Stevenson advises Crowley-Sheppard Asphalt on sale to Strategic Buyer

Stevenson completes sale of Crowley-Sheppard Asphalt, Inc.

Result:    Business Sold to Strategic Buyer

Industry: Manufacturing & Service — Asphalt Paving Materials

Crowley-Sheppard Asphalt, Inc. (“CSA”) has been sold to Lindahl Brothers, Inc. (Lindahl). Stevenson & Company was the exclusive sale advisor to CSA.

Crowley-Sheppard, located in Chicago Ridge, IL, is a mid-west based manufacturer and installer of asphalt paving materials. These materials are used for paving publicly owned state and local streets, private commercial parking lots and roads, and for smaller residential applications. Approximately 66% of the pavement produced is for the Company’s own installation which it does through its own crews and equipment. The remaining 34% of paving material is sold to contractors who typically install the asphalt on residential driveways and smaller commercial projects. The current owners are fourth generation and the company’s roots can be traced back over 100 years.The Company has approximately 35 employees.

Lindahl Brothers, Inc. (Lindahl) is one of the Chicago area’s largest excavating contractors. The company was founded in 1927. Lindahl looks to add service capabilities and expand their public and private bid opportunities via the acquisition of CSA.

“Crowley-Sheppard is a great fit for us, both in terms of company culture and new product capabilities,” stated Allen Lindahl, Vice President of Lindahl. “Crowley-Sheppard’s capabilities will allow us to provide a wider scope of services to our clients.”

Rich Sheppard, President of Crowley-Sheppard Asphalt, remarked “We are excited about joining forces with Lindahl Brothers and found the guidance provided by Stevenson & Company to be critical in getting this transaction completed. Stevenson was there throughout the process and we are thankful we had them on our side.”