FMI Capital Investors has served as the exclusive financial advisor for the sale of Palmer Paving to Peckham Industries, a provider of aggregates and ready-mix services for road construction. The deal is expected to expand Peckham Industries’ footprint in Western Massachusetts and Northern Connecticut.
Palmer Paving is highway road construction, hot mix asphalt and construction materials company. The firm’s operations, business management team and employees will remain intact through the transaction. In addition, the company will remain nationally recognised for heavy highway road construction in western Massachusetts.
Janet Callahan, Palmer Paving’s president, says: “We know that the Peckham group will enhance our business operations and provide great opportunities for our team here at Palmer.”
David Callahan, Palmer Paving CEO, says: “Both companies are committed to empower our employees to continuously experiment, innovate and improve our operational efficiency and safety.”
Peckham Industries also provides hot and warm asphalt, liquid asphalt, asphalt emulsion, liquid calcium chloride and precast concrete components.
The details of the stock purchase agreement are not publicly available.