Rinker Group closed early last month on one of Florida’s largest and strongest independent operators, Elfers-based Keys Concrete, which operates five
Rinker Group closed early last month on one of Florida’s largest and strongest independent operators, Elfers-based Keys Concrete, which operates five ready mixed and two concrete block plants (three machines total) serving the Tampa Bay region. The plants had 2005 shipments of about $75 million and were acquired at a price officials noted was generally in line with industry multiples.
Keys Concrete sources most of its cement and aggregate from Rinker Group’s flagship business, Rinker Materials Corp., West Palm Beach. The deal continues Rinker Materials’ development of central-western Florida, a market in which the company gained a significant cement and aggregates foothold nearly six years ago by acquiring Florida Crushed Stone. The transaction is the third of 2006 involving a top 10 ready mixed producer and a well-managed, multi-plant operator. In February, Florida Rock Industries closed on Newington Concrete Corp. in northern Virginia, while Oldcastle Materials tagged Delaware’s Pioneer Concrete.