Preferred equity in a paving and asphalt platform buying regional operators at 2.5 to 4 times earnings across Texas, Florida and Arizona. You get paid every month, ahead of the operators, and choose a buyout at five years or at two.
$30M $14M already committed
7–9% Paid monthly
2.8x / 1.7x
~24–31%
5 or 2 yrs
$50K SDIRA eligible
Most private equity asks you to wait years for a payout. This is preferred equity in Nationwide / PAVE, a platform buying profitable regional paving and asphalt maintenance companies and running them as one professional operation. As a preferred investor you sit ahead of the operators' common equity, collect a fixed monthly payment, and get bought out on a set schedule, so your return doesn't depend on a big exit.
Payments are monthly. Choose the five-year or the two-year buyout to see what each one pays and when.
Below the $50,000 minimum. Figures shown for reference.
5-year buyout, per $100,000 invested.
Illustrative, based on the target terms in the offering deck. Returns are net of fees and not guaranteed.
The acquisition flywheel, in five steps.
Retiring owners with no succession plan. Too big for an individual buyer and too small for institutional private equity, which keeps the deal flow proprietary.
With few buyers in the room, companies are bought at 2.5 to 4 times EBITDA, often with seller financing and favorable working capital terms.
A three-phase playbook: SOPs first, then revenue, then margin, run by a dedicated corporate development team.
Shared crews, cross-selling, and bringing subcontracted work in-house. Each company feeds the next.
Paving platforms trade higher as they grow. At $42–45M of EBITDA and a 7x multiple, the platform is worth roughly $294M.
Bought at 2.5 to 4 times earnings, valued at 7 times or more at scale. That spread is where the value comes from.
Three companies, one platform, about $18M of combined base EBITDA today and on track for $31M base by year-end 2026.
| Company | Location | EBITDA base → potential | Note |
|---|---|---|---|
| D&O Contractors | Phoenix, AZ | $1M → $2M | Established Phoenix contractor with crews ready to scale |
| Cornerstone Paving | College Station, TX | $7M → $9M+ | Flagship. Revenue grew 4x from January to May 2026, with 2–3 more crews ready to deploy |
| Nationwide Corporate | Central Florida | $10M → $12M+ | Headquarters. Fortune 100 contracts and a $34M subcontract with a national paver |
A $13M purchase, two hours from Cornerstone. Cornerstone currently hands about $8M of concrete work to subcontractors at zero margin, and bringing that in-house adds about $2M of EBITDA at close, taking the Dallas company from $4M standalone to $6M combined. The owner, a Baylor MBA and military veteran, is staying on, and the company turns down work every day.
Multi-year, multi-location maintenance contracts, not one-off jobs.
Equipment, bonding and financing all depend on track record, so a new competitor can't start at scale.
24-hour quotes for Fortune 500 sites through an exclusive national site-photo service. Competitors take one to two weeks and charge $500–1,500 just to bid.
Commercial properties must bring lots up to code to renew insurance, because slip-and-fall liability is real.
$10–15 per ton cheaper asphalt from paying suppliers cash up front.
Senior debt refinance, the main path. At $31M of EBITDA, a bank facility at 3.5x provides about $108M, enough to cover the full $54M preferred buyout plus existing debt.
Operating cash flow above what's needed for monthly payments.
Cheaper capital later. As the platform de-risks, new tranches price lower and refinance earlier investors out.
A sale or recapitalization of the platform at 7x or more.
| Company sold | Buyer | Date | EBITDA | Multiple |
|---|---|---|---|---|
| Lone Star Paving | Construction Partners (ROAD) | Nov 2024 | $120M | ~7.5x |
| Warren Paving | Granite Construction (GVA) | Aug 2025 | $52M | ~9x |
| Stavola | Arcosa (ACA) | Q4 2024 | ~$100M | ~12x |
| Pave America | AEA + BCI | Sept 2025 | ~$180M* | ~9x* |
*Pave America terms not publicly disclosed, estimate based on reported industry sources.
Acquisition equity for two Texas targets under LOI or definitive agreement
Working capital and general corporate
Offering and syndication
Reserve
Monthly audited reporting across the portfolio with the 2025 audit complete, offering documents prepared by outside securities counsel, a fund administrator and investor portal, and a 2,500+ document data room available after an intro call. The sponsors turned down a $150M institutional term sheet last year over control rights.
| Risk | Mitigant |
|---|---|
| Cash flow and seasonality | Warm-climate markets (TX, AZ, FL) and a recurring Fortune 100 base |
| Customer concentration | Many national accounts across hundreds of locations each, no single client dominates |
| Integration | Three-phase playbook with dedicated corporate development oversight |
| Bid estimation | Escalation clauses, supplier diversification and senior estimators |
| Labor | Training programs, tech-enabled scheduling and crew sharing across companies |
| Leverage | About $18M of portfolio debt, active Bank of Montreal relationship, seller financing on acquisitions |
Founder · Expedition Equity
Dylan is responsible for investment strategy, underwriting oversight and capital allocation at Expedition Equity. His background covers building and operating multi-location businesses, evaluating real-asset and operating-company investments, and navigating private-market structures across several asset classes.
That experience informs a disciplined, risk-aware approach to which opportunities get brought to investors and which partnerships are worth making. An early career in healthcare shaped a process-driven, analytical approach to risk and decision-making.
At Expedition Equity he focuses on aligning capital with experienced operators, structuring investments thoughtfully, and stewarding investor capital with a long-term perspective across market cycles.
"I have been a long-term analyst and investor in the paving and infrastructure space. This is not a pitch, it is the deal I am inside of."
Dylan Reach, Founder, Expedition Equity
CEO / Operating Partner
Lifelong asphalt operator who co-founded Nationwide and runs it day to day with his son.
Head of Field Operations
Came up through the crews and leads them across the portfolio.
Chief Financial Officer
Deal architect who founded a holding company spanning construction, real estate and proptech.
Partner, Head of Capital Markets
Runs investor relations and banking relationships through Silverman Capital.
Corporate Development
Former Deloitte management consultant leading M&A integration.
Preferred equity in a platform that buys and grows regional paving and asphalt maintenance companies in Texas, Florida and Arizona. You're paid monthly and bought out on a set schedule.
Monthly. 7% a year for years one and two, 9% a year for years three through five, net of fees.
You choose. Holding to year five targets 2.8x your money and about 24% IRR. The 2-year buyout targets 1.7x and about 31% IRR.
In preferred equity, behind the senior bank loan and ahead of the operators. Sponsors can't take profit until preferred investors are current and bought out.
Mainly by refinancing with a bank once the platform reaches scale. Operating cash flow, cheaper later capital and a sale of the platform are three backup paths.
90% goes to buying two Texas companies already under LOI or definitive agreement.
You get a K-1. Monthly payments are generally ordinary income and the buyout gain is generally long-term capital gain. Talk to your tax advisor.
Yes, self-directed IRA money is accepted at the $50K minimum.
Yes. A 2,500+ document data room opens after an intro call with Dylan.
Net current pay of 7 to 9 percent paid monthly, a buyout at five years or at two, and a $50,000 minimum. Self-directed IRA money is accepted.
