Mechanics of Money

Paving Acquisitions & Operations: A 30-Year Industry Leader's Full Breakdown | Acquisitions & Asphalt

Sam Silverman | Silverman Capital Season 1 Episode 5

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0:00 | 42:55

Wall Street suits think they can roll up blue-collar businesses with just a spreadsheet. But without true boots-on-the-ground experience, they usually end up buying a fleet of broken equipment and alienating the entire workforce.

In this episode of the Acquisitions & Asphalt series, Sam Silverman brings on Jeff Livingston (CEO/Operating Partner of Nationwide Paving) and Chris Wirthlin (CFO of The Pave) to break down what actually happens when you pair a sharp financial team with a 30-year paving veteran.

They break down the "Anti-PE" approach to acquiring service businesses, and pull back the curtain on how to find massive hidden margins that financial due diligence completely misses.

They cover:

  • Why traditional private equity fails at service-based roll-ups, and how to actually win the trust of legacy founders
  • The psychology of acquisitions: How taking over back-office billing turned an "I'm retiring in 6 months" founder into an "I'll stay 'til I'm 80" partner
  • Due diligence secrets: Why the crew in the field will tell you the truth about a company long before the owner's financials ever do
  • Equipment reality checks: How to spot "junk" machinery that standard financial appraisals completely miss
  • Finding hidden cash: How bringing subcontractor work and traffic control in-house instantly saved $10,000 a day
  • The power of geographic density: Building economies of scale by sharing yards, equipment, and corporate infrastructure across regional footprints
  • Dominating corporate contracts: How to win national accounts (like Wells Fargo and CVS) with 24-hour proposals and insane operational speed
  • The Buffalo CVS case study: The logistics of flying a single operator 1,000 miles to fix a pothole and still maintaining high margins

This is a weekly series. New episodes every Tuesday.

Learn more about The Pave: https://thepave.co/
Learn more about Silverman Capital: https://silvermancapital.com