Daily News: February 2, 2015

Wipfli Advises on Midwest Asphalt Acquisition

Wipfli Corporate Finance announced its client, Midwest Asphalt, completed a $17.6 million balance sheet recapitalization with Callidus Capital. Proceeds will be used to refinance existing debt, provide additional working capital and support Midwest Asphalt’s bonding program.

WCF advised Midwest Asphalt on the structure and placement of the financing package, coordinated with the company’s legacy creditor, and secured the funding sources necessary to complete the transaction.

“This is a very important transaction that positions our company for success going forward. Jeff and his team worked closely with us every step of the way, and were truly partners with us throughout the process,” said Blair Bury, Midwest Asphalt’s owner and president. “WCF’s ability to provide creative solutions and access to capital was crucial.”

“This transaction represents a significant catalyst for Midwest Asphalt, and we are proud to have served as the company’s financial advisor and placement agent,” said Jeff Milkie, WCF’s managing director and investment banking services practice leader. “We believe in Midwest Asphalt’s team, led by Blair Bury and Gregg Prest, and we look forward to the company’s future growth and development with Callidus’ support.”

Minneapolis-based WCF is a wholly-owned subsidiary of Wipfli.

Eden Prairie, MN-headquartered Midwest Asphalt is a regional contractor providing asphalt paving to public and private customers.