Long-established St. George's company East End Asphalt has announced a merger with management group BHM Ltd.

East End has been owned and operated by Nathaniel and Julie Holder since the company was founded nearly 40 years ago.

Mr. and Mrs. Holder said in a statement released yesterday: "Today marks the start of a new beginning for the company as a new management group joins us to move the company confidently into the future.

"We have moved ahead with this group because they are young Bermudian professionals who have the skills required to continue to improve the business.

"They have stated that they have respect for what the business and its employees have accomplished over the years and are dedicated to East End Asphalt's continued success.

"It is also beneficial that this group is independent and will offer continued balance in the Bermuda construction industry."

The Holders worked with professional business advisors, KPMG Advisory, in order to carefully consider their options.

"We wanted to secure the future of the company and its employees and to ensure continued customer service and the provision of a high quality product to Bermuda. KPMG Advisory, and particularly Allison Black, managed the transaction process, assisting us to identify the value of the Company, helping to identify new management meeting our criteria, and ultimately assisting with the structure of the transaction." BHM Ltd. was formed by Brett Marshall, Timothy Vieira and Nicholas Faries.

BHM will retain the East End Asphalt brand and will work closely with the Holders throughout the coming year in order to see that there is a smooth changeover of management.

BHM worked closely with Capital G Bank to secure the financing for the merger.

Brett Marshall, BHM's chief financial officer, said: "Our mission is to be the customer's first choice for their surfacing needs, delivering products of outstanding quality and great service at a competitive cost."

The deal was finalised at a ceremony held at Capital G Bank.

"This historical transition was made possible by the efforts of many Bermudians. It sends a clear message to all future entrepreneurs that achieving your dreams is indeed possible through hard work and persistence," said James Gibbons, president and chief executive officer of Capital G Limited.