Wipfli Corporate Finance Advisors LLC advises Midwest Asphalt Corporation on strategic transaction
January 22, 2015
Minneapolis metro-based asphalt paving contractor specializing in public and private commercial projects completes a $17.6 million debt transaction.
Minneapolis — Wipfli Corporate Finance Advisors LLC (WCF) announced today that its client, Midwest Asphalt Corporation (Midwest Asphalt), has completed a $17.6 million balance sheet recapitalization with Toronto-based Callidus Capital Corporation (Callidus). Proceeds from the transaction will be used to refinance existing debt, provide additional working capital, and support Midwest Asphalt's bonding program.
WCF advised Midwest Asphalt on the structure and placement of the financing package, coordinated with the company's legacy creditor, and secured the funding sources necessary to complete the transaction.
"This is a very important transaction that positions our company for success going forward. Jeff and his team worked closely with us every step of the way, and were truly partners with us throughout the process,” said Blair Bury, Midwest Asphalt’s owner and president. “WCF’s ability to provide creative solutions and access to capital was crucial."
Midwest Asphalt, headquartered in Eden Prairie, Minnesota, is a leading regional contractor providing asphalt paving to public and private customers. The company was founded in 1968 and provides a suite of services including asphalt paving, milling and reclaiming, OTR trucking and material hauling, materials processing and recycling, and asphalt maintenance.
"This transaction represents a significant catalyst for Midwest Asphalt, and we are proud to have served as the company's financial advisor and placement agent," said Jeff Milkie, WCF’s Managing Director and Investment Banking Services Practice Leader. "We believe in Midwest Asphalt’s team, led by Blair Bury and Gregg Prest, and we look forward to the company's future growth and development with Callidus' support."
WCF is based in Minneapolis and is a wholly-owned subsidiary of Wipfli LLP.
About Wipfli Corporate Finance Advisors LLC
Wipfli Corporate Finance Advisors provides a broad range of advisory services tailored for middle market companies and for capital providers seeking investment opportunities or assistance with portfolio companies. The company provides high-caliber advice and guidance, while maintaining a strict dedication to their clients' strategic and transaction objectives. Common investment banking transaction services include assisting clients raise capital for growth; recapitalizing a client's business through a minority or majority sale of equity; selling a client's business outright; and advising on, and executing, a client’s acquisition strategy. The company's associates are registered representatives of Rippe & Kingston Capital Advisors, Inc., a broker dealer registered with the SEC and FINRA. Member SIPC. Wipfli Corporate Finance Advisors LLC is a subsidiary of Wipfli LLP. Certain accounting, tax, business advisory, and other services are provided by Wipfli LLP. For more information, visit www.wcfadvisors.com.
About Midwest Asphalt Corporation
Midwest Asphalt Corporation, located in Eden Prairie, Minnesota, is a privately held company and a leading regional contractor providing asphalt paving to public and private customers. The company was founded in 1968 and provides a suite of services including asphalt paving, milling and reclaiming, OTR trucking and material hauling, materials processing and recycling, and asphalt maintenance.