Livingstone’s Industrial sector team is pleased to announce the successful sale of its client, American Asphalt & Grading Company, a portfolio company of Chicago-based private equity investor Code Hennessy & Simmons, to Gateway City Capital Investors.
AAG, headquartered in Las Vegas, Nevada, is an integrated construction services firm offering a suite of site development and preparation services including excavation, paving, pavement maintenance, and concrete placement for curbs, gutters and sidewalks. AAG is a general contractor licensed in Nevada, Arizona, California, South Dakota and Utah.
David Sulaski, Partner at Livingstone Chicago, commented: “We are delighted to have teamed with American Asphalt and Code Hennessy & Simmons on this transaction. AAG’s management is to be commended for its persistence and determination to see this deal through to closing in the face of incredibly challenging market conditions.”
This represents the 22nd transaction – and the third in the Infrastructure and Building Services sector – closed by Livingstone in 2009, underscoring the firm’s ability to close transactions in challenging market environments.