Central States Paving and Concrete LLC, which was formed in 2021 to partner with PLM Paving and Concrete and backed by Grove Mountain Partners, has bought Sipes Asphalt & Concrete.
Sipes, based in Indianapolis, Ind., is focused on parking lot services related to asphalt paving and concrete, each customized to the expectations of the customer. With an acquisition financing facility in place from PNC Mezzanine Capital, Central States looks to add similarly-aligned owners capable of substantial growth with additional capital.
“Our partnership with them will allow us to achieve our goals more rapidly and with better results than going alone,” says Dean Sipes, owner and president of Sipes.
Pursant LLC acted as M&A advisor to Central States for the transaction.