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.
“All three further establish our presence in growing markets characterized by favorable long-term demographic trends,” says Summit CEO Tom Hill. “We have several bolt-on transactions currently in diligence that we expect will close in the near future.”
The producer noted 2018 development activity in an upbeat report on 2017 revenue growth from organic-sales increases and 14 acquisitions totaling $420 million. Summit reported 2017 sales of $1.75 billion, up 17.7 percent from $1.48 billion the prior year. Of net revenues last year, ready mixed concrete accounted for $492 million; aggregates, $313 million; and, cement, $282 million.
Brookshire, Texas, parking structure and building system producer Legacy Precast LLC has named Jay Cariveau, AIA, president and chief executive officer. He succeeds company founder Robert Diakiw, who is stepping away from day to day operations but remains chairman of the board.
Cariveau leads a senior management team of five ownership partners. They will develop and execute strategies to enhance customer experience while securing revenue streams to grow and diversify the business. Cariveau brings Legacy Precast more than 25 years of building and construction experience in management, design, business development and marketing capacities—primarily for multi-operation, architectural and structural precast/prestressed producers. A registered architect and LEED Accredited Professional, he holds degrees in Architecture and Environmental Design from North Dakota State University, and has served on the Precast/Prestressed Concrete Institute board and chaired the PCI Marketing Council.
Forterra Inc. has exchanged Alabama, Georgia and Tennessee plants for similar Mississippi and Texas assets, plus $10 million in a deal with Foley Products Co., Columbus, Ga.-based concrete pipe and drainage structures operator. The transaction reflects what Forterra notes is a continued focus on portfolio management to deliver long-term value by enhancing the company’s position in well-structured markets.
Tyler Allwood has transitioned from director of Technical Services to director of Business Development at independent concrete tile specialist Eagle Roofing Products, Rialto, Calif. He will lead an initiative to push the existing concrete tile roofing market north of the Sunbelt region.
The initiative has thus far seen the producer engage design professionals to create awareness in the non-core markets where concrete tile roofing is a viable alternative to slate, metal, shakes and heavyweight asphalt shingles. Eagle has also implemented a semi-exclusive marketing approach aimed at establishing professional roofing contractors in non-core tile markets who are well versed in other hardscape roofing products.
“The importance of the Market Development effort required the leadership of a person who possesses a thorough understanding of the roofing industry and a passion for the design professional segment,” says Eagle Vice President of Sales & Marketing John Campbell.
“There are enormous opportunities to grow our business in new markets, in new segments and with new and innovative products,” adds Allwood. “Leveraging our successes in core markets to pursue these opportunities will set the stage for the future of the company.”