Harvest Partners Announces Acquisition of Road Safety Services
NEW YORK, Dec. 12, 2023 /PRNewswire/ -- Harvest Partners, LP ("Harvest"), announced today that funds managed by Harvest have completed the acquisition of Road Safety Services, Inc. ("Road Safety Services", "RSS" or the "Company") from Parallel49 Equity ("Parallel49"). RSS, headquartered in Omaha, Nebraska, is a leading infrastructure services platform dedicated to enhancing road safety across the United States. The Company's management team, led by CEO Mike Johnson, will continue to lead RSS, and remain significant owners of the business. Additional terms of the transaction were not disclosed.
Road Safety Services is a leading provider of a diverse set of pavement marking and other road safety-related services across 15 states in the United States. The Company’s services are required by law and help drive safe passage along America’s roadways. RSS serves a variety of customers, including state departments of transportation, municipalities, general contractors and private companies.
Mike Johnson said, “On behalf of the RSS leadership team, we are excited to partner with Harvest and accelerate our growth. Their capital, experience and enthusiasm will help us continue our pursuit of excellence in road safety for our current and new customers across the country, deliver continued growth and success across each of our key priorities, and create ever increasing development opportunities for our outstanding team of road safety professionals.”
Stephen Fessler, Partner at Harvest, said, “We have been pursuing infrastructure services, and within that roadway safety services, as a priority sector for several years and believe RSS is a premier competitor in the industry. Customers value RSS’s professionalism, commitment to service excellence, responsiveness, and scale, and we are excited to be partners with the Company through its next phase of growth.”
Stephen Carlson, President of Harvest Private Equity, added, “We are thrilled to partner with Mike and the entire RSS team. We think they have built an excellent company and we look forward to providing additional financial and strategic resources to help them further build their market leadership through both organic and in-organic initiatives.”
Piper Sandler served as financial advisor and Honigman LLP served as legal advisor to Parallel49 and RSS. Guggenheim Securities, LLC acted as financial advisor to Harvest. Harvest’s legal advisor was Ropes & Gray LLP. Matthew Bruckmann from Harvest will also join Mike Johnson, Stephen Carlson and Stephen Fessler on the Board of Directors of Road Safety Services.
Road Safety Services is a leading provider of a diverse set of pavement marking and other road safety-related services. Headquartered in Omaha, Nebraska, Road Safety Services currently operates in 15 states from 9 facilities in the Midwest, Mid-Atlantic, and Southwest. More information about Road Safety Services is available at http://www.roadssinc.com.
Founded in 1981, Harvest Partners is an established private equity firm with over 40 years of experience investing in middle-market companies and partnering with high-quality management teams to acquire and build growing businesses. For more information, please visit www.harvestpartners.com.