Global private equity firm The Riverside Company has sold Area Wide Protective (AWP). Terms of the transaction have not been disclosed.
Headquartered in North Canton, Ohio, AWP is a provider of outsourced temporary traffic safety management (TTSM) solutions supporting infrastructure repair, maintenance and upgrade activities for a broad range of blue-chip utilities, utility contractors and roadway maintenance providers in North America. AWP delivers critical TTSM solutions that are essential to its customers’ operations and ensure the safety of their crews as well as the general public.
“It was a pleasure working with the AWP team and, during our partnership, we achieved many successes together,” said Riverside Partner Ryan Richards. “During our hold, Riverside worked closely with management to execute an aggressive organic growth plan as well as complete 11 strategic acquisitions.”
Riverside Principal Constantine Elefter adds: “AWP is a customer- and safety-centric organisation that has worked hard to build its outstanding reputation over its history. We are proud to say that, with the help of Riverside, AWP is poised to continue its path of success, and we look forward to watching its next chapter.”
Under Riverside’s ownership, AWP grew from just under 2,000 employees to more than 5,000 and tripled its number of facilities through the opening of 40 greenfields and adding 33 locations through its 11 completed add-on acquisitions. This growth expanded AWP’s footprint to 23 US states and Canada.
“Riverside is a great investment partner that truly worked alongside us to build the management team, expand geographically, invest in technology and operations infrastructure and make strategic acquisitions,” says AWP Chief Executive Officer John Sypek.
Working with Richards and Elefter on the exit were Vice President Daniel Grinnan, Senior Associate Tom Wyza, Associate Lukas Sontich, Operating Partner JP Fingado and Operating Finance Executive Mike Skelton.
Piper Sandler, Harris Williams, Kirkland & Ellis and KPMG advised Riverside and AWP on the deal.
Source: Private Equity Wire
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