PLM

(a subsidiary of Central States Paving and Concrete)

Case Study - Ryan Laughlin, President

3x

Overall Earnings Growth

75/25

Central States/Operator Ownership Split

4

Companies Consolidated in the Midwest

"I really enjoyed my experience with the Grove Mountain guys. They were collaborative, fair, and cared way more about growth and culture than I would have ever thought."

a couple of men standing on a large truck

Searching For the Right Investor

Finding Grove Mountain

"I had been brought in by the owner about four years before we met the Grove Mountain team to grow the business and take it to the next level. The owner was open to a transaction but wanted it to be the right partner to preserve the legacy of what made the company great. We spent a lot of time getting to know the Grove Mountain team, and ultimately felt like they would take care of the business and employees while also growing the company and making other acquisitions. I was promoted to President and then to CEO a few months later. The owner kept a good chunk of equity and remained involved and on the Board of the company."

The Process

Getting to Know Our New Partners

The Grove Mountain team spent a lot of time learning our business, and their engagement was pretty high. Over the first 6-9 months, they worked with me to put measuring, tracking and performance metrics in place, while also hiring an experienced financial resource.

Experiencing Growth

This can be a capital-intensive industry, and they spent a lot of time with me and the team to put a capital budget process in place for the coming years to ensure we could grow our share in the market.

Solidifying Growth

In the meantime, we were out looking for good companies to buy and bring onto the platform - the Grove Mountain guys were very focused on finding good cultural fits which made the acquisitions a lot easier after we had partnered with them.

The Results

We grew overall profit by 3x in less than two years, and became the largest player of scale in the Midwest. We were focused on continued growth plans, but the largest consolidator knocked on our door to buy the company and we all felt like it was a good offer and go-forward plan. We, including Grove Mountain, retained some equity in the new company.

4 Companies Bought
3x Total Earnings Growth
Significant equity value creation for everyone

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^{PLM Paving and Concrete is a former portfolio company and is not a client
or investor of Grove Mountain Partners, LLC ("Adviser" or "Grove"). PLM Paving and Concrete has not been compensated by the Adviser for
this endorsement. This endorsement may present a conflict of interest as
the Adviser may benefit indirectly.}

PLM

(a subsidiary of Central States Paving and Concrete)

3x

75/25

4

Searching For the Right Investor

Finding Grove Mountain