Marwit Capital Partners II, L.P. announced today that it has sold its portfolio company, Western Emulsions Corporation, to Idaho Asphalt Supply, Inc. Based in Tucson, AZ, Western Emulsions is a leading provider of pavement maintenance, preservation and restoration products for asphalt surfaced roads and parking lots.
The company operates six production plants in California, Oregon, Arizona, New Mexico, Texas and Montana, and provides cost-effective and environmentally friendly asphalt emulsions solutions that lower lifecycle costs, improve pavement quality, and extend the useful life of roads, highways and parking lots.
Marwit Capital acquired Western Emulsions in 2008 in partnership with Bob Koleas, CEO at the time and part of the founding family. Since Marwit Capital's acquisition, the business grew from two plants serving two states to six plants serving 15 states, including the construction of three new facilities and two add-on acquisitions, developed a premier management team, expanded its line of proprietary products, and ultimately grew to become the largest independent provider of asphalt emulsions for pavement preservation applications in the U.S. Marwit and management's growth initiatives resulted in a more than tripling of revenue and EBITDA during its ownership period.
"We were fortunate to work with and assemble a strong management team at Western Emulsions, who shared our vision for building a leading company in the pavement preservation industry. We are excited to transition the business to Idaho Asphalt, whose management, culture and success is an exemplary fit for our business and a firm who we feel can continue to scale the business to a national footprint," said Chris L. Britt, Marwit Managing Partner.
Added Marwit Partner David Browne, "This investment exemplifies Marwit Capital's strategy of working closely with the fund's CEOs and management teams, through good times and challenging times, to generate successful investment outcomes that benefit the Fund, our management partners, and our companies."
Marwit is a private investment firm that partners with entrepreneurs, family-owned businesses, and management teams to build industry leading companies across diverse industries in the lower middle market. Founded in 1962, Marwit is one of the oldest private equity firms in the Western U.S. and is currently managed by three partners, Chris Britt, Matthew Witte and David Browne, with human resource strategy and support provided across all portfolio companies by Carol Farrell. The firm has completed over 60 buyouts, recapitalizations and growth equity investments in its history.