Pavestone Company has cobbled together quite a niche. It manufactures concrete pave stones used to create patios, pathways, driveways, landscape edgers for gardens and flowerbeds, and retaining walls for terraces and larger-scale planters. Pavestone's products come in a wide range of shapes, colors, and textures. Customers include architects, engineers, and contractors working on commercial, residential, and industrial projects, as well as do-it-yourself homeowners. Founded in 1980, the company has about 20 regional manufacturing locations throughout the US. Pavestone founder Bob Schlegel sold the firm to Oklahoma Publishing Company in 2010.
Pavestone's products are sold in more than 40 states by authorized dealers and retailers such as The Home Depot, Wal-Mart, and Ace Hardware, which account for a majority of sales. The company also sells directly to contractors.
A $540 million deal for Pavestone to merge with Dublin-based CRH's North American subsidiary Oldcastle was abandoned in 2009. The Federal Trade Commission blocked the acquisition, saying it would reduce competition in the drycast concrete hardscape industry. After the deal fell through, Pavestone began looking for private investors to help boost the business. It found one in 2010, when Oklahoma Publishing, a business controlled by the Gaylord family, bought Pavestone.
The recession and a slowdown in the construction industry put a damper on Pavestone's sales. The company began cutting costs in response, and reduced its workforce by about a third 2008. – less