NEW YORK,
April 4,
2024 /PRNewswire/ -- Brookfield Asset Management Ltd.
(NYSE: BAM, TSX: BAM), through its private equity sponsor solutions
business, Brookfield Sponsor Solutions, today announced a strategic
partnership with Soundcore Capital Partners, LP ("Soundcore") and
its commercial paving platform, Heartland Paving Partners
("Heartland"). The investment is to accelerate the platform's
growth as it pursues further consolidation in the Upper Midwest
market.
The transaction marks Brookfield's first investment through its
private equity sponsor solutions strategy, which focuses on
providing bespoke solutions to mid-market buyout sponsors seeking
secondary and growth capital for high performing assets.
"We are thrilled to partner with Soundcore on the
first investment for Brookfield Sponsor Solutions. Together, we
look forward to unlocking further growth for Heartland, drawing on
Brookfield's experience as one of
the world's largest owners and operators of real assets," said
Jordan Sawkin, a Managing Director
in Brookfield's Sponsor Solutions
strategy.
Soundcore has an established track record of
creating and methodically scaling platform businesses through its
buy-and-build strategy in niche service sectors. Recent platform
investments include Heartland and Door & Dock Holdings.
"The partnership with Brookfield is an endorsement of the platforms
we consistently build at Soundcore. We are excited to work with one
of the world's leading alternative asset managers," said
Jarrett Turner, Founder and Managing
Partner of Soundcore.
Soundcore acquired the initial Heartland
investment in July 2022 and has since
completed several acquisitions, expanding operations to become a
regional provider of commercial paving services. The company
partners with property owners throughout the lifecycle of their
parking and other paved surface assets. Operating in a stable, but
highly fragmented market, Heartland will benefit from this new
strategic partnership and accelerated expansion.
"Brookfield Sponsor Solutions and Soundcore share
an investment focus on buy-and-build strategies across essential
service sectors such as commercial paving. We are particularly
excited about the partnership and synergies that Brookfield, as one of the largest owners and
operators of real estate, can bring to Soundcore and Heartland,"
said Jonathan Tanenbaum, Investment
Partner at Soundcore.
Financial terms of the transaction were not
disclosed.
About Soundcore
Soundcore Capital Partners was founded in 2015 by
Jarrett Turner and is based in
New York, NY. Soundcore is a
thesis-driven private equity firm that specializes in buy-and-build
investments in the lower middle-market that are headquartered in
the United States and Canada. Soundcore has completed 90
acquisitions across eleven platforms and focuses primarily on
business & outsourced services, industrial services, specialty
manufacturing and value-added distribution sectors. For more
information, please visit: www.soundcorecap.com
Soundcore is actively seeking additional
acquisitions. Please contact Alex
Bues regarding new platforms and add-on opportunities for
our existing portfolio, including commercial paving.
For more information, please visit our website at
https://soundcorecap.com or contact:
Media
Elizabeth Olt
Soundcore Capital Partners
(212)-812-1432
eolt@soundcorecap.com
For Deal Origination
Alex Bues
Soundcore Capital Partners
(212)-812-1186
abues@soundcorecap.com
About Brookfield
Brookfield Asset Management Ltd. (NYSE: BAM,
TSX: BAM) is a leading global alternative asset manager with
over US$900 billion of assets under management across
renewable, infrastructure, real estate, private equity, credit and
other. We invest client capital for the long-term with a focus on
real assets and essential service businesses that form the backbone
of the global economy. We offer a range of alternative investment
products to investors around the world, which include public and
private pension plans, endowments and foundations, sovereign wealth
funds, financial institutions, insurance companies and private
wealth investors. We draw on Brookfield's heritage as an owner and operator
to invest for value and generate strong returns for its clients,
across economic cycles.
For more information, please visit our website at
https://bam.brookfield.com or contact:
Media
Marie Fuller
Brookfield Asset Management
+44 207 407 8375
marie.fuller@brookfield.com
View original
content:https://www.prnewswire.com/news-releases/brookfield-announces-a-strategic-partnership-with-soundcore-capital-partners-and-heartland-paving-partners-302107907.html
SOURCE Soundcore Capital Partners