The following was originally published by St. Louis Business Journal here.
An asphalt paving company in unincorporated West County has been sold to local entrepreneurs.
Leritz Busy Bee Paving, a commercial paving business in operation for more than 40 years, has been acquired by Sean and Joanna Devereaux of Webster Groves’ newly formed 1818 Infrastructure Holdings Inc. Terms of the deal, which closed June 1 and was announced this week, weren’t disclosed.
The seller was Joe Leritz, who founded Leritz Contracting Inc. in 1983 and acquired Busy Bee Paving in the early 2000s, officials said.
The acquisition included the paving company’s headquarters at 2909 Barrett Station Road, a nearly 1.5-acre site, according to Jennifer Smith Broeckling, broker and franchise owner of Murphy Business Sales of Cape Girardeau, Missouri, which represented the Devereauxs in the deal. County and state records still show the Barrett Station property as owned by The Yard Properties LLC, an entity affiliated with the Doerr family, who at one time had been investors in Leritz Contracting.
“For me, it was time,” Leritz said of the sale, in a press release. “After 42 years, I wanted to take some chips off the table, make sure things were in order for my family, and give myself a bit more freedom from the daily grind. But I didn’t want just anyone stepping into this business. The culture, the tone, the standards we’ve set matter. When I met Sean, it was clear he shared those values.”
Sean Devereaux previously had worked for 17 years at Tech Electronics, the audiovisual, fire and security protection business, most recently as vice president of sales. Joanna Devereaux most recently ran real estate investment business Compass Home Solutions, after leadership roles in account management for several marketing firms, including Paradowski Creative. Sean Devereaux now serves as the paving company’s president, and Joanna Devereaux as vice president.
“Leritz Busy Bee has earned the trust of its clients by consistently doing great work and standing behind it,” Sean Devereaux said in a press release. “It’s rare to find a company with this kind of reputation, rooted in humility, hard work, and accountability.”
Joe Leritz agreed to stay on until the end of this year “to ensure a smooth transition” from Leritz Contracting and Busy Bee Paving over to the new Leritz Busy Bee Paving, Sean Devereaux said in an email. Al Harrmann, Busy Bee Paving’s president, who had owned it before Leritz acquired it, “has been critical in the oversight and development of the field operations and will continue to be a critical part of our Leritz Busy Bee team,” Devereaux said.
Chris Boeger, a 20-year employee of Leritz Contracting and Busy Bee Paving for 20 years, will continue as vice resident of operations for Leritz Busy Bee Paving.
The Devereauxs plans for the paving business include modernizing its internal systems, continuing to invest in its fleet and equipment and expanding its headcount and service offerings, the release states. All 28 of the company’s current employees are being retained and the company is hiring for field and sales positions, Sean Devereaux said.
“We’ve been preparing for this opportunity for years,” Joanna Devereaux said in a statement. “The chance to partner with a team this capable, and a brand this trusted, doesn’t come along often.”
Kendall Capital Group of St. Louis represented Leritz in the transaction.
