Monroe Street Partners Completes Acquisition Of American Roadway Logistics
Norton, OH (BUSINESS WIRE) - Monroe Street Partners (“MSP”), a Chicago-based private equity firm, announced that it has acquired a majority equity stake in American Roadway Logistics (“ARL” or the “Company”) in partnership with ARL’s founders, Heidi and Jon Claxton, who have made a substantial reinvestment in the Company. The acquisition of ARL represents MSP’s third platform investment.
Based in Norton, OH, ARL is a leading provider of pavement marking and traffic maintenance services for public and private roadway construction projects. Since the Company’s founding in 2006, Heidi and Jon Claxton have built ARL into a regional leader, successfully growing the business from a traffic maintenance operation to a full-service provider of roadway safety services boasting a workforce of over 150 employees across two locations.
In conjunction with the transaction closing, Heidi and Jon Claxton will retain a material ownership stake in ARL and continue to serve as the Company’s President and COO, respectively. Glenn Thompson, a long-time industry veteran, will also be joining ARL’s Board of Directors. Heidi Claxton stated, “We are thrilled to partner with MSP and embark on this new chapter of growth and innovation. MSP’s strategic guidance, operating resources, and equity capital will allow us to drive operational excellence, enhance customer satisfaction and capitalize on new opportunities in the dynamic traffic safety market.”
Kenneth Mill, Managing Partner at MSP, noted, “The Claxtons have built a tremendous business, and we are grateful for the opportunity to assist ARL in its crucial mission of maintaining our nation’s essential infrastructure. We believe the business is well-positioned to capitalize on several macroeconomic tailwinds including the need to upgrade the country’s aging infrastructure as well as the increasing need for more sophisticated lane markings.”
Alexander Foshager, Managing Partner at MSP, noted, "We are thrilled to partner with Heidi, Jon and the entire ARL team. They have built a terrific company and MSP looks forward to providing ARL with additional financial and strategic resources to help bolster their market leadership and continue to provide best-in-class service to their customers.”
First Merchants Sponsor Finance and Oxer Capital provided debt financing for the transaction and Ice Miller LLP served as legal counsel for MSP.
About American Roadway Logistics
Established in 2006, American Roadway Logistics is a leading provider of pavement marking and other traffic safety-related services. The Company serves heavy highway contractors, state transportation departments, local governments, and utility companies. For more information about ARL, please visit www.arlinc.us.
About Monroe Street Partners
Based in Chicago, IL, MSP is an operationally focused investment firm formed to build a concentrated portfolio of family and founder-run businesses across the Business Services and Industrial sectors. MSP is led by Managing Partners Alexander Foshager and Kenneth Mill who founded MSP in 2022 after serving in Goldman Sachs’ Investment Banking Division. MSP’s objective is to partner with experienced operators to acquire, grow and improve businesses in the lower-middle market. The partnership with ARL is MSP’s third platform investment. For more information about MSP, please visit www.monroestreet-partners.com.
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