New York, June 30, 2010 – Summit Materials is pleased to announce the recent acquisitions of Elam Construction, Inc., Grand Junction Concrete Pipe, Inc., Fischer Quarries, LLC, B&B Resources, Inc, Triple C Concrete, Inc., and Wind River Materials, LLC.
Elam Construction, based in Grand Junction, Colorado, is an aggregates, asphalt and paving business with operations across the Western Slope of Colorado. Grand Junction Concrete Pipe is an aggregates, ready-mix concrete, precast products and pipe distribution company also based in Grand Junction and serves the Western Slope market. In conjunction with these acquisitions, Lane Bybee and Chase Vernieuw, both formerly with Oldcastle Materials, have joined Summit as President and CFO of the Colorado Companies, respectively.
In addition to the two acquisitions in Colorado, Summit completed four other acquisitions in its West and Central regions. Fischer Quarries operates a quarry in Sedalia, Missouri while B&B Resources is an aggregates and ready-mix concrete producer in Salt Lake City, Utah. Triple C is an integrated ready-mix concrete, aggregates, and precast products business located in southern Idaho. Wind River Materials (formerly Enercrest Products, Inc) produces aggregates and ready-mix concrete in southwest Wyoming.
Tom Hill, CEO of Summit Materials, commented, “We are very pleased to welcome all six companies and their employees to Summit. We look forward to continuing the successful growth of these companies and are excited to offer their services to our many valued customers.”
These six acquisitions serve to establish a footprint for Summit Materials in western Colorado and further strengthen Summit Materials’ aggregates positions in Missouri, Utah and its adjacent states. Combined, they produce over 2M tons of aggregate, 0.5M CYD of ready-mix concrete and 0.2M tons of asphalt, and contribute about 65M tons of aggregate reserves to the Summit portfolio.
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About Summit Materials
Summit Materials was formed in 2009 to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions. Summit Materials was founded by its CEO Tom Hill and a group of investors that include members of its management team, Blackstone Capital Partners V L.P., Silverhawk Capital Partners and Charles “Chip” Goodyear, former CEO of BHP Billiton. Tom Hill is the former CEO of Oldcastle Inc., the U.S. division of CRH, Plc. Other Summit companies are Hamm, Inc. in Perry, Kansas (acquired September 2009), Hinkle Contracting Company in Paris, Kentucky (February 2010), Cornejo & Sons in Wichita, Kansas (April 2010), Continental Cement Company in Hannibal, Missouri (May 2010), Kilgore Companies and Altaview Concrete in Salt Lake City, Utah (August and September 2010), Con-Agg in Columbia MO (September 2010), and RKHall in northeast Texas (November 2010). Further information is available at www.summit-materials.com
About The Blackstone Group
Blackstone (NYSE: BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at blackstone.com
About Silverhawk Capital Partners
Silverhawk is an independent investment group established in 2005 to invest in management buyouts and other private equity transactions in the Industrial, Energy/Natural Resources and Business Service sectors. The partners of Silverhawk have invested as a team and operated businesses since 1989. Further information is available at silverhawkcapitalpartners.com