Sources: Summit Materials Inc., Denver; CP staff
Summit Materials anticipates a mid-March closing on key aggregate, concrete and asphalt production assets of Roanoke, Va.-based Boxley Materials Co., a 124-year-old operator serving Virginia and West Virginia. A definitive agreement on the deal was announced less than two weeks after Summit closed on Wilmington, N.C.-based American Materials Co., with five sand & gravel operations in the Carolinas.
“These high-quality businesses are a perfect fit with our materials-based acquisition strategy, increase our geographical diversity and create a platform of scale in the high-growth Mid-Atlantic area,” affirms Summit CEO Tom Hill. “Both possess market leading positions and experienced and entrepreneurial management.” Ab Boxley and Tim Bizzell, he adds, will remain at the helm of Boxley Materials and American Materials.
The combined businesses represent an approximately $250 million outlay and encompass 11 aggregate, four ready mixed, one concrete masonry and four asphalt plants. They create a Mid-Atlantic platform Summit Materials will likely expand through smaller, bolt-on acquisitions—following a model that has netted the company sizable aggregate, concrete and asphalt market positions in Kentucky, Missouri, Kansas, Texas and Intermountain states.