“Our rewarding partnership with Thayer | Hidden Creek allowed us to focus and execute on our vision for growth and strategic positioning our industry. The professionals at Thayer | Hidden Creek were very involved and supportive from an operational and financial standpoint and helped us achieve impressive results over the course of their ownership.”
– Bill Kirk, CEO, Associated Asphalt
Associated Asphalt, Inc. ("Associated Asphalt") is one of the largest independent asphalt resellers in the United States. Associated Asphalt operates five terminals strategically located in Greensboro, North Carolina; Salisbury, North Carolina; Inman, South Carolina; Martinsburg, West Virginia; and Roanoke, Virginia. Associated Asphalt has been in business for over 50 years, and has developed strong customer relationships with leading pavers in the five state target market.
Thayer | Hidden Creek Value Add
The Thayer | Hidden Creek team purchased Associated Asphalt in December 2003. During its ownership, the Thayer | Hidden Creek team assisted in more than doubling Associated Asphalt’s storage capacity by supporting the funding of the Greensboro, North Carolina terminal acquisition as well as the greenfield construction of the Martinsburg, West Virginia terminal. Thayer | Hidden Creek also augmented Associated Asphalt's already strong management team by recruiting a Chief Financial Officer in 2004 and an Executive Vice President of Trading & Supply in 2005 and helped Associated Asphalt develop a robust weekly metric “dashboard” to monitor performance and progress against key goals.
Outcome
During its ownership, Thayer | Hidden Creek assisted Associated Asphalt with a successful growth strategy that almost doubled its revenues while almost tripling its EBITDA. In October 2006, Thayer | Hidden Creek sold Associated Asphalt to ArcLight Capital Partners, a private equity firm. ArcLight is a leading energy investment firm that invests across the energy industry value chain in hard assets that produce high current income and capital appreciation.
