Transaction Announcement

Steve Jones formed Pave Tech, Inc, a residential paver contracting company in 1985. In 1986, he identified an industry problem focused on the difficulty associated with paver installation. He immediately focused his attention and innovative design work to develop a product specifically designed to assist workers installing paver stones. Over the next 30 years, Pave Tech, Inc became the industry leader in the development and sale of paving products here in the USA.

The shareholders of Pave Tech, Inc retained Faelon Partners, Ltd. to assist them in valuing, negotiating, and structuring a transaction. After many meetings with them and reviewing potential buyers, the owners chose Probst, an international manufacturing company based in Germany with distribution companies in multiple countries as the buyer. Despite the Coronavirus pandemic, and its effects on the economy, both sides were able to successfully close a deal this summer.

By taking over the business of the American distributor Pave Tech, Inc, Probst expands its global sales network here in the USA. In addition to the administrative base in Minnesota, Probst will also take over a logistics and training center for customers in Franksville, Wisconsin. During the transition period, the established brand Pave Tech, Inc will continue to exist alongside the Probst brand.