Investors commit $10M to mineralized aggregate developer Blue Planet

A $10 million funding round positions Blue Planet Systems Corp. to advance a carbon capture and utilization system netting fine to coarse, concrete-grade synthetic limestone. The Los Gatos, Calif., company is approaching commercialization of a process that converts diluted carbon dioxide from fossil fuel-powered electricity generating stations, cement or steel mills, and petroleum refineries to carbonate for mineralization into calcium…

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Arbitrator closes HeidelbergCement earnout claim in Forterra’s favor

Sources: Forterra Inc., Irving, Texas; CP staff

A neutral accounting arbitrator has determined that no earnout payment from concrete pipe and precast giant Forterra is due to HeidelbergCement AG under terms of a 2015 Hanson Building Products business spinoff, initially valued at $1.2 billion. HeidelbergCement had sought a $100 million earnout payment based on the fiscal 2015 performance of Hanson Building Products, whose Dallas-based suitor, Lone Star Fund IX (U.S.) LP, adopted the Forterra brand. The Delaware Court of Chancery deferred an EBITDA (earnings before interest, taxes, depreciation and amortization) calculation—central to the earnout payment clause—to the arbitrator in conjunction with a late-2017 dismissal of a HeidelbergCement suit.

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K. Watson Jr. shifts from Summit COO to Forterra CEO

Sources: Forterra Inc., Irving, Texas; CP staff

Karl Watson Jr. has transitioned from executive vice president and chief operating officer of Denver-based Summit Materials to chief executive officer and board member of Forterra Inc., a top concrete pipe and precast drainage structure producer. He arrives with 30-plus years in management and executive roles at major heavy building materials operators and, Forterra notes, “a track record of effectively leading through numerous business cycles and improving financial results.”

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Forterra names Drainage, Water segment chiefs

Sources: Forterra Inc., Irving, Texas

Major concrete pipe and precast producer Forterra has named Rich Hunter and Vik Bahtia as respective presidents of its principal segments, Drainage Pipe & Products and Water Pipe & Products. Each will continue to report to CEO Jeff Bradley, who characterizes them as “strong leaders committed and able to develop high performing teams, deliver results, and create value for both customers and investors. Appointing them as leaders of the Drainage and Water segments positions us well for future success.”

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PRODUCERS – MARCH 2018

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Summit Materials has acquired Metro Ready Mix in Salt Lake City, along with Price Construction Co., a west Texas aggregates and asphalt producer and contractor and Mertens Construction Co., a central Missouri aggregates producer. At $120 million combined, the early-2018 deals strengthen the integrated producer’s platform businesses Kilgore Cos., West Valley City, Utah; Troy Vines Inc., Midland, Texas; and, ConAgg of Missouri.

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PRODUCERS – JANUARY 2018

St. Louis-Breckenridge Material Co. and Eastern Missouri Concrete have entered a partnership with CarbonCure Technologies in Halifax, N.S. The ready mixed producers will install equipment injecting carbon dioxide into concrete loads, where the gas converts to a solid mineral in the matrix and improves compressive strength development.

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Forterra prevails in court challenge to HeidelbergCement affiliate claims

Sources: Forterra Inc., Irving, Texas; CP staff

Delaware Court of Chancery has granted Forterra attorneys’ motion to dismiss a lawsuit that HeidelbergCement AG affiliates had filed over earn-out contingency fees tied to the $1.2 billion sale of the former Hanson Building Materials. Terms called for buyer Lone Star Fund IX (U.S.), L.P. to pay an additional sum for the 67-plant business, up to $100 million, depending on fiscal 2015 EBITDA (earnings before interest, taxes, depreciation and amortization) thresholds.

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Oldcastle Materials, Vulcan veteran Brown named Forterra CFO

Sources: Forterra Inc., Irving, Texas; CP staff

Concrete pipe and precast drainage products leader Forterra has appointed Charlie Brown as executive vice president and chief financial officer. He previously served in the latter capacity at Atlanta-based Oldcastle Materials, leading more than 500 associates in finance, accounting, risk management and real estate personnel; implementing cost savings, Sarbanes-Oxley compliance and improved business reporting initiatives; and, participating in 100-plus acquisitions.

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Forterra, Thompson Pipe trade gravity and pressure pipe production assets

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Under an agreement announced late last month, Rialto, Calif.-based Thompson Pipe Group will acquire the concrete and steel pressure pipe assets of U.S. Pipe, a division of concrete drainage products leader Forterra Inc., Irving, Texas. In exchange for five pressure pipe plants and a fittings facility, the latter will receive $23.2 million in cash plus Thompson’s Conroe, Texas, concrete drainage pipe and products operation.

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