Sources: Vulcan Materials Co., Birmingham, Ala.; U.S. Concrete Inc., Euless, Texas; CP staff Vulcan Materials and U.S. Concrete have entered into a definitive merger agreement projected to close the second half of 2021. The former will acquire all U.S. Concrete common stock for $74 in cash, representing a total equity value of just under $1.3 billion. The agreement sets the stage for…
Read MoreTag: Forterra
Quikrete’s biggest, best bet yet: Forterra
Quikrete Holdings Inc. continues one of the most impressive deal making streaks to date for a private North American construction materials player. After making a name in hardware stores and lumberyards, then evolving plant footprint and stockkeeping unit offerings for big box home improvement retailing, the producer has reached deep into engineered or specified construction.
Read MoreForterra Board approves Quikrete takeover offer
Sources: Forterra Inc., Irving, Texas; Quikrete Holdings Inc., Atlanta; CP staff Principals project a fourth quarter closing on a $2.75 billion deal in which Quikrete Holdings will acquire all outstanding Forterra shares and debt. The cash transaction has the potential to bring under one roof the top two players in manufactured concrete drainage structures— integrating assets that have evolved from…
Read MoreInvestors 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…
Read MoreArbitrator 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.
Read MoreK. 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.”
Read MoreForterra 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.”
Read MorePRODUCERS – MARCH 2018
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.
Read MorePRODUCERS – 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.
Read MoreForterra 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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