With nearly $800 million in commitments from major investment bankers and advisers, longtime Oldcastle Inc. and CRH Americas executive Tom Hill has formed acquisition-driven Summit Materials, LLC
Sources: Blackstone Group, New York; Silverhawk Capital Partners, Greenwich, Conn.; CP staff
With nearly $800 million in commitments from major investment bankers and advisers, longtime Oldcastle Inc. and CRH Americas executive Tom Hill has formed acquisition-driven Summit Materials, LLC. Crediting Blackstone and Silverhawk for the Washington, D.C.-based venture’s strong capital base and significant strategic resources, he noted in a Summit launch announcement: Our management team and investors believe now is a great time to invest in the sector and build a large and profitable new company in aggregates and heavy-side building materials.”
The announcement coincides with an initial, Bank of America-funded deal for Hamm Inc., an aggregate, asphalt, landfill and roadbuilding operator in Perry, Kan. In a move consistent with many transactions Hill oversaw while heading Oldcastle Materials Group, Oldcastle Inc. and (most recently) CRH Americas, Summit’s charter business will remain under current management, including former owner Ron Hamm.
Joining Hill on the Summit management team are Michael Brady, executive vice president; Tony Keenan, chief financial officer; Anya Fonina, vice president of Development; Damian Murphy, regional president; Rod Gamble, vice president of Operations; Brienne Wode, finance manager; and, Angela Dziubek, business manager and executive assistant. The team includes colleagues who participated in more than 150 transactions during Hill’s 23 years with Oldcastle and CRH Americas.
Commenting on his firm’s Summit Materials participation, Blackstone Capital Partners Senior Managing Director Neil Simpkins acknowledged Hill’s highly experienced management team and outstanding track record of creating value for shareholders at CRH through buying and integrating heavy-side building materials assets. Through Blackstone, Summit is aligned with one of the world’s leading investment and advisory firms, managing a portfolio of $90 billion-plus in assets.