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News/September 21, 2018

FMI Advises Palmer Paving Corporation in Sale to Peckham Industries, Inc.

FMI Capital Advisors is pleased to announce the sale of Palmer Paving Corporation to Peckham Industries, Inc. FMI Capital Advisors acted as the exclusive financial advisor to Palmer Paving for this transaction.

Palmer Paving Corporation is a leading heavy highway road construction, hot mix asphalt, and construction materials company headquartered in Palmer, Massachusetts. Peckham Industries, headquartered in White Plains, New York, provides road construction and maintenance services, including hot and warm mix asphalt, liquid asphalt, asphalt emulsion, stone and aggregates, ready mix concrete, and liquid calcium chloride, as well as precast concrete components for large-scale construction projects throughout the Northeast. As a private company transaction, details of the stock purchase agreement between Palmer Paving Corporation and Peckham Industries, Inc. are not publicly available.

Palmer Paving’s operations, seasoned business management team, and talented employees will remain intact and expand Peckham Industries’ footprint in western Massachusetts and northern Connecticut. Palmer Paving CEO David Callahan noted, “Early on in our discussions, we saw that our business values aligned and we’re enthusiastic and excited about the possibilities for growth and continued prosperity in the region. Both companies are committed to empower our employees to continuously experiment, innovate and improve our operational efficiency and safety.” Palmer Paving President Janet Callahan added, “We know that the Peckham group will enhance our business operations and provide great opportunities for our team here at Palmer.” Collectively, Palmer Paving and Peckham Industries will have more than 150 years of operational experience.

Under the leadership of Peckham Industries, Inc., Palmer Paving Corporation will remain nationally recognized for heavy highway road construction in western Massachusetts. Palmer Paving Corporation’s drive for excellence, focus on safety and sound environmental business practices will continue as a member of the Peckham Industries family.


About FMI Capital Advisors:
FMI Capital Advisors, a subsidiary of FMI Corporation, is the leading investment banking firm serving to the Construction Materials industry. With over 100 completed transactions in Construction Materials, our industry focus enables us to provide our clients with valuable insight and advice. Clients gain access to our unparalleled network of industry contacts and relationships, deep market knowledge and technical expertise, based on decades of experience.

About FMI Corporation:
For over 65 years, FMI has been the leading management consulting and investment banking firm dedicated exclusively to engineering and construction, infrastructure and the built environment. FMI serves all sectors of the industry as a trusted advisor. More than six decades of context, connections and insights lead to transformational outcomes for clients and the industry. FMI helps you build your foundation for tomorrow and optimize your business for today. Industry Focus. Powerful Results.

FMI Capital Advisors Contact:
George Reddin
Managing Director, FMI Capital Advisors
919.785.9286
greddin@fminet.com

FMI Media Contact:
Lexi Strom
Marketing Production Manager
919.785.9258
lstrom@fminet.com

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