Backed By Private Equity, Heartland Paving Partners Acquires Fifth Company

As a platform for private equity group Soundcore, Heartland Paving Partners buys Klekamp & Company, based in Cincinnati, OH, expanding its foothold in the midwestern region. This is the second acquisition for the group in the last five months.

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The tempo of expansion for Heartland Paving Partners, and, by extension, their private equity sponsor Soundcore, is speeding up as they add the Ohio based paving contractor Klekamp & Company (K&C) to their current stable of midwest focused companies. Those include ACI Asphalt & Concrete, Asphalt Solutions INDY, ProCru, and S&K Asphalt and Concrete. Heartland is angling itself to be one of the leading providers of commercial asphalt and concrete services in the region, and the move to bring Klekamp & Company into the fold strengthens their position well in the midwest market.

The founder of K&C and its namesake, Peter Klekamp, has opted not to stay on after this transition. Instead, as he steps away, the continued leadership will fall to that of Scott Tackett, who's been a long-term, active member of the company. The move is one that Heartland supports, as they characterize his role as one to maintain the qualities and standards that made K&C what it is today.

"We are thrilled to welcome Klekamp & Company to the Heartland family," said Rick Barrett, CEO of Heartland Paving Partners. "Klekamp & Company's excellent reputation and its many talented employees serving customers in the Cincinnati area perfectly complement Heartland's strategic vision. This acquisition enhances our ability to serve clients not only in Ohio but also strengthens our operations in neighboring states."

For over thirty years K&C has been a trusted provider of paving services, offering a comprehensive suite of solutions, including milling, resurfacing, new construction, pothole repair, patching, crack filling, and sealing. 

"I and the entire Klekamp team are excited to join the Heartland platform. Although Klekamp is already a tremendously successful company, we continue to strive for new heights, and we see this partnership as a means to that end," expressed Scott Tackett, CEO of Klekamp & Company.

News like this continues to be more and more commonplace in the commercial pavement maintenance industry nationwide. Those who are paying attention can tell that private equity groups like Soundcore and many others have been aggressively targeting this sector for the past few years. These transitions come with several pros and cons for the companies and their employees, but what remains interesting is the overall trend. 

Long-term, what impacts this have on our industry are anyone's guess. Financial and investment trends  tend to fluctuate, they come and go, but the need for quality and dependable commercial asphalt and paving services will always be in demand for communities everywhere.