Madeline Jones / Kate Kelley
(212) 355-4449

BCI: 
Olga Petrycki
[email protected]

Trivest:
Todd V. Jerles
(305) 858-2200
[email protected] 

Shoreline:
Michael Brennan
(904) 222-6545
[email protected]

SOURCE AEA Investors