New Enterprise enters Pennsylvania capital market in Hempt Bros. deal

Sources: New Enterprise Stone & Lime Co., New Enterprise, Pa.; CP staff

New Enterprise Stone & Lime has acquired all the outstanding stock of Harrisburg, Pa.-based Hempt Bros. Inc., which operates two ready mixed concrete, three aggregate and four hot mix asphalt plants, plus a heavy civil construction business. The facilities are ideally situated between the suitor’s Chambersburg and Allentown locations in south-central and eastern Pennsylvania, and broaden its market reach to the state capital. New Enterprise officials view Hempt Bros. as “highly-regarded in the community, with outstanding people, assets and attractive operating characteristics.”

“We are excited to add this great family owned business to our corporate family,” affirms New Enterprise CEO Paul Detwiler III. “This acquisition expands our footprint into the Harrisburg area and was completed with virtually no additional long-term debt. This philosophy enhances our ability to grow operating profit and reduce leverage—a cornerstone of our operating plan. Furthermore, this acquisition is consistent with our strategic plan of adding great locations to our construction material business and upon acquisition is expected to be accretive to profits as we exit the pandemic and get back to the ‘new normal.'”

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