We are pleased to announce the sale of Suburban Intermediate Holdco, Inc. (“Suburban” or the “Company”) to AVALT, a Boston-based private equity focused family office, and VantEdge, a Kansas City-based family office investment firm.
Founded in 1978 and headquartered in Waukesha, WI, Suburban is a market-leading provider of construction services including drywall, insulation, steel framing, and custom finish installation services across Southern Wisconsin. The Company operates branches in Waukesha, WI and Lake Mills (Madison), WI, and it has a 46-year history of delivering high-quality interior construction services to many of the top multi-family and commercial general contractors and single-family homebuilders across the state. The Company is led by President Dave Satermo, a construction service industry veteran of nearly four decades, along with a deeply experienced core management team including Matt Satermo, Vice President, and Susan Hrobar, CFO.
This sale is the culmination of a successful partnership between High Street Capital and the Company’s management team which began in 2019. Together, we invested in growing Suburban’s organizational resources through expanded facilities and infrastructure and key new employee hires to provide depth and growth, improving data capture and analysis helping provide insights to run the business more effectively, growing market share and strengthening Suburban’s competitive position through strategic acquisitions.
President Dave Satermo, noted, “At first, I was wary to partner with a private equity firm in 2019. But HSC’s partnership approach and value-added support of us and our goals made this a tremendous success for us all. HSC brought strategic guidance and backing that helped Suburban become the leader it is today.”
“The partnership we have had with Dave, Matt, Susan, and the rest of the Suburban team has been a remarkable success,” said Blake Bartolomei, Principal at High Street Capital. “Their deep expertise and unyielding commitment to deliver for their customers, employees and all other stakeholders sets this outstanding team and Company apart.”
Joe Katcha, Founder and Partner at High Street Capital remarked, “We are grateful for the exceptional partnership we have experienced with the entire Suburban Team. In a short five years, we have achieved all we set out to accomplish, and more. That is a testament to the skill and dedication of this extraordinary group.”
The sale of Suburban marks the first exit for High Street Capital V. We are actively seeking new investment opportunities for High Street Capital VI, a $250 million fund closed in 2024, in the areas of outsourced business services, niche manufacturing and value-added distribution. Please contact us for businesses with cash flows between $3 million and $15 million where the combination of our capital, experience and ideas could drive future growth.
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